$1,450,000
Salem, VA 24153
MLS# 900382
1 / 29
Property Description
PLEASE SUBMIT ALL OFFERS BEFORE 5PM ON AUGUST 11. Unique 20-unit apartment community located in the heart of Salem, Virginia - An historic community in the Roanoke Valley. This southern gothic - Tudor style apartment building was constructed in 1932 and sits at the entrance of the popular Langhorne neighborhood. The building includes eight two-bedroom apartments, eight one-bedroom apartments and four studio apartments. Apartment features include high ceilings, hardwood floors, French doors and built in cabinetry. The property has maintained a history of strong occupancy with two additional attic apartments constructed in the last decade. The exterior features attractive brick and stone construction with a slate roof. All units have separate central heat and AC.
Details
Maps
General Property Description
Lot Dimensions: 187 x 134
Multi-Family Type: Apartments
Construction Status: Completed
Total Acreage: 1.41
# Furnished: 0
# Unfurnished: 20
# Leased Units: 19
Gross Bldg SQFT: 15276
Basement Y/N: Yes
Water Class: N/A
Parking Description: Private (1 - 9)
Gross Income: 186000
Year Built: 1932
Number of Units: 20
Operating Expense: 71187
Net Operating Income: 108303
Location, Tax & Legal
Major Area: 03 - City of Salem
Phase: 0
Lot: 0
Block: 0
Tax ID: 122-1-4, 123-2-5
Annual Taxes: 12012
Section: 0
Zoning Code: RMF
POA Y/N: No
Area: 0300 - City of Salem
Street Number: 15
Street Name: Lewis
Street Suffix: AVE
State/Province: VA
Zip Code: 24153
Subdivision: Langhorne Place
Municipality: City of Salem
Elementary School: West Salem
Middle School: Andrew Lewis
High School: Salem High
Remarks & Misc
Directions: Main St. Salem to Lewis Ave. Property on left.
Limited Service
Not Limited Service: 1
Construction
Brick: 1
Stone: 1
Basement
Partial: 1
Heating
Gas – Natural: 1
Miscellaneous Info
Public Transport: Yes
Cooling
Central Air: 1
Water Description
Public: 1
Sewer Description
Public Sewer: 1
Water Heater Type
Tank: 1
Water Heater Energy
Natural Gas: 1
Lease Type
One Year: 1
Owner Expenses
Water: 1
Other - See Remarks: 1
Tenant Expenses
Electricity: 1
Gas: 1
Expenses
Management Exp: 16154
Maintenance Exp: 17949
Tax Exp: 12012
Insurance Exp: 6200
Electric Exp: 4800
Gas Exp: 6972
Water Exp: 6000
Other Exp: 1100
Slr Pd Fin Concessns
No: 1
Contract Information
Current Price: $1,450,000
Sold Price: $1,450,000
List Date: 2023-08-02
Status: Closed
Status Change Info
Ratified Contract Dt: 2023-08-25
Sold Date: 2023-10-05
Sold Price: $1,450,000
Property Features
Limited Service: Not Limited Service
Construction: Brick; Stone
Basement: Partial
Heating: Gas – Natural
Cooling: Central Air
Water Description: Public
Sewer Description: Public Sewer
Water Heater Type: Tank
Water Heater Energy: Natural Gas
Lease Type: One Year
Owner Expenses: Water; Other - See Remarks
Tenant Expenses: Electricity; Gas
Slr Pd Fin Concessns: No
Supplements
ve central heating and air conditioning. In addition, the property includes several on site garages. This offering presents investors the unique opportunity to acquire a below market-rate rental property, within an upper income neighborhood. Salem offers a very stable rental market with vacancy rates under 5%, low unemployment, and a highly sought after school system. The property is located within walking distance to Roanoke College and Downtown Salem's Historic District. Easy access to shopping, restaurants and farmer's market. Owner financing may be available for qualified buyer.
Listing Office: WALDVOGEL COMMERCIAL PROPERTIES
Last Updated: December - 27 - 2024
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