Building Details

Year built 1971

Floors in Building 1

Listing Agency: EDD MARTIN AND ASSOCIATES e***@centurylink.net Show Phone

Listed By: Edd Martin Show Phone

Added: Jul 16, 2024 Changed: Jun 8 Last Checked: Aug 1 at 10:06AM

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MLS# 141773

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.

Investment Insights

Based on property information with market context.

Located in Ararat, Patrick County, Virginia, this investment property features three brick ranch homes and sixteen duplexes. Each unit includes a range, refrigerator, washer, and dryer. All units received new roofs and gutters in 2020, along with updated heat pumps and other improvements. The three ranch homes each contain three bedrooms. The duplexes consist of four three-bedroom units, eleven two-bedroom units, and one one-bedroom unit. The property is situated within walking distance of Blue Ridge Elementary School and Dan River Park. Spanning over 16 acres, the site provides ample space for future expansion. The location is just minutes from the City of Mt. Airy, NC.

Key Highlights

• Excellent investment opportunity with a mix of single‑family homes and duplexes.
• Prime location near Mt. Airy, NC, Blue Ridge Elementary School, and Dan River Park.
• 16 duplexes and 3 single family homes all including range, refrigerator, washer, and dryer.

Property Analytics

Property Profile

Current Use

Apartment buildings

Suggested Use

Top Pick Building Supply Auto Repair Shop (Bike/Boat/Book/etc) Store Computer & Electronic Repair Grocery & Convenience Store Tech Support Center

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

35

Residential units

Multi-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

23

Businesses Nearby

Explore this area Business Placement

Demographics for 24053, VA

2,356

Population

1,266

Households

1.9

Avg Household Size

48

Median Age

11%

College-Educated

84%

High-School Grad

50.1 sq mi

ZIP Area

47

Density / Sq Mi

$52,173

Median Household Income

$36,295

Median Earnings

$890

Median Rent

$159,200

Median Home Value

Market

Vacancy Rate% for Multifamily in South region

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

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Frequently Asked Questions

What type of property is this?

Apartment building - Three homes and sixteen duplexes near Blue Ridge Elementary School.

Where is this apartment building located?

The property is located at 81-302 Duplex Lane Ararat, VA.

What is the asking price?

The asking price for this property is $1,650,000.

What are key features of this property?

This property features: Excellent investment opportunity with a mix of single‑family homes and duplexes.; Prime location near Mt. Airy, NC, Blue Ridge Elementary School, and Dan River Park.; 16 duplexes and 3 single family homes all including range, refrigerator, washer, and dryer.