1068 River Oak DR, Forest, VA 24551

$1,320,000

Property Type: MultiFamily Lot Size (sq. ft.): 314,939 Status: Closed

Current Price: $1,320,000 List Date: 3/30/2021 Last Modified: 9/25/2024

Overview

Description

Do you want to own rental property in Forest in nice condition that is easy to maintain and rent, then Willow Oak Village is for YOU! A unique property consisting of 17 two bedroom, one bath units. It made up of 5 single family homes, a 3 plex, a 9 plex on 7 acres and views of the Peaks of Otter. Major work completed including metal roofs on all buildings and new asphalt parking lot and driveway. This property was a church camp at one time and has a rustic feel but modern amenities. Owner pays for lawn maintenance, county water and trash pickup. Tenants pay their own electric and each has a heat pump. Each unit has washer/dryer hookups. Many Units have newer Kitchens & vinyl plank flooring. Forest Schools. Includes a 48 X 24 Garage under the 9 plex used as a shop or storage.

Supplements: All units are on one Deed and can not be separated. All units occupied under annual leases. No dogs on property, but tenants are allowed 1 cat. Could possibly build additional units on the existing property.

Listing Details MLS# 878232

Location, Tax & Legal

Area: 0600 - Bedford County
Street Number: 1068
Street Name: River Oak
Street Suffix: DR
State/Province: VA
Zip Code: 24551
Subdivision: NA
Municipality: Bedford County
Elementary School: New London Academy
Middle School: Forest Middle
High School: Jefferson Forest

General Property Description

Multi-Family Type: Apartments
Construction Status: Completed
Year Built: 1985
Present Use: Built-As
Number of Units: 17
# Leased Units: 17
Total Acreage: 7.23
Basement Y/N: Yes
Parking Description: Private (10 or More)
Operating Expense: 28407
Net Operating Income: 112757
Gross Income: 145000
Water Class: N/A

Status Change Info

Ratified Contract Dt: 2021-04-12
Sold Date: 2021-06-28

Expenses

Tax Exp: 4759
Water Exp: 4649

More Information

Property Features

Limited Service: Not Limited Service Construction: Wood Basement: Partial Heating: Heat Pump Electric Cooling: Heat Pump Electric Water Description: Public Sewer Description: Private Septic Water Heater Type: Tank Water Heater Energy: Electric Lease Type: One Year Owner Expenses: Lawn Care; Trash Disposal; Water Interior Features: Ceiling Fan(s); Skylight Internet Access: Cable Views: Mountain(s); Sunset Tenant Expenses: Cable TV; Electricity; Heating Slr Pd Fin Concessns: No

Listing Office: LONG & FOSTER - FOREST

Last Updated: September - 25 - 2024

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