501 Mountain Ave SW Roanoke, VA 24016
Old Southwest NeighborhoodEstimated payment $3,023/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
| 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
| Date | Event | Price | List to Sale | Price per Sq Ft |
|---|---|---|---|---|
| 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
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