777 Roanoke BlvdSalem, VA 24153

Property Details for 777 Roanoke Blvd

Year built

1972

Lot size

3.81 AC

Property size (Sq ft)

56,536 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This renovated 72-unit apartment community, located at 777 Roanoke Blvd, Salem, VA 24153, presents a compelling investment opportunity. The property boasts 56,536 square feet across four, three-story buildings situated on a 3.81-acre lot (APN: 158-1-1). Built in 1972 and extensively renovated in 2022, it features a current occupancy rate of 92% and a Net Operating Income (NOI) of $605,893, with a pro-forma NOI of $643,806 and a pro-forma cap rate of 7.15%. The property is zoned RMF (Residential Multifamily) and benefits from over $575,000 in recent capital improvements, resulting in a best-in-class community attracting higher-income tenants. Located less than a mile from downtown Salem, the property enjoys proximity to cultural, educational, and healthcare institutions, as well as significant employment drivers. The Roanoke, VA MSA is experiencing robust economic expansion, with employment growth exceeding the state average. This stabilized investment offers attractive, assumable fixed-rate financing, promising long-term operational stability and revenue growth. The property's strategic location, recent renovations, and strong market fundamentals make it an exceptional turnkey asset in a desirable submarket. The current cap rate is 6.73%.

Location Insight

City

Salem

County

Roanoke

State

Virginia

Latitude

37.2877

Longitude

-80.0465

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