201 Brickyard Dr - Apartments FOR SALE


Dillwyn, VA 23936
$4,500,000 USD
804-638-3330
201 Brickyard Dr, Dillwyn, VA for Sale
$4,500,000 USD
Apartments - FOR SALE
1/24
null | Request Cap Rate

201 Brickyard Dr
Dillwyn, VA 23936


HIGHLIGHTS

  • Stabilized with Value Add Potential!

OVERVIEW

This well-performing multifamily property offers strong in-place cash flow with continued growth potential. Revenue has increased steadily year over year, with the most recent reporting period (2025) reflecting a 22% increase in NOI from year-end 2024 to year-end 2025, driven by a 30% increase in rents — with additional upside remaining for future rent optimization. Extensive renovations and upgrades completed in recent years make this a turnkey asset with operational stability and attractive value-add opportunity. The property includes 28 two-bedroom / one-bath units and 12 three-bedroom / 1.5-bath units. The three-bedroom units feature in-unit washer/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. Preliminary review indicates the potential to add up to eight additional units (buyer to verify approvals and requirements with the county as part of due diligence). This is a rare opportunity to acquire a stabilized, cash-flowing multifamily asset with meaningful income growth and expansion potential. Property Highlights • Stabilized property with proven operating performance • 22% NOI increase/30% rent growth in most recent year (2024–2025) • Turnkey with numerous recent renovations • Unit mix: 28 (2BR / 1BA) + 12 (3BR / 1.5BA) • Washer/dryer hookups in 3BR units • Central laundry for 2BR units • Consistently high occupancy with waiting list • Potential for up to 8 additional units (verify with county) Showing Instructions: Please DO NOT visit the property or engage with tenants or on-site personnel without prior coordination with the listing agent. All visits must be scheduled through and accompanied by the listing agent.

FOR SALE DETAILS

PRICE

$4,500,000 USD

PRICE/SF

$90 USD /SF

# OF UNITS

40

PRICE/UNIT

$112,500

CAP RATE

Request Cap Rate

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Heritage Acres Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Garden

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1986

PARKING SPACES

64

LAND DETAILS

LAND ACRES

5 AC

LAND SF

217,800 SF

ZONING

Medium Density Res.

APN/PARCEL ID

125320B

ASK ABOUT THIS PROPERTY

Heather Placer MullShaheen, Ruth, Martin and Fonville Real EstateMore Info
804-638-3330

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Heather Placer MullShaheen, Ruth, Martin and Fonville Real EstateMore Info
804-638-3330

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.