PROPERTY LOCATION
Dan River Crossing
601 Bridge St
Danville, VA 24541
City of Danville Tax Map No.95-5-5
AUCTION LOCATION
The Institute For Advanced Learning And Research
150 Slayton Ave
Danville, VA 24540
Auction will be held outside on the patio.
Online bidding available.
SUBSTITUTE TRUSTEE
David L. Lingerfelt, Esq. Substitute Trustee
Vertical Vision PLC
DETAILS
Address: 601 Bridge St, Danville, VA (tax parcel 21459)
Type: Occupied Apartment Building
- Currently 80% of units are rent/income restricted and set aside for seniors 55+
- Foreclosure will remove current restrictions allowing buyer to increase rents to market rate
Units: 74 large units (avg. 1,100 sq.ft. per unit)
- (20) 2BR units @ 1294 sq.ft.
- (53) 1BR units @ 1046 sq.ft.
- (1) efficiency @ 796 sq.ft.
Occupancy: 93% (opportunity to fill vacancies at market rate)
Buildings: The Dan River Crossing apartments are comprised of two historic buildings adapted for reuse: the Tobacco Company Cigar Factory, circa 1894, and the Waddill Printing Company Lithographic Plant, circa 1926. Redeveloped into apartments in 2004 with two stair and elevator towers added to connect the buildings and provide full ADA accessibility. It was the first adaptive reuse housing in the district.
Size: 87,704 sq.ft. on 1.7 acres
Features: Building features include secured entry access, elevators, community room, patio terrace, 24 hour maintenance, and on-site management. Distinctive elements of the original buildings remain incl. maple floors, brick walls, high ceilings and exposed heavy timber framing, columns, and beams. Units feature open floor plans, fully equipped kitchens w/ dishwashers, central heat & air, washer/dryer, wood floors, and many with river views.
Location: This very attractive location has so much to offer tenants.
- Located in the popular River District overlooking the Dan River
- Adjacent to The Crossing at the Dan complex featuring the Danville Science Center, Community Market, Amtrak Pepsi Building, Carrington Pavilion, and community park
- Adjacent to the popular Riverwalk Trail, an eleven mile paved walking trail along the river highlighted by the iconic Trestle Bridge that crosses the river behind the apartment
- One block from Averett University’s Riverview Campus for Graduate & Professional Studies
- Plenty of nearby restaurants, breweries, shops, attractions, and more
- Convenient access to US-58 & US-29
Rent: Gross income in 2020: $511,000
Tax Assm't: $7,259,000
Value-Add: Foreclosure removes rent restrictions giving the buyer an outstanding opportunity to increase rents to market rate as units become vacant. After 3 years, restrictions are removed completely.
AGENT ON SITE
- Tue, Mar.23, Noon-4PM. Appointment required.
- Tue, Mar.30, Noon-4PM. Appointment required.
- Tue, Apr.6, Noon-4PM. Appointment required.
- Other dates and times by appointment only. Call 434-847-7741
- CLICK HERE to scedule an appointment.
DIRECTIONS TO PROPERTY
- US-29 to Danville. Take the US-58W Business exit toward Danville. 2mi to LEFT on Main St. Qtr mile to LEFT on Memorial Dr. Qtr mile to LEFT on Newton St to RIGHT on Bridge St. Property on left.
CONTACT
- Mike Torrence, AARE
Torrence, Read, & Forehand Auctions
434-847-7741 - Rick Read, Broker
Coldwell Banker Commercial Read & Co.
434-455-2285 - Charles Wentworth, Garrison Gore, Hank Hankins, & Victoria Pickett
Colliers International Multifamily Advisory Group
804-320-5500
TERMS SUMMARY
- In order to bid, a bidder's deposit of $150,000 (in the form of a cashier’s check payable to "David Lingerfelt, Substitute Trustee") shall be collected by Trustee in full immediately before the Foreclosure Sale. Immediately following the Foreclosure Sale the deposits of unsuccessful bidders shall be returned, and the Deposit of the successful bidder will thereafter be deposited by Trustee in its trust account.
- Trustee shall execute and deliver immediately after the Foreclosure Sale the Foreclosure Sale Agreement with respect to the Property, and it shall also require the successful bidder to execute and deliver such agreement immediately after the Foreclosure Sale.
- Closing to occur within 30 days. Closing can be extended an additional 21 days if buyer adds $150,000 to the non-refundable deposit and presents a commitment letter from a lender satisfactory to the Trustee.
- No buyer’s premium will be charged.
- Click on "Terms" tab for full terms and conditions.
Terms: Property sells "AS-IS" without warranties of any kind. Potential Buyers must perform such independent investigations with respect to the Property as they deem necessary to verify information provided by Auction Company.
Warranty: All information provided by Auction Company is deemed reliable but is not warranted. The information provided by the Auction Company is subject to verification by all parties relying on it. No liability for its accuracy, error or omission is assumed by the Auction Company.
Title: Seller will convey title by Special Warranty Deed.
Registration / Deposit: Bids will be accepted only from registered bidders. On-site registration begins at noon day of sale. In order to register, a bidder's deposit of $150,000 (in the form of a cashier’s check payable to "David Lingerfelt, Substitute Trustee") shall be collected by Trustee in full immediately before the Foreclosure Sale. Immediately following the Foreclosure Sale the deposits of unsuccessful bidders shall be returned, and the Deposit of the successful bidder will thereafter be deposited by Trustee in its trust account. Deadline for phone and online bidding registration is 5PM EST on the day prior to the auction. Online and phone bidders' deposits must be received prior to this deadline. A valid form of identification (i.e. driver's license) may be required to register onsite, online, or by phone.
Online Bidding: Online bidding is available for your convenience. However, due to the technical nature of online bidding, bidder acknowledges that this service may or may not function correctly the day of the auction. Torrence, Read, & Forehand Auctions will not be responsible for missed bids from any source. Online bidders who desire to make certain their bid is acknowledged should use the prebidding function and leave their maximum bid 24 hours before the auction begins. Winning bidders will be notified by email and/or phone and receive instructions for e-signing the Contract of Purchase (must be returned by 5PM EST day of sale).
Announcements: Announcements made on day of sale take precedence over all prior communications, both verbal and written, concerning the sale of the Property.
Approval: Property will sell to the highest bidder. Lender reserves the right to bid.
Foreclosure Sales Agreement: Trustee shall execute and deliver immediately after the Foreclosure Sale the Foreclosure Sale Agreement with respect to the Property, and it shall also require the successful bidder to execute and deliver such agreement immediately after the Foreclosure Sale.
Closing: Balance of Purchase Price shall be due at closing on or before 30 days after the sale. Time being of the essence. Closing can be extended an additional 21 days if buyer adds $150,000 to the non-refundable deposit and presents a commitment letter from a lender satisfactory to the Trustee.
Buyer's Premium: No buyer's premium will be charged for this sale.
Agency: The auction company and its representatives represent the sellers.
