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Highland Ave - Multifamily 518 Highland Ave SW 3 Unit Apartment Building $299,000 ($99,667/Unit) 5.18% Cap Rate Roanoke, VA 24016
Investment Highlights
- Strong rental demand in a supply-constrained submarket
- Ideal for investors seeking small multifamily in a proven neighborhood
- Three-unit historic multifamily in Old Southwest
- One unit under leased to family with an opportunity to increase NOI significantly
Executive Summary
518 Highland Avenue SW is a remodeled historic three-unit multifamily located in Roanoke’s highly desirable Old Southwest neighborhood. The property offers a functional unit mix within a submarket known for strong tenant demand, limited rental inventory, and consistent occupancy. Situated on a quiet, tree-lined street near downtown Roanoke and Grandin Village, the asset benefits from long-term rental stability and classic architectural character. Three units are leased. one unit under leased by 1/2 to a family member. Opportunity to get to market rent and get CAP over 6%
Data Room Click Here to Access
- Offering Memorandum
Financial Summary (Actual - 2025) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
-
|
-
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
-
|
-
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2025) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $299,000 | Building Class | C |
| Price Per Unit | $99,667 | Lot Size | 0.15 AC |
| Sale Type | Investment | Building Size | 3,257 SF |
| Cap Rate | 5.18% | Average Occupancy | 100% |
| No. Units | 3 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1909 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low-Rise | ||
| Zoning | RM-1 - Residential Multi-Family – Low Density | ||
| Price | $299,000 |
| Price Per Unit | $99,667 |
| Sale Type | Investment |
| Cap Rate | 5.18% |
| No. Units | 3 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.15 AC |
| Building Size | 3,257 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1909 |
| Opportunity Zone |
Yes |
| Zoning | RM-1 - Residential Multi-Family – Low Density |
Amenities
Unit Amenities
- Microwave
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
Site Amenities
- 24 Hour Access
- Tenant Controlled HVAC
- Online Services
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 1 | - | - |
| 1+1 | 1 | - | - |
| Studios | 1 | - | - |
1 1
Moderately walkable
70/100
Moderately drivable
70/100
Some public transit
40/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | 1121207 | Improvements Assessment | $186,000 (2026) |
| Land Assessment | $45,900 (2026) | Total Assessment | $231,900 (2026) |
Property Taxes
Parcel Number
1121207
Land Assessment
$45,900 (2026)
Improvements Assessment
$186,000 (2026)
Total Assessment
$231,900 (2026)
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Highland Ave - Multifamily | 518 Highland Ave SW
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