#1 • Dan River Crossing, 74-Unit Apartment Community

Part of Dan River Crossing Apartments (live auction by TRF Auctions)

High bid $4,600,000.00

Status: Sold

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. Online/phone bidders' deposits must be received at least 24 hours prior to the auction to be approved. 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.