201 Brickyard DriveDillwyn, VA 23936

Description

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. 2026 through June 30 (first half) just uploaded; new water meters installed to separate out the water expense; increasing NOI by about $24,000 annually starting the second half of 2026. 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.

Property Information

Property type

Residential Income

Sub-type

Multi Family

Style

Two Story, Low Rise

Year built

1986

Stories

2

Living area

50,000 Sq Ft

Lot size

5.00 acres

Ownership

Individuals

Days on market

673

MLS^® Listing#

2430747

Property Features

Appliances

Electric Water Heater

Construction

Brick Veneer · Block

Roof

Composition

Community

Playground

Sewer

Public Sewer

Water source

Public

Schools

Elementary

Buckingham

Middle

Buckingham

High

Buckingham

Financial Details

Annual taxes

$10,823Tax year 2024

Assessed value

$1,803,800

Parcel number

125-3-2-0B

Directions

US Highway 15 west; left on Brickyard Drive, right to end of street