$224,950
PENDING

518 Elm Ave SW Roanoke, VA 24016

Old Southwest Neighborhood

Estimated payment $1,369/month

Total Views 7,608
-- Bed
-- Bath
3,062 Sq Ft
$73 Price per Sq Ft

Highlights

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

About This Home

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.

Listing 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

  • 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 Basement
  • Cooling System: Window A/C
  • 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
  • RatifiedContractDt: 2025-08-22
  • 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: Street

Utilities

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

Schools

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

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
  • FILLTAXID: 112-0809

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

Map

Range of Values:

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Average Value
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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 Change Sq Ft Price
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
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®

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

This home is located at 518 Elm Ave SW, Roanoke, VA 24016 and is currently priced at $224,950, approximately $73 per square foot. This property was built in 1921. 518 Elm Ave SW is a home located in Roanoke City with nearby schools including Wasena Elementary School, James Madison Middle School, and Patrick Henry High School.

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.

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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Andre Palmer
Listing Agent
Andre Palmer
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PALMER REALTY GROUP LLC
(540) 873-7571