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 Market47
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 5, Bathroom 2, Bathroom 8, Bathroom 11, Bathroom 5, Bedroom 1, Bathroom 3, Bathroom 6, Bedroom 8, Bedroom 7, Bedroom 3, Bedroom 10, Bathroom 10, Bathroom 7, Bathroom 1, Bathroom 4, Bedroom 9, Bedroom 6, Bathroom 12, Bedroom 12, Bedroom 2, Bathroom 9, Bedroom 4, Bedroom 11
Parking features
Parking Lot, Off Street
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: Aug 20
Last Checked: Aug 24 at 3:06PM
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 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 = 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
$32,430
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
5.50%
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%
$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
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
$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 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%
$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
Property Profile
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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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
