NOT LISTED FOR SALE

1068 River Oak Dr Forest, VA 24551

-- Bed
-- Bath
-- Sq Ft
7.23 Acres

Last Sold June 28, 2021

Last sale price $1,320,000

12 Days on Market

About This Home

As of June 2021

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. 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 additonal units on the existing property.

Last Agent to Sell the Property

Gary Hostutler

Long & Foster-Forest License #0225226484 Listed on: 03/26/2021

Last Buyer's Agent

Travis Hundt

Cornerstone Realty Group Inc. License #0225249874

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $4,759

Year Built

  • Built in 1984

Lot Details

  • 7.23

Parking

  • Parking Lot
  • Off-Street Parking

Utilities

  • Heat Pump System
  • Electric Water Heater
  • Septic Tank

Additional Features

  • Paneling
  • 7.23 Acre Lot

Listing and Financial Details

  • Assessor Parcel Number 90510132

Community Details

Overview

  • 17 Units
  • Great Oaks Sec 2 Subdivision

Building Details

  • 1 Separate Water Meter
  • Insurance Expense $4,196
  • Maintenance Expense $11,597
  • Water Sewer Expense $4,649
  • New Taxes Expense $4,759
  • Gross Income $145,000
  • Net Operating Income $113,000

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$4,759

Year Built

Built in 1984

Lot Details

0

Listing Details

  • FILLACRES: 7.2300
  • Directions: St. Route 811 (Thomas Jefferson Road) to Right on Great Oak, Right on Willow Oak, Left on River Oak.
  • Internet Providers: Shentel
  • Lot Measurement: Acres
  • Lot Sq Ft: 314939.00
  • Days On Market: No
  • Property Subtype1: Multi-Family
  • Prop. Type: Multi-Family
  • OFFICELIST_STATE: VA
  • TaxMapParcelID: 90510132
  • Year Built: 1984
  • Heating System: Heat Pump
  • Taxes Expense: 4759.00
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Broker Approved: Yes
  • Legal Description: GREAT OAKS SEC 2 LT 28 PB 50/3
  • Reciprocal Listing: No
  • Year Built Exception: 0
  • Walls: Drywall, Paneling

Garage/Parking

  • Parking: Garage-Double, Off Street Parking, Parking Lot

Utilities

  • Utility Electric: Southside Elec CoOp
  • Cooling: Heat Pump
  • Sewer: Septic Tank
  • Hot Water: County
  • Water Heater: Electric
  • Number Of Water Meters: 1

Condo/Co-op/Association

  • HOA: Lynchburg Board of Realtors
  • Subdivision Complex: Great Oaks Sec 2

Fee Information

  • Insurance Expenses: 4196.00

Schools

  • School District: Bedford

Rental Info

  • Types Of Leases: 1 Year Lease

Tax Info

  • Estimated Taxes: 4759

Multi Family

  • Annual Gross Income: 145000.00
  • Maintenance Expense: 11597.00
  • Net Operating Income: 113000.00
  • Total Number Units: 17
  • Water Expense: 4649.00
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Property History

Date Event Price List to Sale Price per Sq Ft
06/28/2021 06/28/21 Sold $1,320,000 -90.6% --
04/07/2021 04/07/21 Pending -- -- --
03/26/2021 03/26/21 For Sale $14,000,000 -- --
Source: Lynchburg Association of REALTORS®

Tax History

Year Tax Paid Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. Land Improvement
2025 $5,544 $1,352,300 $289,200 $1,063,100
2024 $5,544 $1,352,300 $289,200 $1,063,100
2023 $5,544 $676,150 $0 $0
2022 $4,759 $475,850 $0 $0
2021 $4,759 $951,700 $144,600 $807,100
2020 $4,759 $951,700 $144,600 $807,100
2019 $4,759 $951,700 $144,600 $807,100
2018 $2,811 $540,500 $144,600 $395,900
2017 $2,811 $540,500 $144,600 $395,900
2016 $2,811 $540,500 $144,600 $395,900
2015 $2,811 $540,500 $144,600 $395,900
2014 $2,760 $530,700 $144,600 $386,100
Source: Public Records

Agents Affiliated with this Home

  • G

    Seller's Agent in 2021

    Gary Hostutler

    Long & Foster-Forest

  • T

    Buyer's Agent in 2021

    Travis Hundt

    Cornerstone Realty Group Inc.

    (434) 401-5708

    42 Total Sales

    Travis Hundt
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Map

Source: Lynchburg Association of REALTORS®

MLS Number: 330479

APN: 135 38 28

Virginia Bedford County Forest 24551

1068 River Oak Dr, Forest, VA

Not Listed for Sale

MultiFamily

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