66-Unit Multifamily Portfolio | Manassas, Virginia

Old Centreville Gardens is a 66-unit multifamily community totaling 52,272 SF located at 7500 Prince Cole Ct in Manassas, Virginia. Built in 1973 and situated in Prince William County, the property sits at the intersection of Prince Cole Court and Parkland Street within an established residential corridor of the Washington, D.C. metro area. At $13,000,000, the offering is priced to reflect a stabilized income position with measurable upside in a submarket where workforce housing demand remains durable.

The community encompasses 52,272 SF of residential space across its 66 units, yielding an average unit size of approximately 792 SF. Constructed in 1973, the property carries the structural characteristics of a well-established garden-style community, a building type that continues to attract long-term residents in suburban Northern Virginia markets. Prospective buyers should conduct physical due diligence to assess current unit conditions, recent capital improvements, and any deferred maintenance as part of their underwriting process.

The investment thesis is grounded in a demonstrable income profile. The property generates $1,313,613 in gross scheduled income and $797,348 in net operating income, producing a going-in cap rate of 5.9% at the asking price. For an investor seeking a stabilized multifamily position, the spread between gross scheduled income and NOI also points toward an expense load that merits close review — and potential operational efficiencies that a new owner could capture through tightened management and cost controls. The 66-unit scale provides critical mass without the complexity of a larger institutional asset.

Prince William County functions as one of the primary affordability corridors in Northern Virginia, attracting renters who are priced out of closer-in Fairfax County submarkets but still require access to the broader regional employment base. Manassas sits at the western edge of this demand corridor, and the subject property's location provides access to major regional thoroughfares serving commuters across the metro area. The surrounding submarket is characterized by workforce housing demand driven by professional services and public administration employment — a renter cohort that historically demonstrates low mobility and consistent rent payment.

For a value-add or core-plus buyer, Old Centreville Gardens offers the combination of an in-place income stream and a submarket where new supply has not meaningfully pressured existing workforce-oriented communities. The 1973 vintage and 66-unit count position this asset as a compelling fit for a private investor or regional operator seeking to expand or establish a Prince William County multifamily presence ahead of continued population growth in the corridor.

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.