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$2,125,000
245 College Park DR
Danville, VA 24541
Pending
14 days on market
Property Type
Residential Income
Year Built
1983
Lot Size
1.43 acres
Garage
—
About This Property
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.
Property Details
Interior
Exterior & Lot
- Lot Size
- 1.43 acres
- Year Built
- 1983
Location
- Subdivision
- N/A
- County
- City of Danville
- ZIP Code
- 24541
Financial
- Annual Taxes
- $10,902
Utilities
- Sewer
- Public Sewer
Schools
- Elementary
- Other - See Remarks
- Middle School
- Other - See Remarks
- High School
- Other - See Remarks
Heating
Heat Pump Electric
Cooling
Heat Pump Electric
Location
Listing Information
- MLS #
- 930991
- Listing Agent
- CODY ALLEN MCCRAW
- Listing Office
- IVY REALTY LLC
- Listed Date
- Sep 2, 2026
Contact Brian Deacon About This Property
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