205 S College AVE, Salem, VA 24153

$965,000

07-a7b9d8989628acba77b62c7605e2aeaf9d74a

Property Type: MultiFamily Lot Size (sq. ft.): 13,504 Status: Closed

Current Price: $965,000 List Date: 4/21/2025 Last Modified: 3/25/2026

Overview

Description

Located near the intersection of Main St. and College Ave, our 1890 commercial building is a historic and unique place with a style all its own - featuring two top floor, 3-bedroom suites and two ground level retail/office spaces. Most furnishings shall pass with the sale including all linens, towels, boutique hotel supplies, beds, furnishings, etc. Some personal art and furnishings not to pass. Secure electronic key code access to residential spaces which is currently operated as a two-suite boutique hotel. This 2-story, walk up home boasts high ceilings and hardwood floors some carpeting in one master suite which includes a full bath and dedicated office with ample closet space. The 2nd bedrooms contain a king-size bed overlooking South College Ave and is connected to the

Supplements: smaller 3rd bedroom with a single bed. Both apartments include recently renovated gourmet kitchens featuring stainless steel appliances with trendy, epoxy counter tops and herring-bone style, subway tile backsplash, with exposed natural wood shelving. All bathrooms were also renovated in 2022. Ground floor is currently occupied by a Yoga studio and ... (Read more)

Listing Details MLS# 916453

Location, Tax & Legal

Area: 0300 - City of Salem
Street Number: 205
Street Direction Pfx: S
Street Name: College
Street Suffix: AVE
State/Province: VA
Zip Code: 24153
Subdivision: N/A
Municipality: City of Salem
Elementary School: G. W. Carver
Middle School: Andrew Lewis
High School: Salem High

General Property Description

Multi-Family Type: Other - See Remarks
Construction Status: Completed
Year Built: 1890
Present Use: Built-As
Number of Units: 4
# Furnished: 2
# Unfurnished: 2
# Leased Units: 4
Gross Bldg SQFT: 7000
Lot Dimensions: 100 x 135
Total Acreage: 0.31
Basement Y/N: Yes
Parking Description: Private (10 or More)
Operating Expense: 43979
Net Operating Income: 74821
Gross Income: 118800
Water Class: N/A

Status Change Info

Ratified Contract Dt: 2025-04-29
Sold Date: 2025-08-04

Internet Access

Cur'nt Internet Prov: Glow Fiber

Miscellaneous Info

Public Transport: Yes

More Information

Expenses

Maintenance Exp: 8000
Tax Exp: 4279
Insurance Exp: 7200
Electric Exp: 2750
Gas Exp: 1500
Water Exp: 2250
Other Exp: 14000

Property Features

Limited Service: Not Limited Service Construction: Brick Basement: Dirt Floor; Full Heating: Forced Air Gas; Heat Pump Electric Cooling: Central Air Water Description: Public Sewer Description: Public Sewer Water Heater Type: Tank Water Heater Energy: Natural Gas Lease Type: Other - See Remarks Owner Expenses: Management Fee; Water; Other - See Remarks Interior Features: Bookcases; Ceiling Fan(s); Walk-In Closet(s); Other - See Remarks Misc Features: Wireless Internet Tenant Expenses: None

Listing Office: VRC PROPERTIES LLC

Last Updated: March - 25 - 2026

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.