This Multifamily Property is Off-Market.

1701-1711 Westover Ave.
Roanoke, VA 24015 ·

25 Units · Multifamily For Sale

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Westover Avenue Apartments

Price N/A Cap Rate 8.70%
No. Units 25 Occupancy 100%
Building Size 19,000 SF No. Stories 3
Property Type Multifamily Year Built 1965
Property Sub-type Garden/Low-Rise Lot Size 0.93 AC
Property Use Type Investment APN / Parcel ID 1330626
Commission Split 3%
Listing ID: 15955489 Date Created: 10/22/2008 Last Updated: 02/21/2012

Description

$25,000 credit at closing for improvements. Owner's want offers! 25 unit apartment complex located on .93 acres in the Grandin Village area of Roanoke, VA. The property is made up two (one 12 unit and one 13 unit) brick buildings built in 1965. There are 12 one bedroom apartments and 13 two bedroom apartments. The property includes a 20+ space parking lot and is located in a middle income, primarily single family, residential neighborhood. The Grandin area is a true village area with central retail, grocery, and entertainment venues within walking distance of the surrounding neighborhood. In recent years the area has become a popular destination neighborhood for young, middle income families. The property has undergone many capital improvements including refinishing common areas floors and stairs, replacing common area light fixtures and regular painting. Most units have undergone remodeling including refinishing floors, replacement of appliances, refinishing the hardwood floors or new carpet. Rents under market. Owner/Agent.

Westover Apartments is centrally located near I-581 and Rt. 419 and has convenient access to local malls, shopping, Parks, Roanoke Memorial Hospital, Lewis Gale Hospital and Downtown Roanoke. The Roanoke Metropolitan Statistical Area (MSA) is located in the Roanoke Valley of southwestern Virginia in the midst of the Blue Ridge and Alleghany Mountains. This 1,866-
square mile region is bordered on the west by West Virginia and along the east by the Blue Ridge Mountains. The area is strategically accessible to both the East Coast and Mid-West markets with Interstate 81 passing through the region, Interstate 64 directly north, and Interstate 77 nearby to the south. The Roanoke MSA is the transportation hub of the area with an integrated interstate highway, rail, and air transportation network. The city of Roanoke is 189 miles west of Richmond, the state capital; 234 miles southwest of
Washington, D.C., and 240 miles west of Norfolk.

Highlights

  • Highly sought after location
  • Brick Construction
  • Many Rents Below Market
  • 9.7% Cash on Cash Return
  • Off Site Parking
  • $25,000 Credit at Closing for Improvements

Research

1701-1711 Westover Ave., Roanoke, VA 24015 (Roanoke City County)

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