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
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
- Major Area
- 15 - City of Danville
- Phase
- 0
- Subdivision Map
- No
- Lot
- No
- Block
- No
- Tax ID
- 51183 & 51182
- Annual Taxes
- 10902
- Section
- No
- Zoning Code
- M-R
- POA Y/N
- No
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
- # Furnished
- 0
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
Remarks & Misc
- Public Remarks
- 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.
- Directions
- N on S Main St, L on College Park Dr
More Information
Limited Service
- Not Limited Service
- Yes
Construction
- Brick
- Yes
Basement
- Slab
- Yes
Heating
- Heat Pump Electric
- Yes
Cooling
- Heat Pump Electric
- Yes
Water Description
- Public
- Yes
Sewer Description
- Public Sewer
- Yes
Water Heater Type
- Tank
- Yes
Water Heater Energy
- Electric
- Yes
Owner Expenses
- Lawn Care
- Yes
- Trash Disposal
- Yes
- Water
- Yes
Tenant Expenses
- Cable TV
- Yes
- Electricity
- Yes
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
All searches are performed on live data on the MLS server. Although the Multiple Listing Service of The Roanoke Valley is the single source for these listings, listing data appearing on this website does not necessarily reflect the entirety of all available listings within the Multiple Listing Service. All listing data is refreshed daily, but its accuracy is subject to market changes. All copyrights and intellectual property rights are the exclusive property of the Multiple Listing Service of The Roanoke Valley. Whether obtained from a search result or otherwise, visitors to this website may only use this listing data for their personal, non-commercial benefit. The unauthorized retrieval or use of this listing data is prohibited.
