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Listed by Jake McNemar • RE/MAX Gateway
$ 2,000,000
Est. payment /mo
Price Dropped by $250K
VIRGINIA Culpeper, VA 22701
2.45 Acres Lot
UPDATED:
Key Details
Property Type Commercial
Sub Type Five Or More Units
Listing Status Active
Purchase Type For Sale
MLS Listing ID VACU2012828
Annual Tax Amount $2,554
Tax Year 2025
Lot Size 2.448 Acres
Acres 2.45
Property Sub-Type Five Or More Units
Source BRIGHT
Property Description
Looking to build a multi-family investment property in Culpeper, VA? Finding land zoned by right for multi-family development is nearly impossible these days and rezoning a property for that use is even more challenging. The approvals for this project have taken years to secure, and now Willow Grove is shovel-ready! This project has full site plan approval from the Town of Culpeper to construct two buildings totaling 30 units, including a rentable management office. Owner has also obtained full building permit approval for the blueprints. The units are permitted under current codes to be converted into condominiums and sold individually. Additionally, the newly assigned RX zoning provides significant flexibility, including allowance for short-term rentals. While short-term rentals were prohibited in many zoning classifications during the Town of Culpeper's recent zoning overhaul, they were not banned under this designation — a major advantage for Willow Grove. The only remaining entitlement is the utility plat and deed required by the Town. Surveyor and attorney are currently preparing the remaining minor edits for the third submission. All necessary utilities are already present and accessible on the property, including gravity-fed sewer, power and water. Comcast is readily available to supply internet as well. Located in an area with a near-zero rental vacancy rate, this presents a strong long-term investment opportunity. A strong cap rate for long-term rentals is projected, incorporating short-term rental units could potentially increase that return even further. Approved blueprints and all related documents are available upon request.
Location
State VA
County Culpeper
Zoning RX
Interior
Hot Water None
Heating None
Cooling None
Heat Source None
Exterior
Garage Spaces 57.0
Water Access N
Accessibility None
Total Parking Spaces 57
Garage N
Building
Sewer No Sewer System
Water None
New Construction Y
Schools
School District Culpeper County Public Schools
Others
Tax ID 40 75
Ownership Fee Simple
Special Listing Condition Standard
NEARBY SCHOOLS & PROPERTIES
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