$70,000
SOLD OCT 23, 2014

518 Elm Ave SW Roanoke, VA 24016

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

Recently Sold

$23 Per Sq Ft

7% Below List Price

31 Days on Market

Highlights

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

About This Home

As of October 2014

This value-add duplex presents an opportunity to buy Old SW real estate at a rock bottom price. Property is currently rented & stable with potential to renovate to maximize cash flow. List price allows room to purchase below market value & improve the property to highest potential. Huge open floor plans, hardwood floors, & off-street parking generate tons of upside. Motivated seller. Bring offers.

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $1,175

Year Built

  • Built in 1921

Lot Details

  • 6,970 Sq Ft Lot
  • Lot Dimensions are 55x130

Parking

  • 4 Parking Spaces

Home Design

  • Duplex

Interior Spaces

  • 3,062 Sq Ft Home
  • City Views
  • Basement
  • Dirt Floor

Schools

  • Wasena Elementary School
  • James Madison Middle School
  • Patrick Henry High School

Utilities

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

Listing and Financial Details

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

Community Details

Overview

  • No Home Owners Association
  • 2 Units
  • Old Southwest Subdivision

Building Details

  • 2 Leased Units
  • Insurance Expense $400
  • Maintenance Expense $1,112
  • Manager Expense $1,170
  • Water Sewer Expense $800
  • New Taxes Expense $1,175
  • Operating Expense $4,598
  • Gross Income $11,700
  • Net Operating Income $7,102

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$1,175

Year Built

Built in 1921

Lot Details

0

Listing Details

  • Heating System: Forced Air Gas
  • Type: Multi-Family
  • Has Basement: Dirt - Full
  • Cooling System: Window A/C
  • Views: City
  • ExpensesManagementExp: 1170.00
  • ExpensesTaxExp: 1175.00
  • Major Area: 01 - City of Roanoke
  • MiscellaneousInfoPublicTransport: Yes
  • NumberLeasedUnits: 2.00
  • NumberUnfurnished: 2.00
  • NumberVehicleSpaces: 4.00
  • Hoa2 Or Poa: No
  • RatifiedContractDt: 2014-09-06
  • SubdivisionMap: Lewis
  • TotalAnnualExpen: 4598.00
  • Water Class: N/A
  • YardSign: Yes
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Basement YN: Yes

Garage/Parking

  • Parking Description: Private (1 - 9)

Utilities

  • Sewer Description: Public Sewer
  • Expenses Water Exp: 800.00
  • Water Description: Public Water
  • Water Heater Type: Tank

Association/Amenities

  • Misc Features: Current Lease, Historical Theme

Schools

  • Elementary School: Wasena
  • Middle School: James Madison
  • High School: Patrick Henry

Lot Info

  • Lot Dimensions: 55x130
  • Property Group Id: 19990816212116581394000000
  • Total Acreage: 0.16
  • Lot: 8
  • Present Use: Converted
  • ZoningCode: RM-1

Building Info

  • Year Built: 1921

Tax Info

  • Taxes (6 mo): 1175.00
  • FILLTAXID: 1120809

Multi Family

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

MLS Schools

  • Elementary School: Wasena
  • 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 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®

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

    77 Total Sales

    Andre Palmer
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Map

Source: Roanoke Valley Association of REALTORS®

MLS Number: 806781

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 $70,000, approximately $22 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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