66-Unit Multifamily Portfolio | Manassas, Virginia

Highlights

• 100 percent leased with $797,348 of in-place net operating income. All 66 units occupied as of the current rent roll, with zero vacant and zero non-revenue units.
• $174 per unit per month of documented rent upside. In-place rents average $1,616 against a $1,790 submarket median across 28 comparable closed leases, worth approximately $137,600 in additional annual revenue.
• Rent growth already running at 6.1 percent. Portfolio rent rose from a $1,523 average in 2025 to $1,616 today while holding full occupancy.
• Proven, not projected. Ownership's six most recent leases cleared $1,725, within $65 of the submarket median, evidencing the achievable rent rather than assuming it.
• A 39.3 percent expense ratio, structurally protected. The condominium association carries the building envelope, grounds, snow, trash, and water. Ownership responsibility is interior only.
• One floor plan across 66 units. Identical two bedroom, one bath layouts make turnover scope, cost, and marketing repeatable.
• Constrained supply in a 4.7 percent vacancy submarket. New construction starts down 45.6 percent, with all 298 units delivered over the trailing twelve months reaching full occupancy at delivery.
• Institutional unit count without an institutional check. 66 units in one ownership entity, available as a portfolio or in groupings, with 1031 exchange accommodation.

Description

Serafin Real Estate is offering 66 residential condominium units at Old Centreville Gardens in Manassas, Virginia. The units are held in a single ownership entity, are 100 percent leased as of the current rent roll, and produce $797,348 of in-place net operating income on a 39.3 percent operating expense ratio.

The investment case is mark to market. In-place rents average $1,616 per unit per month against a $1,790 median for comparable Manassas apartments. That gap is documented rather than assumed. Ownership's six most recent leases were signed at $1,725, and portfolio rent has grown 6.1 percent over the 2025 trailing average without a single vacancy. Capturing the balance across all 66 units adds approximately $137,600 of annual revenue and lifts net operating income to roughly $860,700 on a pro forma basis. Four units currently sit more than $600 per month below the portfolio standard, carrying $31,200 of upside that requires no movement in the broader market at all.

Every unit is the same two bedroom, one bath plan averaging approximately 792 square feet, laid out with a foyer, a galley kitchen open to a combined living and dining area, and a full bath serving both bedrooms. A single floor plan across all 66 units standardizes turnover scope and cost and makes a renovation program repeatable rather than unit by unit.

The units are individually deeded condominiums within the 289-unit Old Centreville Gardens association, representing 22.8 percent of the community across 21 building addresses on Prince Cole Court, Princess Carol Court, and Prince Charles Court. The association assessment of $425 per unit per month covers exterior building maintenance, lawn care, snow removal, trash, water, and common area management, leaving ownership responsible for unit interiors only. That split is why a 1973 vintage asset operates at a 39.3 percent expense ratio, and it is why repairs and maintenance ran $42,889 across all 66 units last year.

Old Centreville Gardens sits in the unincorporated Yorkshire area of Prince William County, north of the City of Manassas. Route 28, Interstate 66, and the Manassas VRE station carry residents north into the Dulles technology corridor and east toward Fairfax County and the District. With median single-family prices in the immediate area between $450,000 and $540,000, the trade area produces a renter-by-necessity tenant base that is structurally more durable than discretionary renter demand. The broader Manassas multifamily submarket runs 4.7 percent vacancy across 11,335 units, with new construction starts down 45.6 percent and only 162 units currently under construction.

The portfolio is offered subject to offer through a structured call for offers, without a published price. Ownership retains discretion to consider the entire portfolio, partial groupings, or individual units. Section 1031 exchange accommodation is available on either side of the transaction. Access to the rent roll, leases, operating statements, and association records requires execution of a confidentiality and non-disclosure agreement.

Old Centreville Gardens, located at 7500 Prince Cole Ct, occupies a strategic position within Prince William County, Virginia’s second-most populous and one of its fastest-growing jurisdictions. As of early 2026, the county continues to serve as a premier residential anchor for the Northern Virginia workforce, boasting a median household income of approximately $131,402. This affluent economic base is supported by a diverse employment landscape, with significant concentrations in professional, scientific, and technical services, as well as a robust public administration sector. The county's unemployment rate consistently trends below national averages, currently hovering near 3.3%, signaling a stable and resilient environment for multifamily investments.

The property is situated in the Manassas submarket, a region characterized by its "opportunity market" status within the D.C. metro area. Manassas serves as a critical hybrid-work sweet spot, offering more competitive housing costs than neighboring Fairfax County while maintaining superior connectivity via Route 28, I-66, and the Manassas VRE. Local demographics reflect a young, professional population with a median age of 36, many of whom are increasingly pushed toward the rental market due to the rising barrier of entry for single-family homes, which currently see median sales prices between $450,000 and $540,000. This "renter-by-necessity" cohort provides a reliable tenant base for consolidated condominium portfolios like Old Centreville Gardens.

From a multifamily perspective, the location benefits from significant nearby capital investment and infrastructure improvements. The Innovation Town Center and several new high-density developments in the Historic Downtown and Manassas Park areas are redefining the local skyline, bringing increased retail amenities and "live-work-play" functionality to the immediate vicinity. These new developments are setting higher rent ceilings across the submarket, allowing well-positioned assets to capture "overflow" demand. With 66 units already stabilized and rented, the subject property is primed to capitalize on this upward pressure on rents and the continued migration of residents seeking the balance of suburban space and urban accessibility.