501 Mountain Ave SW Roanoke, VA 24016
Old Southwest NeighborhoodEstimated payment $3,067/month
About This Home
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.
Listing Agent
INVESTORS REAL ESTATE PARTNERS LLC License #0225277798 Listed on: 04/28/2026
Property Details
Home Type
- Apartment
Est. Annual Taxes
- $4,596
Year Built
- Built in 1921
Lot Details
- 5,227 Sq Ft Lot
Home Design
- 4,556 Sq Ft Home
- Brick Exterior Construction
Schools
- Wasena Elementary School
- James Madison Middle School
- Patrick Henry High School
Utilities
- Radiator
- Natural Gas Water Heater
Additional Features
- Basement
Listing and Financial Details
- Legal Lot and Block 26 / 12
Community Details
Overview
- No Home Owners Association
- 6 Units
- Old Southwest Subdivision
Building Details
- 6 Leased Units
- Operating Expense $21,447
- Gross Income $62,400
- Net Operating Income $37,833
Map
Home Values in the Area
Average Home Value in this Area
Tax History
We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.
| 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 |
|---|---|---|---|---|
| 2026 | $4,455 | $365,200 | $28,500 | $336,700 |
| 2025 | $4,796 | $365,200 | $28,500 | $336,700 |
| 2024 | $4,796 | $333,200 | $27,100 | $306,100 |
| 2023 | $4,397 | $290,800 | $24,600 | $266,200 |
| 2022 | $3,313 | $246,400 | $24,600 | $221,800 |
| 2021 | $2,695 | $220,900 | $24,600 | $196,300 |
| 2020 | $2,963 | $220,900 | $24,600 | $196,300 |
| 2019 | $2,833 | $210,300 | $14,000 | $196,300 |
| 2018 | $2,764 | $204,600 | $14,000 | $190,600 |
| 2017 | $2,461 | $195,500 | $14,000 | $181,500 |
| 2016 | $2,439 | $193,700 | $14,000 | $179,700 |
| 2015 | $2,305 | $193,700 | $14,000 | $179,700 |
| 2014 | $2,305 | $193,700 | $14,000 | $179,700 |
Property History
We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.
| Date | Event | Price | List to Sale | Price per Sq Ft |
|---|---|---|---|---|
| 05/02/2026 05/02/26 | Pending | -- | -- | -- |
| 04/28/2026 04/28/26 | For Sale | $498,000 | -- | $109 / Sq Ft |
Source: Roanoke Valley Association of REALTORS®
MLS Number: 927031
APN: 112-0828
Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.
IDX information is provided exclusively for personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but not guaranteed.
- 515 Mountain Ave SW
- 435 Elm Ave SW
- 519 Elm Ave SW
- 518 Highland Ave SW
- 539 Highland Ave SW
- 406 Mountain Ave SW
- 409 Highland Ave SW
- 430 Day Ave SW
- 416 Day Ave SW
- 425 Day Ave SW
- 415 Day Ave SW
- 545 Day Ave SW
- 361 Day Ave SW Unit & 361B
- 646 Elm Ave SW
- 328 Mountain Ave SW
- 518 Walnut Ave SW
- 818 Day Ave SW
- 1215 Franklin Rd SW
- 602 Walnut Ave SW
- 834 Day Ave SW
Ask me questions while you tour the home.