Six-Unit Multi-Family with
2677-& 2689 Old Richmond Road Danville, VA 24540
2677-& 2689 Old Richmond Road, Danville, VA, 24540
$599,900
For Sale
$599,900
MULTI_FAMILY - Danville, VA
Property Size5,312 SF
Lot Size0.95 Acres
Price / SF$112.93
Days on Market14
Property Features for 2677-& 2689 Old Richmond Road
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 12
- Bathrooms
- 12
- Rooms
- Bathroom 8, Bathroom 5, Bathroom 12, Bedroom 8, Bedroom 1, Bedroom 9, Bathroom 1, Bathroom 10, Bathroom 9, Bathroom 4, Bedroom 10, Bathroom 3, Bedroom 11, Bedroom 2, Bedroom 5, Bathroom 2, Bathroom 11, Bedroom 7, Bedroom 3, Bathroom 6, Bedroom 12, Bedroom 6, Bathroom 7, Bedroom 4
- Parking features
- Parking Lot, Off Street
- Standard status
- Active
- APN
- 2328-95-9585
- Size
- 5,312 SF
- Lot size
- 0.95 Acres
Taxes and HOA fees
- Tax Description
- Legal Description: HWY 360 ALL LOTS 18-19-20 and U S HWY 360 PT LOT ALL 21-24 .58 AC
- Tax Annual Amount
- 1394
Utilities
- Heating system
- Heat Pump (Heating)
- Cooling system
- Heat Pump
Building Details
- Year built
- 1971
- Number of units
- 6
Listing agency
Mark A. Dalton & Co., Inc.
(434) 841-8405
Listed by
Callie Reyes · License #0225273134
(434) 237-6267
Added: Jul 9 Updated: Jul 15 at 1:53PM Checked: Jul 22 at 10:06PM
MLS# 366381
Copyright © 2026 Lynchburg Virginia MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This offering includes two adjacent multifamily properties with a total of six units. The property at 2677 Old Richmond Rd features two units with layouts of 2BR/2BA and 2BR/1BA. The property at 2689 Old Richmond Rd contains four units, including three 2BR/1.5BA units and one 2BR/1BA unit. Recent improvements include a new roof, updated windows, and new HVAC systems installed within the last five years.
The units are on one water meter, with the landlord paying water, trash, and lawn care. Tenants pay electric. The properties are positioned with easy access to shopping, dining, schools, and other area amenities.
Designed for buyers seeking a straightforward residential income setup, the configuration allows for multiple rental units within one ownership structure. The shared utilities arrangement can simplify operating expenses, while the documented updates to major systems and exterior components help reduce near-term replacement concerns. Whether acquiring for ongoing rental income or owner-occupancy with tenant support, these adjacent buildings provide a turnkey package built around established unit mix and recent capex.
The units are on one water meter, with the landlord paying water, trash, and lawn care. Tenants pay electric. The properties are positioned with easy access to shopping, dining, schools, and other area amenities.
Designed for buyers seeking a straightforward residential income setup, the configuration allows for multiple rental units within one ownership structure. The shared utilities arrangement can simplify operating expenses, while the documented updates to major systems and exterior components help reduce near-term replacement concerns. Whether acquiring for ongoing rental income or owner-occupancy with tenant support, these adjacent buildings provide a turnkey package built around established unit mix and recent capex.
Key Highlights
- Two adjacent multifamily properties: 2677 & 2689 Old Richmond Rd, totaling 6 units
- 2677 Old Richmond Rd features 2 units: 2BR/2BA and 2BR/1BA
- 2689 Old Richmond Rd features 4 units: three 2BR/1.5BA and one 2BR/1BA
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $63.7k | $12.00 |
| − Vacancy | −$4.8k | −$0.90 |
| EGI | $59.0k | $11.10 |
| − OpEx | −$26.5k | −$5.00 |
| NOI | $32.4k | $6.11 |
5,312 SF · lease $12.00/SF/yr · vacancy 7.50% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$463.3K
$405.4K – $540.5K
NOI $32,430 @ 7.0% cap · market cap 5.41%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$3.12M
$2.73M – $3.64M
NOI $218,259 @ 7.0% cap · market cap 36.38%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
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FAQs
What type of property is this?
Apartment building - Two adjacent properties provide six units with recent roof, window, and HVAC updates, sharing a single water meter.
Where is this apartment building located?
The property is located at 2677-& 2689 Old Richmond Road Danville, VA.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: Two adjacent multifamily properties: 2677 & 2689 Old Richmond Rd, totaling 6 units; 2677 Old Richmond Rd features 2 units: 2BR/2BA and 2BR/1BA; 2689 Old Richmond Rd features 4 units: three 2BR/1.5BA and one 2BR/1BA
