245 College Park DR, Danville, VA 24541

New Listing

$2,125,000

Property Type: MultiFamily Lot Size (sq. ft.): 62,291 Status: Active

Current Price: $2,125,000 List Date: 9/02/2026 Last Modified: 9/02/2026

Overview

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 p ... (Read more)

Listing Details MLS# 930991

Location, Tax & Legal

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

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

Expenses

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

More Information

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 - 02 - 2026

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