$224,000
SOLD NOV 10, 2025

518 Elm Ave SW Roanoke, VA 24016

Old Southwest Neighborhood
-- Bed
-- Bath
3,062 Sq Ft
6,970 Sq Ft Lot

Recently Sold

$73 Per Sq Ft

171 Days on Market

Highlights

  • No HOA
  • Forced Air Heating System
  • 3-minute walk to Highland Park

About This Home

As of November 2025

Great Investment opportunity with tons of potential. Duplex located in Se Roanoke featuring 2 units, each with 2 bedrooms and 1 bath. Convenient located close to downtown Roanoke. Recent updates include new metal roof. Both units are currently, upstairs unit rented for $800 and downstairs unit rented for $900 and could rent for more. If you're looking to start investing or wanting to add an income producing unit to your growing portfolio. Look no further. Schedule a tour today.

Last Agent to Sell the Property

Andre Palmer

PALMER REALTY GROUP LLC License #0225207973 Listed on: 03/04/2025

Last Buyer's Agent

Andre Palmer

PALMER REALTY GROUP LLC License #0225207973 Listed on: 03/04/2025

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $2,177

Year Built

  • Built in 1921

Lot Details

  • 6,970 Sq Ft Lot

Home Design

  • Duplex

Interior Spaces

  • 3,062 Sq Ft Home
  • Basement Fills Entire Space Under The House

Parking

  • 4 Parking Spaces
  • On-Street Parking

Schools

  • Hurt Park Elementary School
  • James Madison Middle School
  • Patrick Henry High School

Utilities

  • Window Unit Cooling System
  • Forced Air Heating System
  • Electric Water Heater

Listing and Financial Details

  • Tenant pays for electricity, exterior maintenance
  • Legal Lot and Block 8 / 12

Community Details

Overview

  • No Home Owners Association
  • 2 Units
  • Lewis Subdivision

Building Details

  • 2 Leased Units
  • Insurance Expense $1,000
  • Water Sewer Expense $500
  • New Taxes Expense $2,177
  • Operating Expense $3,677
  • Gross Income $21,000
  • Net Operating Income $20,633

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$2,177

Year Built

Built in 1921

Lot Details

0

Listing Details

  • Heating System: Forced Air Electric
  • Type: Multi-Family
  • Has Basement: Full
  • Cooling System: Window Unit(s)
  • CondoAssocYN: No
  • ExpensesTaxExp: 2177.00
  • Major Area: 01 - City of Roanoke
  • MiscellaneousInfoUpgrades: Metal Roof
  • NumberLeasedUnits: 2.00
  • NumberUnfurnished: 2.00
  • NumberVehicleSpaces: 4.00
  • Hoa2 Or Poa: No
  • TotalAnnualExpen: 3677.00
  • 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: On Street

Utilities

  • Sewer Description: Public Sewer
  • Expenses Water Exp: 500.00
  • Water Description: Public
  • Water Heater Type: Tank

Lot Info

  • Property Group Id: 19990816212116581394000000
  • Total Acreage: 0.16
  • Lot: 8
  • Present Use: Converted

Building Info

  • Year Built: 1921

Tax Info

  • Taxes (6 mo): 2177.32

Multi Family

  • Lease Type: One Year
  • Tenant Pays: Electricity, Exterior Maintenance
  • Units In Building: 2.00
  • Multi Family Type: Duplex

MLS Schools

  • Elementary School: Hurt Park
  • HighSchool: Patrick Henry
  • Middle School: James Madison

Range of Values:

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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 Prior Sale
11/10/2025 11/10/25 Sold $224,000 -0.4% $73 / Sq Ft
08/22/2025 08/22/25 Pending -- -- --
04/29/2025 04/29/25 Price Changed $224,950 0.0% $73 / Sq Ft
04/29/2025 04/29/25 For Sale $224,950 0.0% $73 / Sq Ft
04/05/2025 04/05/25 Pending -- -- --
03/04/2025 03/04/25 For Sale $225,000 +221.4% $73 / Sq Ft
10/23/2014 10/23/14 Sold $70,000 -6.6% $23 / Sq Ft View Prior Sale
09/06/2014 09/06/14 Pending -- -- --
08/06/2014 08/06/14 For Sale $74,950 -- $24 / Sq Ft
Source: Roanoke Valley Association of REALTORS®

Tax History Compared to Growth

Source: Public Records

Agents Affiliated with this Home

  • Andre Palmer

    Seller's Agent in 2025

    Andre Palmer

    PALMER REALTY GROUP LLC

    (540) 793-0095

    76 Total Sales

    Andre Palmer
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Map

Source: Roanoke Valley Association of REALTORS®

MLS Number: 914811

Roanoke Valley Association of REALTORS®

APN: 112-0809

Virginia Roanoke City County Roanoke 24016 Old Southwest

518 Elm Ave SW, Roanoke, VA

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Roanoke Valley Association of REALTORS® 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.

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