Quadplex Residential Income
For Sale
$599,900
2677 Old Richmond Road, Danville, VA 24540
Four-unit residential property with a documented 1971 construction date.
Property Size5,312 SF
Price / SF$112.93
Days on Market51
Property Features for 2677 Old Richmond Road
General Information
Standard status
Active
Size
5,312 SF
Property subtype
Multi-Family
Building Details
Year Built
1971
Listing Agency:
Nolen Real Estate
(434) 239-2394
Listed By:
Karl Miller Realty
(434) 239-2394
Source:
Karlmillerrealty
Added: Jul 13
Changed: Aug 30
Last Checked: Aug 31 at 3:22PM
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 Nolen Real Estate
Investment Insights
Based on property information with market context.
This quadplex is a residential income property containing 5,312 square feet. Built in 1971, the property is located at 2677 Old Richmond Road in Danville, Virginia, 24540.
Key Highlights
- Quadplex configuration
- 5,312 square feet
- Built in 1971
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$34,704
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.78%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$694,080
$694.1K
Cap Rate 7%
$495,771
$495.8K
Cap Rate 9%
$385,600
$385.6K
Market Conditions
NOI Build-Up for 5,312 SF
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.
Gross rent
$54.2K $10.20/SF
− Vacancy
−$4.6K −$0.87/SF
EGI
$49.6K $9.33/SF
− OpEx
−$14.9K −$2.80/SF
NOI
$34.7K $6.53/SF
Area
Danville County, VA
Vacancy
8.50%
Lease Rate
$10.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$694,080
Cap Rate 7%
$495,771
Cap Rate 9%
$385,600
Alternative Uses
Best Use
Multifamily LT 5
$495.8K
$433.8K – $578.4K
NOI $34,704 @ 7.0% cap · market cap 5.78%
Second Best
Apartment 5plus
$463.3K
$405.4K – $540.5K
NOI $32,430 @ 7.0% cap · market cap 5.41%
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 authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
6
Businesses Nearby
Explore this area
Business Placement
Demographics for 24540, VA
32,094
Population
15,792
Households
2
Avg Household Size
43
Median Age
17%
College-Educated
87%
High-School Grad
75.0 sq mi
ZIP Area
428
Density / Sq Mi
$47,207
Median Household Income
$34,621
Median Earnings
$828
Median Rent
$146,100
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Four-unit residential property with a documented 1971 construction date.
Where is this quadplex located?
The property is located at 2677 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: Quadplex configuration; 5,312 square feet; Built in 1971
