Multifamily Property with Income Growth

221 Brickyard Dr, Dillwyn, VA 23936

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For Sale

$4,500,000

Stabilized multifamily asset with income growth and expansion potential.

Type:Investment

HighLights

22% NOI increase and 30% rent growth in the most recent year (2024‑2025).
Stabilized property with proven operating performance and strong in‑place cash flow.
Potential to add up to 8 additional units (buyer to verify with county).
Turnkey asset due to extensive recent renovations and upgrades.
Consistently high occupancy supported by a tenant waiting list.
Desirable unit mix: 28 two‑bedroom / one‑bath units and 12 three‑bedroom / 1.5‑bath units with washer/dryer hookups in the 3BR units.

We can help!

Listing Contact

Heather Placer Mull

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For Sale

$4,500,000

Stabilized multifamily asset with income growth and expansion potential.

Type:Investment

Added:: Apr 27, 2026
Days on Market:: 49
Last Refresh:: Apr 27 at 7:05 am

Property Features for 221 Brickyard Dr

General Information

Standard status: Active
Property subtype: Investment

Building Details

Year Built: 1986

We can help!

Listing Contact

Heather Placer Mull

Listing agent Heather Placer Mull

Listing office Shaheen Ruth Martin & Fonville

Listing date Apr 27, 2026

Source Elliman

Displayed information is deemed reliable but is not guaranteed and should be independently verified.

All listing content including descriptions, pricing, images are the copyrighted material of Shaheen Ruth Martin & Fonville

HighLights

22% NOI increase and 30% rent growth in the most recent year (2024‑2025).
Stabilized property with proven operating performance and strong in‑place cash flow.
Potential to add up to 8 additional units (buyer to verify with county).
Turnkey asset due to extensive recent renovations and upgrades.
Consistently high occupancy supported by a tenant waiting list.
Desirable unit mix: 28 two‑bedroom / one‑bath units and 12 three‑bedroom / 1.5‑bath units with washer/dryer hookups in the 3BR units.

Overview

This multifamily property presents a stabilized investment opportunity with potential for continued income growth. The property has demonstrated strong in-place cash flow, with revenue increasing year over year. The most recent reporting period in 2025 reflected a 22% increase in Net Operating Income (NOI) from year-end 2024, driven by a 30% increase in rents, suggesting further opportunities for rent optimization. Recent renovations and upgrades have created a turnkey asset with operational stability and value-add potential. The property features a mix of 28 two-bedroom, one-bath units and 12 three-bedroom, 1.5-bath units. The three-bedroom units include in-unit washer and dryer hookups, while the two-bedroom units are served by a central laundry facility. Occupancy has remained consistently strong, supported by a tenant waiting list. A preliminary review indicates the potential to add up to eight additional units, although the buyer is responsible for verifying approvals and requirements with the county as part of their due diligence. The property is located in Dillwyn, VA.

Location Intelligence

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Apartment buildings

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Location Insight

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Local Demand

City: Dillwyn
County: Buckingham
State: Virginia
Longitude: -78.4667098
Latitude: 37.5429352

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For sale
Apartment buildings
VA
Dillwyn
23936
221 Brickyard Dr

What type of property is this?

Apartment building - Stabilized multifamily asset with income growth and expansion potential.

Where is this apartment building located?

The property is located at 221 Brickyard Dr Dillwyn, VA.

What is the asking price?

The asking price for this property is $4,500,000.

What are key features of this property?

This property features: **22% NOI increase and 30% rent growth** in the most recent year (2024‑2025).; Stabilized property with proven operating performance and strong in‑place cash flow.; Potential to add up to 8 additional units (buyer to verify with county).