Old Centreville Gardens 7500 Prince Cole Ct 66 Unit Apartment Building For Sale Manassas, VA 20111

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.