Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    575 Colonial Hill Dr Bassett, VA 24055

    View on Map
    For Sale
    $297,400

    Multi-Family - Bassett, VA

    Type:Multi Family
    Added:
    Mar 5, 2026
    Days on Market:
    34
    Last Refresh:
    Apr 8 at 7:06 am

    Property Features for 575 Colonial Hill Dr

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Multi Family
    Standard status
    Active

    Building Details

    Year built
    1966
    Floors in Building
    1
    Architectural style
    Other

    We can help!

    Listing Contact
    Tonya Bredamus

    Listing agent Tonya Bredamus

    Listing office KW Martinsville 5126 Kings Mountain Road, Collinsville, VA

    Listing date Mar 5, 2026

    MLS# 146827 Listing URL

    Copyright © 2026 Martinsville, Henry, Patrick Counties Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Turnkey Multi-Family Investment Opportunity

    This is a fully rented 5-unit multi-family rental complex generating $3,000 per month in rental income. All units are occupied, offering consistent cash flow. The property is located minutes from U.S. Route 220, providing tenants with access to Martinsville and Roanoke. This location is attractive for commuters and long-term renters. The property can be purchased separately or as part of a larger investment portfolio. Showings are held on Thursdays, Fridays, or Saturdays with 3 days notice for showing requests due to tenant occupancy. The property is located in Bassett, Henry County, Virginia.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Building Supply Big Box & Wholesale Store Auto Repair Shop Auto Parts Store Department Store Accounting Firm Garden Center Discount Store Furniture & Home Goods (Bike/Boat/Book/etc) Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Bassett
    County
    Henry
    State
    Virginia
    Longitude
    -79.9378881
    Latitude
    36.7655479

    Nearby Similar for Sale

    • $549,000

      Commercial Property with Garage Bays

      Commercial building with showroom, offices, and multiple garage bays.
      8655 Fairystone Park Highway, Bassett, VA 24055
      View Details
    • $85,000

      Bassett, VA Commercial Opportunity

      Charming commercial property with flexible potential in Bassett, Virginia.
      15 Ridgewood Rd, Bassett, VA 24055
      View Details
    • $159,000

      Bassett, VA Commercial Office Space

      Commercial office space in ideal Bassett, Virginia location.
      3371 Fairystone Park Highway, Bassett, VA 24055
      View Details
    • $179,900

      Former "Red & Mae's" For Sale

      Commercial property with outdoor patio and large parking lot.
      82 Saddleridge Rd, Bassett, VA 24055
      View Details
    • $165,000

      Bassett, VA Mobile Home Park

      8.58-acre mobile home park with 26 lots near Philpott Dam.
      15 Spruce Pine Lane, Bassett, VA 24055
      View Details
    • $34,900

      Versatile Multi-Family Property in Bassett

      Multi-family property with renovation potential in Bassett, Virginia.
      108 South Street, Bassett, VA 24055
      View Details
    • $328,000

      Established Mobile Home Park

      House and mobile home park with cash flow.
      44 Joyful Lane, Bassett, VA 24055
      View Details
    • $328,000

      House and Mobile Home Park

      House and established mobile home park with monthly cash flow.
      44 Joyful Lane, Bassett, VA 24055
      View Details
    • $2,290,000
      13,049 SF

      CVS Opportunity in Bassett, VA

      Fee simple interest in a CVS for sale.
      400 Riverside Dr, Bassett, VA 24055
      View Details
    • Contact for pricing

      Mobile Home Park Investment Opportunity

      8.5± acre mobile home park with 26 lots.
      15 Spruce Pine Ln, Bassett, VA 24055
      View Details

    FAQs

    What type of property is this?
    Apartment building - Fully rented 5-unit complex near US 220 generating income.
    Where is this apartment building located?
    The property is located at 575 Colonial Hill Dr Bassett, VA.
    What is the asking price?
    The asking price for this property is $297,400.
    What are key features of this property?
    This property features: Fully rented 5‑unit multi‑family complex.; Generates $3,000 per month in rental income.; Turnkey investment opportunity with immediate cash flow.
    (276) 806-9018
    We can help!
    Listing Contact
    Tonya Bredamus
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!