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501 Mountain Ave Sw, Roanoke, VA 24016

$473,000

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Sold Price: $473,000
List Price: $498,000
Closing Date: Jun 18, 2026
Days on Market: 6
Status: CLOSED
MLS#: 927031
Lot Size (Acres): 0.12
Year Built: 1921

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Property Description

Six-unit multifamily in Roanoke's established Old Southwest neighborhood. Built in 1921, the ±4,556 SF building features six one-bedroom apartments across two floors, an unfinished basement, multiple units with private porches, and a gas boiler heating system. Currently 100% occupied with in-place rents 10-15% below market, offering immediate cash flow with clear upside as leases roll to market. Located on Mountain Avenue SW with close proximity to Carilion Clinic, downtown Roanoke, and the surrounding Old Southwest community.

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Additional Information

Area: 0130 - City of Roanoke - SW
Subdivision: Old Southwest
Neighborhood: 0130 - City of Roanoke - SW
Taxes: $4,596
Heating: Radiator(s)
Cooling: Window/Wall
Water: Public
Sewer: Public Sewer
Elementary School: Wasena
Middle School: James Madison
High School: Patrick Henry
Remarks: Six-unit multifamily in Roanoke's established Old Southwest neighborhood. Built in 1921, the ±4,556 SF building features six one-bedroom apartments across two floors, an unfinished basement, multiple units with private porches, and a gas boiler heating system. Currently 100% occupied with in-place rents 10-15% below market, offering immediate cash flow with clear upside as leases roll to market. Located on Mountain Avenue SW with close proximity to Carilion Clinic, downtown Roanoke, and the surrounding Old Southwest community.