- For Sale Guidance Upon Request
- Property Type Multi-Family
- Property Size 52,272 SF
- Units 66
- Property Tenancy Multi-Tenant
- Year Built 1973
- Date Updated Sep 20, 2026
Description
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.
Highlights
- $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.
- 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.
- 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.
- 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.
- One floor plan across 66 units. Identical two bedroom, one bath layouts make turnover scope, cost, and marketing repeatable.
- 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.
- 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.
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Contacts
Joe Serafin
Serafin Real Estate
Location
Located at 7500 Prince Cole Ct, Manassas, VA 20111, this property is part of the Yorkshire neighborhood.
Contact Listing Broker
Joe Serafin
Serafin Real Estate