245 College Park DR, Danville, VA 24541

$2,125,000
Property Type: MultiFamily Lot Size (sq. ft.): 62,291 Status: Pending
Current Price: $2,125,000 List Date: 9/02/2026 Last Modified: 9/15/2026

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.

More Information MLS# 930991

Contract Information

Current Price: $2,125,000 List Price: $2,125,000 List Date: 2026-09-02 Status: Pending

General Property Description

Multi-Family Type: Apartments Construction Status: Completed Year Built: 1983 Present Use: Built-As Number of Units: 26 # Unfurnished: 26 # Leased Units: 26 Gross Bldg SQFT: 20544 Lot Dimensions: N/A Total Acreage: 1.43 Basement Y/N: No Parking Description: Private (10 or More) # Vehicle Spaces: 39 Operating Expense: 101965 Net Operating Income: 190805 Gross Income: 308179 Water Class: N/A

Location Legal Taxes

Area: 1500 - City of Danville Street Number: 245 Street Name: College Park Street Suffix: DR State/Province: VA Zip Code: 24541 Subdivision: N/A Municipality: City of Danville Elementary School: Other - See Remarks Middle School: Other - See Remarks High School: Other - See Remarks

Status Change Info

Ratified Contract Dt: 2026-09-15

Expenses

Management Exp: 17566 Maintenance Exp: 39000 Tax Exp: 10902 Insurance Exp: 9389 Water Exp: 17308 Other Exp: 6500

Property Features

Limited Service: Not Limited Service Construction: Brick Basement: Slab Heating: Heat Pump Electric Cooling: Heat Pump Electric Water Description: Public Sewer Description: Public Sewer Water Heater Type: Tank Water Heater Energy: Electric Owner Expenses: Lawn Care; Trash Disposal; Water Tenant Expenses: Cable TV; Electricity
Listing Office: IVY REALTY LLC
Last Updated: September - 15 - 2026
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