85 Green Meadow Ln 18 Unit Apartment Building $1,568,209 CAD ($87,123 CAD/Unit) Rocky Mount, VA 24151

Cushman & Wakefield | Thalhimer is pleased to present Green Meadow Lane Apartments, an 18-unit workforce housing community located in Rocky Mount, Virginia, offered at $1,150,000 (7.53% CAP on Year 1 pro forma). The investment provides an attractive entry basis of approximately $63,900 per unit with a clear and executable path to value creation through rent growth and continued interior upgrades.
The property consists of twelve 1-bedroom, 1-bath units and six 2-bedroom, 1-bath units with functional layouts that support consistent workforce housing demand. Current rents average $662 per unit compared to market rents near $796 per unit, representing approximately $134 per unit of immediate upside. A number of units have already been renovated, allowing a new owner to continue a proven upgrade program and systematically align rents with the market. Operations are straightforward, with public water and sewer service, simple mechanical systems, and an efficient expense structure that supports durable cash flow.
Rocky Mount serves as the primary commercial and employment center for Franklin County and benefits from a stable economic base driven by manufacturing, healthcare, and service-sector employment. Major employers include Carilion Franklin Memorial Hospital, Traditional Medicinals, and Cornerstone Building Brands, alongside a broader base of distribution, light manufacturing, and professional services employment. Located along the Route 220 corridor approximately 35 minutes south of Roanoke, the market provides direct access to a larger regional employment base while maintaining limited multifamily supply. This dynamic supports stable occupancy, continued rent growth, and a broad tenant base without exposure to the competitive supply pressures seen in larger metros.
In addition to its employment base, Rocky Mount offers a level of authenticity and quality of life that supports long-term tenancy, including a walkable historic downtown, local retail and dining, and regional draw amenities such as the Harvester Performance Center and its position along The Crooked Road: Virginia’s Heritage Music Trail. These characteristics contribute to tenant retention and reinforce the area’s appeal as a stable workforce housing market.
Green Meadow Lane Apartments offers investors the opportunity to acquire a low-basis asset with immediate rent upside, simple operations, and durable demand fundamentals in a supply-constrained market with strong regional connectivity and higher yield potential relative to nearby Roanoke.