$965,000
Salem, VA 24153
MLS# 916453
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Property Description
Located near the intersection of Main St. and College Ave, our 1890 commercial building is a historic and unique place with a style all its own - featuring two top floor, 3-bedroom suites and two ground level retail/office spaces. Most furnishings shall pass with the sale including all linens, towels, boutique hotel supplies, beds, furnishings, etc. Some personal art and furnishings not to pass. Secure electronic key code access to residential spaces which is currently operated as a two-suite boutique hotel. This 2-story, walk up home boasts high ceilings and hardwood floors some carpeting in one master suite which includes a full bath and dedicated office with ample closet space. The 2nd bedrooms contain a king-size bed overlooking South College Ave and is connected to the
Details
Contract Information
Current Price: $965,000
Sold Price: $965,000
List Date: 2025-04-21
Status: Closed
General Property Description
Multi-Family Type: Other - See Remarks
Construction Status: Completed
Year Built: 1890
Present Use: Built-As
Number of Units: 4
# Furnished: 2
# Unfurnished: 2
# Leased Units: 4
Gross Bldg SQFT: 7000
Lot Dimensions: 100 x 135
Total Acreage: 0.31
Basement Y/N: Yes
Parking Description: Private (10 or More)
Operating Expense: 43979
Net Operating Income: 74821
Gross Income: 118800
Water Class: N/A
Location Legal Taxes
Area: 0300 - City of Salem
Street Number: 205
Street Direction Pfx: S
Street Name: College
Street Suffix: AVE
State/Province: VA
Zip Code: 24153
Subdivision: N/A
Municipality: City of Salem
Elementary School: G. W. Carver
Middle School: Andrew Lewis
High School: Salem High
Status Change Info
Ratified Contract Dt: 2025-04-29
Sold Date: 2025-08-04
Sold Price: $965,000
Internet Access
Cur'nt Internet Prov: Glow Fiber
Miscellaneous Info
Public Transport: Yes
Expenses
Maintenance Exp: 8000
Tax Exp: 4279
Insurance Exp: 7200
Electric Exp: 2750
Gas Exp: 1500
Water Exp: 2250
Other Exp: 14000
Property Features
Limited Service: Not Limited Service
Construction: Brick
Basement: Dirt Floor; Full
Heating: Forced Air Gas; Heat Pump Electric
Cooling: Central Air
Water Description: Public
Sewer Description: Public Sewer
Water Heater Type: Tank
Water Heater Energy: Natural Gas
Lease Type: Other - See Remarks
Owner Expenses: Management Fee; Water; Other - See Remarks
Interior Features: Bookcases; Ceiling Fan(s); Walk-In Closet(s); Other - See Remarks
Misc Features: Wireless Internet
Tenant Expenses: None
Supplements
smaller 3rd bedroom with a single bed. Both apartments include recently renovated gourmet kitchens featuring stainless steel appliances with trendy, epoxy counter tops and herring-bone style, subway tile backsplash, with exposed natural wood shelving. All bathrooms were also renovated in 2022.
Ground floor is currently occupied by a Yoga studio and a local law office. Walking distance to restaurants, shopping and Salem's Farmer's Market. Home to Roanoke College, Salem is a small college town located in the beautiful Roanoke Valley. The stunning Alleghany and Blue Ridge Mountains surround Salem, providing a wealth of opportunities for outdoor recreation and nature appreciation. Residents and visitors can enjoy scenic drives along the Blue Ridge Parkway and gorgeous mountain and River views afforded by the nearby Appalachian Trail.
Total 2024 income was $119,000 +/-.
Listing Office: VRC PROPERTIES LLC
Last Updated: March - 25 - 2026
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