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1664 Graves Mill Rd 8 Unit Apartment Building $899,000 ($112,375/Unit) Lynchburg, VA 24502
Executive Summary
Don't miss this income-producing 8-plex (16 bedrooms/ 8 baths) ideally located in a high-traffic corridor on Graves Mill Road, surrounded by established restaurants, businesses, and everyday conveniences. This prime location offers easy access to the expressway, airport, and local colleges, making it highly desirable for tenants. Each of the eight units features 2 bedrooms and 1 full bath, offering a functional and in-demand layout. The property is shown by appointment only. Do Not go to the property, or approach tenants. A bank letter or proof of funds will need to be provided prior to making an appointment. With a monthly income of $7,700, this property presents a solid return with room for future growth. Its strong rental history, excellent location, and consistent demand make it a great addition to any investment portfolio. A rare opportunity to own a multi-family property in a thriving commercial area with long-term upside potential.
Property Facts
| Price | $899,000 | Building Class | C |
| Price Per Unit | $112,375 | Lot Size | 0.70 AC |
| Sale Type | Investment | Building Size | 10,000 SF |
| No. Units | 8 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1970 |
| Property Subtype | Apartment | Parking Ratio | 2/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | B-1 | ||
| Price | $899,000 |
| Price Per Unit | $112,375 |
| Sale Type | Investment |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.70 AC |
| Building Size | 10,000 SF |
| No. Stories | 2 |
| Year Built | 1970 |
| Parking Ratio | 2/1,000 SF |
| Zoning | B-1 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 8 | $7,700 | - |
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Fairly walkable
50/100
Exceptionally drivable
90/100
Limited public transit
30/100
Somewhat bikeable
30/100
Property Taxes
| Parcel Number | 240-13-005 | Improvements Assessment | $451,500 |
| Land Assessment | $140,000 | Total Assessment | $591,500 |
Property Taxes
Parcel Number
240-13-005
Land Assessment
$140,000
Improvements Assessment
$451,500
Total Assessment
$591,500
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Contact the Sale Advisor
1664 Graves Mill Rd