Six-Unit Apartment
For Sale
$589,900
2677-& 2689 Old Richmond Road, Danville, VA 24540
Multi-Family, Danville, VA
Property Size5,312 SF
Lot Size0.95 Acres
Price / SF$111.05
Days on Market94
Property Features for 2677-& 2689 Old Richmond Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
12
Bathrooms
12
Full bathrooms
6
Half bathrooms
6
Rooms
Bedroom 4, Bedroom 11, Bedroom 3, Bathroom 4, Bathroom 11, Bedroom 9, Bedroom 2, Bathroom 6, Bedroom 12, Bedroom 6, Bedroom 8, Bathroom 9, Bathroom 12, Bathroom 5, Bedroom 7, Bathroom 2, Bathroom 7, Bedroom 1, Bedroom 5, Bathroom 8, Bathroom 10, Bathroom 1, Bedroom 10, Bathroom 3
Parking features
Off Street, Parking Lot
Elementary school
Southside Elem
Middle school
Dan River Midl
High school
Dan River High
Elementary school district
Pittsylvania
Middle school district
Pittsylvania
High school district
Pittsylvania
Directions
Head South on US-29/S Main St toward Old Richmond Rd Turn Right onto Old Richmond Rd to 2677 & 2689 Old Richmond Rd. *2689 Old Richmond Rd Unit D is the only vacant unit.
Subdivision
Pittsylvania
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
Legal Description
Legal Description: HWY 360 ALL LOTS 18-19-20 and U S HWY 360 PT LOT ALL 21-24 .58 AC
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
Changed: Sep 13
Last Checked: Oct 10 at 10:06AM
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 apartment property comprises two adjacent buildings at 2677 and 2689 Old Richmond Road, with six total units. The smaller building contains two two-bedroom, one-and-a-half-bath units, while the second includes four units with the same configuration. The improvements date to 1971 and encompass 5,312 square feet on 0.95 acres. Each building is served by heat-pump heating and cooling, with parking provided in a lot and through off-street spaces.
The buildings share one water meter. The landlord pays water, trash, and lawn care, while tenants pay electric service. Roofing, windows, and HVAC systems have been updated within the last 5 years. The property is located in Danville, Virginia, with shopping, dining, schools, and other amenities identified nearby.
The buildings share one water meter. The landlord pays water, trash, and lawn care, while tenants pay electric service. Roofing, windows, and HVAC systems have been updated within the last 5 years. The property is located in Danville, Virginia, with shopping, dining, schools, and other amenities identified nearby.
Key Highlights
- Six total apartment units across two adjacent buildings
- All units are configured as 2BR/1.5BA apartments
- 5,312 square feet on a 0.95‑acre site
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$32,430
Cap Rate
5.50%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$648,600
$648.6K
Cap Rate 7%
$463,286
$463.3K
Cap Rate 9%
$360,333
$360.3K
Market Conditions
NOI Build-Up for 5,312 SF
Gross rent
$63.7K $12.00/SF
− Vacancy
−$4.8K −$0.90/SF
EGI
$59.0K $11.10/SF
− OpEx
−$26.5K −$5.00/SF
NOI
$32.4K $6.11/SF
Area
Danville County, VA
Vacancy
7.50%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$648,600
Cap Rate 7%
$463,286
Cap Rate 9%
$360,333
Alternative Uses
Best Use
Apartment 5plus
$463.3K
$405.4K – $540.5K
NOI $32,430 @ 7.0% cap · market cap 5.50%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$3.12M
$2.73M – $3.64M
NOI $218,259 @ 7.0% cap · market cap 37.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
6
Residential units
Yes
Utilities to site
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Apartment building - Two-building rental property with updated building systems and on-site parking in Danville.
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 $589,900.
What are key features of this property?
This property features: Six total apartment units across two adjacent buildings; All units are configured as 2BR/1.5BA apartments; 5,312 square feet on a 0.95‑acre site
