26
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Listed by CODY ALLEN MCCRAW IVY REALTY LLC
$2,125,000
Est. payment /mo
New
245 College Park DR Danville, VA 24541
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Key Details
Property Type Multi-Family
Sub Type MultiFamily
Listing Status Active
Purchase Type For Sale
MLS Listing ID 930991
HOA Y/N No
Year Built 1983
Annual Tax Amount $10,902
Acres 1.43
Property Sub-Type MultiFamily
Source Roanoke Valley Association of REALTORS®
Property Description
26-unit multifamily property located in a desirable area of Danville, VA. Danville has created over 6,500 new jobs since 2020 due to recent expansions in the industrial and healthcare sectors, as well as the addition of a $640M Caesar's Casino, which is creating a younger and more vibrant community. The current owners have increased operational efficiencies since their purchase in 2024 by curing deferred maintenance and increasing rents. Due to aggressive rental increases, all units have been vacated and released to better qualified tenants. During the turnover and absorption period that units received light renovations (paint, flooring, appliances). Additional upside exists for potential buyers by continuing to increase rents and/or implementing a RUBS system. Current rents are $75/mo below Class C market rent on average due to in-place leases. A RUBS system could add an additional $55/unit/mo in revenue. Even higher rents are acheiveable with more extensive renovations. The current property manager has agreed to continue management for potential buyers at a rate of 6.0% with no payroll expenses.
Location
State VA
County City Of Danville
Area 1.43
Zoning M-R
Direction N on S Main St, L on College Park Dr
Rooms
Basement Slab
Interior
Heating Electric Heat Pump
Cooling Heat Pump Electric
Fireplace No
Exterior
Garage Spaces 39.0
Total Parking Spaces 39
Garage No
Building
Foundation Slab
Sewer Public Sewer
Water Public
New Construction No
Schools
Elementary Schools Other - See Remarks
Middle Schools Other - See Remarks
High Schools Other - See Remarks
Others
Tax ID 51183 & 51182
Nearby Locations
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