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245 College Park Dr

Danville VA 24541

39
62290.8 sq. ft.
Apartment
Currently for sale - view listing

Overview

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.

Features

39 carspaces
62290.8 sq. ft. lot size
Apartment

Property history for 245 College Park Dr

2019
Sold
$485,000
07 Jun 2019

Happy sellers in Danville

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Local market activity for apartments in Danville

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