Map
Listed price in listed location currency (USD).
$2,125,000

0039

MLS® 930991

Overview

Key Facts

Type Apartment
Levels Residential Income
Size -
Garage 
Maintenance Fees 
Taxes $10,902
Days Active 0
Approx. Age 1983
MLS® Number 930991

Property Address: 245 College Park Dr, Danville, VA, 24541

Average square foot calculated using Size range provided by listing agent.

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.
MLS® Number930991
Locker
Ensuite Laundry
Balcony
Furnished
Laundry Level
Exposure
Exterior
Garage
Approx. Age1983
Stories
Pets

Included in Maintenance Fee

Heat
Hydro
Water
Building Insurance
Condo Taxes
Cable TV
Central Air
Parking Maintenance

Utilities

HeatHeat Pump Electric
A/CHeat Pump Electric

Extras

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