Monica Nicely
Keller Williams Realty Roanoke
(540) 744-3903
108 Total Sales
1 in Old Southwest
$244,950 Price
501 Mountain Ave SW Roanoke, VA 24016
Old Southwest Neighborhood
--
Beds
--
Baths
4,556
Sq Ft
5,227
Sq Ft Lot
About This Home
As of June 2026Six-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.
Last Agent to Sell the Property
INVESTORS REAL ESTATE PARTNERS LLC License #0225277798 Listed on: 04/28/2026
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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
- Tenant pays for electricity
- 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
Home Values in the Area
Average Home Value in this Area
Agents Specializing in Old Southwest, VA
-
Monica Nicely
-
DON MARR
DON MARR
NEXTHOME TWOFOURFIVE
(434) 771-2354
79 Total Sales
1 in Old Southwest
$269,950 Price
-
Marlee Russell
Marlee Russell
Nest Realty Roanoke
(540) 699-1764
88 Total Sales
1 in Old Southwest
$365,000 Price
-
Tim Thompson
Tim Thompson
MKB, Roanoke
(540) 900-3294
123 Total Sales
1 in Old Southwest
$395,000 Price
-
Christopher Kidd Carter
Christopher Kidd Carter
LONG & FOSTER - ROANOKE OFFICE
(540) 900-1911
159 Total Sales
2 in Old Southwest
$228K - $365K Price Range
-
Charlene Jones
Charlene Jones
Re/Max Lakefront Realty
(540) 698-4928
186 Total Sales
2 in Old Southwest
$183K - $298K Price Range
Purchase 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 | Buyer | Sale Price | Title Company |
|---|---|---|---|
| $473,000 | First American Title |
Source: Public Records
Mortgage 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 | Status | Borrower | Loan Amount |
|---|---|---|---|
| Open | $378,400 | ||
| Previous Owner | Community Properties Llc | $208,000 |
Source: Public Records
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 |
|---|---|---|---|---|
| 06/18/2026 06/18/26 | Sold | $473,000 | -5.0% | $104 / 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®
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 |
Source: Public Records
Agents Affiliated with this Home
-
Jason Fountain, CCIM
Seller's Agent in 2026
Jason Fountain, CCIM
INVESTORS REAL ESTATE PARTNERS LLC
(540) 354-6456
3 in this area
27 Total Sales
-
Steve Zegarski
Seller Co-Listing Agent in 2026
Steve Zegarski
INVESTORS REAL ESTATE PARTNERS LLC
(540) 309-6738
3 in this area
29 Total Sales
-
Joe Kraft
Buyer's Agent in 2026
Joe Kraft
LICHTENSTEIN ROWAN, REALTORS®
(727) 296-7492
14 in this area
219 Total Sales
Map
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.
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