525-527 Gray AveWinchester, VA 22601

Property Details for 525-527 Gray Ave

Year built

1985

Lot size

0.50 AC

Property size (Sq ft)

11,000 SF

Property type

Apartment buildings

Description

This exceptional investment opportunity presents a well-maintained, 12-unit apartment building located at 525-527 Gray Ave, Winchester, VA 22601. The property consists of two, two-story buildings, each housing six townhouse-style units, totaling 11,000 square feet on a 0.5-acre lot. Built in 1985 and extensively renovated between 2023 and 2024, the property boasts significant upgrades. Exterior improvements include new windows, doors, siding, fencing, and a newly paved parking lot with 24 spaces. Eleven of the twelve units have undergone complete renovations, featuring updated HVAC systems, washer/dryer hookups, new hot water heaters, and luxury vinyl plank (LVP) flooring. Each unit offers two bedrooms and 1.5 bathrooms. Currently operating at 100% occupancy with all tenants in good standing, the property generates a strong net operating income (NOI) of $196,500, representing a 6.24% cap rate. The asking price is $3,150,000, or $262,500 per unit, and $286.36 per square foot. This fee-simple ownership opportunity is situated in Winchester's Opportunity Zone and offers convenient proximity to the heart of downtown. The property's Class B designation and recent renovations make it an attractive investment for both seasoned and emerging real estate investors. The property's APN is 174-10- - 7A-.

Location Insight

City

Winchester

County

Winchester City

State

Virginia

Latitude

39.1897

Longitude

-78.1571

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