245 College Park DR, Danville, VA 24541
245 College Park DR, Danville, VA 24541
245 College Park DR, Danville, VA 24541
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Lisa Santacaterina

Lisa Santacaterina

+1(540) 988-3434
Listed by CODY ALLEN MCCRAW IVY REALTY LLC
$2,125,000
Est. payment /mo
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UPDATED:

Key Details

Property Type Multi-Family

Sub Type MultiFamily

Listing Status Active

Purchase Type For Sale

MLS Listing ID 930991

HOA Y/N No

Year Built 1983

Annual Tax Amount $10,902

Acres 1.43

Property Sub-Type MultiFamily

Source Roanoke Valley Association of REALTORS®

Property 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.

Location

State VA

County City Of Danville

Area 1.43

Zoning M-R

Direction N on S Main St, L on College Park Dr

Rooms

Basement Slab

Interior

Heating Electric Heat Pump

Cooling Heat Pump Electric

Fireplace No

Exterior

Garage Spaces 39.0

Total Parking Spaces 39

Garage No

Building

Foundation Slab

Sewer Public Sewer

Water Public

New Construction No

Schools

Elementary Schools Other - See Remarks

Middle Schools Other - See Remarks

High Schools Other - See Remarks

Others

Tax ID 51183 & 51182

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MLS of Roanoke Valley, Inc. (RVAR) - IDX

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Lisa Santacaterina

Lisa Santacaterina

+1(540) 988-3434

Broker Associate License ID: 0225244158

Broker Associate License ID: 0225244158

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