For Sale

26+/- Acres Zoned For Residential Development

234 Eastwood Drive Danville Virginia 24540

$1,500,000
DEAL ROOM AGREEMENT

Rent Roll

for sale

Unit                                                   Monthly Rent

234 Eastwood Drive                          $900 (*$350 below market)

230 Eastwood Drive                          $850

307 Hillcrest Avenue                         $75o (*DHA voucher)

  = $30,000/year

Parcel ID: 73476, 73479, 73480, 73481, 74469, 78385, 73475, 73477, 74513, 74518, 74539, 76296, 76299
Acreage: 26.71
Zoning: SR + AR
Unit Count: 110

Borders Dan Daniel Memorial Park in Downtown Danville

On Tuesday, June 13, 2023, the City of Danville approved a new round of residential development incentives, which will be available on the Eastwood Road project.  Here are few highlights:

  • Qualifying developers of single-family projects with an investment of at least $5 million and at least 50 units would receive up to a 15-year incentive including a grant of 100% of the increase in value of taxes paid on the property based on the first assessment year.  The development must be complete in five years.
  • 1,366 new housing units are needed — 760 apartments and 606 single-family homes — to satisfy pent-up demand.
  • An estimated 1,059 new housing units are needed — 921 apartments and 138 single-family homes — to meet new demand generated by about 3,900 new jobs expected to come to the Danville market through 2023, including 1,300 anticipated for the Caesars Virginia casino and another 2,600 jobs from more than a half-dozen other economic development projects.
  • Those figures add up to 2,425 homes that must be built to meet housing needs due to both job-driven and pent-up demand.
  • Read More Here

HIGHLIGHTS

  • 26 +/- acres zoned by right for at least 110 single-family residences
  • Excellent subdivision or build-to-rent opportunity in a severely supply-constrained market
  • 3 houses currently on site provide in-place residential income for a total of $30,000/year
  • Caesars Virginia resort and casino expected to create more than $30 million per year in recurring revenue (click here for article)
  • 13 parcels

PROXIMITY

  • Dan Daniel Memorial Park
  • Dan River
  • Downtown Danville
  • Casino (opening 2023)
  • Access to interstates
  • Amtrak service
  • Drivable to Richmond, Washington DC, & Research Triangle Park, NC
  • Over 14 educational institutions within a 2 1/2 hours’ drive

ABOUT DANVILLE

Accelerated economic development through international recruitment: There are 11 companies with eight different foreign headquarters operating in Danville or just outside the city limits. Danville was recognized internationally by FDI Intelligence as one of the Top 10 micro cities for economic potential. 2018 Site Selection Magazine placed Danville in the top 50 micro cities in economic activity in the nation. Danville is in its eighth year of implementing an award-winning redevelopment plan for the River District, which encompasses downtown and the  adjoining historic tobacco warehouse district. This development plan has produced a more than three-fold return on investment, with $35 million in public seeding and investment and nearly $150 million in private investment. Four public streetscape phases are now complete and buildings continue to be repurposed for residential units and for locating, starting or growing businesses, including retail shops and restaurants.

OUTDOOR RECREATION

  • 18 Parks Totaling More than 922 Acres
  • 30-plus Miles of Continuous Single-Track Mountain Bike Trails
  • 17 Athletic Fields
  • 26 Playground Units
  • More than 26 Picnic Shelters and Picnic Sites
  • Riverwalk Trail: 11.7 Miles of Paved
  • Walking Trail Along the Dan River

INDUSTRY
Danville, VA is a recipient of the Virginia Economic Developers Association Community Economic Development Award for workforce development programming. There have been four new industry announcements and four expansions in the region in the last two years. Through the City’s partnership with The Launch Place, 13 new high growth and tech entrepreneurial startups have been announced in the last four years.

EDUCATION
There are over 14 educational institutions within a 2 1⁄2 hours’ drive and more than 120 colleges and universities in the Commonwealth of Virginia alone.

LOCATION

  • Amtrak Service
  • Access to Interstates
  • Drivable to Richmond, Washington DC, and Research Triangle Park, NC

REFERENCES
https://www.discoverdanville.com/our-community/city-county/
https://www.discoverdanville.com/our-community/living-in-the-danville-region/
https://www.thelaunchplace.org/

Images

Documents

Location

234 Eastwood Drive, Danville, VA, USA

Current Property
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Listing Agent(s)

Ryan Rilee

Associate Broker

Ryan’s practice at One South Commercial focuses on investment and development site sales throughout Virginia.  He brings a detailed, solutions-oriented approach to each transaction and has successfully represented a wide array of buyers and sellers on deals ranging from $1 million to $35 million. A Richmond native with a background in institutional real estate management, Ryan leverages a wide network of industry contacts and his experience “under the hood” to advise One South Commercial’s clients on everything from local sub-markets to national capital markets, and is ready and able to tackle anything in between.

  • Richmond Association of Realtors
  • Greater Richmond Association for Commercial Real Estate
  • Urban Land Institute
  • VA Department of Professional and Occupational Regulation
  • Real Estate Broker License
Communication
One South Commercial is the exclusive representative of Seller in its disposition of 234 Eastwood Drive | Danville, VA, 234, Eastwood Drive, Danville, Virginia, 24540. All communications regarding the property should be directed to the One South Commercial listing team.
Property tours
One South Commercial is the exclusive representative of Seller in its disposition of 234 Eastwood Drive | Danville, VA, 234, Eastwood Drive, Danville, Virginia, 24540. All communications regarding the property should be directed to the One South Commercial listing team.
Offers
One South Commercial is the exclusive representative of Seller in its disposition of 234 Eastwood Drive | Danville, VA, 234, Eastwood Drive, Danville, Virginia, 24540. All communications regarding the property should be directed to the One South Commercial listing team.

DISCLAIMER: This offering memorandum is intended as a reference for prospective purchasers in the evaluation of the property and its suitability for investment. Neither One South Commercial nor Seller make any representations or warranties with respect to the accuracy or completeness of the materials contained in the offering memorandum. Prospective purchasers should evaluate the property independently and rely solely on such independent evaluation in determining whether to purchase the property. The offering memorandum, pricing, and terms therein are subject to change or withdrawal at the discretion of Seller and One South Commercial, as Seller’s exclusive representative. *Information provided deemed reliable but not guaranteed

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