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135 Salem Ave SW
Roanoke, VA 24011
Multifamily Property For Sale
·
15,676 SF
INVESTMENT HIGHLIGHTS
- Strong Income Stream: diverse income from long-term and short-term tenants
- Proven Tenant Demand: short-term units consistently leased to executive and traveling healthcare professionals
- Prime Downtown Location: close to major employers, restaurants, and cultural destinations
EXECUTIVE SUMMARY
Presented exclusively by Poe & Cronk Real Estate Group, 135 W Salem Avenue is an investment opportunity in the heart of Downtown Roanoke. This 10-unit mixed-use asset combines historic Roanoke character with modern livability, offering investors both stability and upside.
The property features ground-floor commercial space positioned for strong visibility on the corner of Salem Ave and 2nd Street. Above the commercial space are nine residential units served by an elevator.
135 W Salem delivers immediate and diversified cash flow, supported by a mix of long-term residents and short-term executive tenants. The short-term units cater primarily to executive and traveling healthcare professionals, a tenant base that continues to grow alongside Roanoke’s expanding medical and technology sectors. This leasing strategy not only maximizes income today but also provides investors flexibility for future stabilization depending on operational preference.
The property benefits from close proximity to the region’s top employers, cultural venues, and entertainment destinations. Ample parking is available in the adjacent surface lot and nearby 2-hour street parking. Tenants enjoy easy walkability to downtown office towers, award-winning dining, galleries, and the full range of amenities that define Roanoke’s vibrant city center.
The property features ground-floor commercial space positioned for strong visibility on the corner of Salem Ave and 2nd Street. Above the commercial space are nine residential units served by an elevator.
135 W Salem delivers immediate and diversified cash flow, supported by a mix of long-term residents and short-term executive tenants. The short-term units cater primarily to executive and traveling healthcare professionals, a tenant base that continues to grow alongside Roanoke’s expanding medical and technology sectors. This leasing strategy not only maximizes income today but also provides investors flexibility for future stabilization depending on operational preference.
The property benefits from close proximity to the region’s top employers, cultural venues, and entertainment destinations. Ample parking is available in the adjacent surface lot and nearby 2-hour street parking. Tenants enjoy easy walkability to downtown office towers, award-winning dining, galleries, and the full range of amenities that define Roanoke’s vibrant city center.
PROPERTY FACTS
| Sale Type | Investment | Building Size | 15,676 SF |
| Property Type | Multifamily | No. Stories | 4 |
| Property Subtype | Apartment | Year Built | 1906 |
| Building Class | B | Opportunity Zone |
Yes
|
| Lot Size | 0.08 AC | ||
| Zoning | D - Located on Salem Avenue on the corner of Salem Ave and 2nd Street. | ||
| Sale Type | Investment |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Building Class | B |
| Lot Size | 0.08 AC |
| Building Size | 15,676 SF |
| No. Stories | 4 |
| Year Built | 1906 |
| Opportunity Zone |
Yes |
| Zoning | D - Located on Salem Avenue on the corner of Salem Ave and 2nd Street. |
AMENITIES
UNIT AMENITIES
- Air Conditioning
PROPERTY TAXES
| Parcel Number | 101-0404 | Improvements Assessment | $1,766,956 CAD |
| Land Assessment | $189,566 CAD | Total Assessment | $1,956,522 CAD |
PROPERTY TAXES
Parcel Number
101-0404
Land Assessment
$189,566 CAD
Improvements Assessment
$1,766,956 CAD
Total Assessment
$1,956,522 CAD
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