15 Lewis AVE, Salem, VA 24153

$1,450,000
Property Type: MultiFamily Lot Size (sq. ft.): 61,420 Status: Closed
Current Price: $1,450,000 List Date: 8/02/2023 Last Modified: 12/27/2024

Overview

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.

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 ...

Listing Details MLS# 900382

Location, Tax & Legal

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

General Property Description

Multi-Family Type
Apartments
Construction Status
Completed
Year Built
1932
Number of Units
20
# Unfurnished
20
# Leased Units
19
Gross Bldg SQFT
15276
Lot Dimensions
187 x 134
Total Acreage
1.41
Basement Y/N
Yes
Parking Description
Private (1 - 9)
Operating Expense
71187
Net Operating Income
108303
Gross Income
186000
Water Class
N/A

Status Change Info

Ratified Contract Dt
2023-08-25
Sold Date
2023-10-05

Miscellaneous Info

Public Transport
Yes

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

More Information

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
Listing Office: WALDVOGEL COMMERCIAL PROPERTIES
Last Updated: December - 27 - 2024
All searches are performed on live data on the MLS server. Although the Multiple Listing Service of The Roanoke Valley is the single source for these listings, listing data appearing on this website does not necessarily reflect the entirety of all available listings within the Multiple Listing Service. All listing data is refreshed daily, but its accuracy is subject to market changes. All copyrights and intellectual property rights are the exclusive property of the Multiple Listing Service of The Roanoke Valley. Whether obtained from a search result or otherwise, visitors to this website may only use this listing data for their personal, non-commercial benefit. The unauthorized retrieval or use of this listing data is prohibited.
Search powered by FBS Products