NOT LISTED FOR SALE

2223 Bailey Ave Salem, VA 24153

-- Bed
-- Bath
5,797 Sq Ft
0.33 Acres

Last Sold December 17, 2024

Last sale price $520,000 $90 Per Sq Ft

76 Days on Market

Highlights

  • City View
  • No HOA
  • Central Air

About This Home

As of December 2024

Great investment opportunity in City of Salem. This property is convenient located, 4 units each with 2 bedrooms, 1 bath, full basement (unfinished), small deck off kitchen, living room. All 4 units are currently rented with long term tenants, all on month to month leases. Each unit is renting well below market value. All could use cosmetic updates.

Last Agent to Sell the Property

Mack Garmon

RE/MAX REAL ESTATE ONE License #0225092153 Listed on: 07/01/2024

RE/MAX REAL ESTATE ONE

Co-Listed By

Sharon Smith

RE/MAX REAL ESTATE ONE License #0225086492

Last Buyer's Agent

Mack Garmon

RE/MAX REAL ESTATE ONE License #0225092153 Listed on: 07/01/2024

RE/MAX REAL ESTATE ONE

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $3,288

Year Built

  • Built in 1973

Lot Details

  • 0.33 Acre Lot

Parking

  • On-Street Parking

Property Views

  • City
  • Mountain

Home Design

  • 5,797 Sq Ft Home
  • Quadruplex
  • Brick Exterior Construction

Basement

  • Walk-Out Basement
  • Basement Fills Entire Space Under The House

Schools

  • South Salem Elementary School
  • Andrew Lewis Middle School
  • Salem High School

Utilities

  • Central Air
  • Heat Pump System
  • Electric Water Heater

Listing and Financial Details

  • Tenant pays for electricity
  • Legal Lot and Block 17-A / 3

Community Details

Overview

  • No Home Owners Association
  • 4 Units
  • Shamrock Subdivision

Building Details

  • 4 Leased Units
  • Operating Expense $11,130
  • Gross Income $28,020
  • Net Operating Income $16,890

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$3,288

Year Built

Built in 1973

Lot Details

0

Listing Details

  • Heating System: Heat Pump Electric
  • Type: Multi-Family
  • Has Basement: Walkout - Full
  • Cooling System: Central Cooling
  • Views: City, Mountain
  • CondoAssocYN: No
  • Major Area: 03 - City of Salem
  • NumberLeasedUnits: 4.00
  • NumberUnfurnished: 4.00
  • Hoa2 Or Poa: No
  • TotalAnnualExpen: 11130.00
  • Water Class: N/A
  • Water Heater Energy: Electric
  • YardSign: No
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Basement YN: Yes

Garage/Parking

  • Parking Description: Street

Utilities

  • Sewer Description: Public Sewer
  • Water Description: Public Water
  • Water Heater Type: Tank

Lot Info

  • Property Group Id: 19990816212116581394000000
  • Total Acreage: 0.33
  • Lot: 17-A
  • Present Use: Built-As

Building Info

  • Year Built: 1973

Tax Info

  • Taxes (6 mo): 3288.00

Multi Family

  • Lease Type: Month-to-Month
  • Tenant Pays: Electricity
  • Units In Building: 4.00
  • Multi Family Type: Quad

MLS Schools

  • Elementary School: South Salem
  • HighSchool: Salem High
  • Middle School: Andrew Lewis
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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft
12/17/2024 12/17/24 Sold $520,000 -17.4% $90 / Sq Ft
09/15/2024 09/15/24 Pending -- -- --
07/01/2024 07/01/24 For Sale $629,900 -- $109 / Sq Ft
Source: Roanoke Valley 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 $1,919 $325,300 $97,100 $228,200
2024 $1,644 $274,000 $85,400 $188,600
2023 $3,082 $256,800 $77,700 $179,100
2022 $2,791 $232,600 $66,600 $166,000
2021 $2,615 $217,900 $32,500 $185,400
2020 $2,574 $214,500 $32,500 $182,000
2019 $2,407 $200,600 $32,500 $168,100
2018 $2,254 $191,000 $32,500 $158,500
2017 $2,254 $191,000 $32,500 $158,500
2016 $2,254 $191,000 $32,500 $158,500
2015 $2,254 $191,000 $32,500 $158,500
2014 $2,254 $191,000 $32,500 $158,500
Source: Public Records

Agents Affiliated with this Home

  • Mack Garmon

    Seller's Agent in 2024

    Mack Garmon

    RE/MAX

    (540) 354-5141

    12 in this area

    84 Total Sales

    Mack Garmon
    Section Image
  • Sharon Smith

    Seller Co-Listing Agent in 2024

    Sharon Smith

    RE/MAX

    (540) 797-4333

    11 in this area

    64 Total Sales

    Sharon Smith
    Section Image
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Map

Source: Roanoke Valley Association of REALTORS®

MLS Number: 908879

Roanoke Valley Association of REALTORS®

APN: 237-1-1

Virginia Salem City County Salem 24153

2223 Bailey Ave, Salem, VA

Not Listed for Sale

MultiFamily

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