Log In/Sign Up
Your email has been sent.
3816 Panorama Ave NW
Roanoke, VA 24017
The Cove at Peters Creek · Multifamily Property For Sale
·
60 Units
Investment Highlights
- Capture tremendous rent premiums and narrow the rental gap. Average leased rents at The Cove at Peter’s Creek are $622 below the top of the comp set
- Clear runway to capture rent premiums through a comprehensive interior renovation program across 100% of the units at the property
- Immediate connectivity to I-581 and I-81 providing access to major regional employers, healthcare systems,and higher education institutions
- The Roanoke Region continues to show strong economic momentum, with 20+ new business announcements over the past year and the strongest job growth
- Strong submarket fundamentals, the submarket achieved 5.00% yoy effective rent growth while maintaining a robust 96.5% occupancy rate as of April 2026
Executive Summary
3816 Panorama Ave NW offers a rare opportunity to acquire a stabilized multi-family asset in Roanoke, Virginia. This 60-unit property, constructed of durable brick, is configured to deliver consistent cash flow with a strong historical occupancy. The property’s layout includes multiple units designed for operational efficiency and tenant retention.
Situated in the City of Roanoke’s Northwest area, the asset is easily accessible via major routes, including I-581 and Salem Turnpike, ensuring excellent regional connectivity. On-site amenities include ample private parking accommodating 10 or more vehicles and a dedicated laundry facility to enhance tenant convenience. Public utilities including water and sewer serve the property, reducing management concerns for owners.
Current financial performance is compelling, with gross income of approximately $382,500 and a net operating income of $223,470, highlighting reliable revenue potential. Nearby amenities include retail, dining, and service providers, while the property is also in proximity to major employers and employment hubs. Investors can leverage Roanoke’s diverse economic base, affordability, and steady rental demand to achieve long-term portfolio growth.
Situated in the City of Roanoke’s Northwest area, the asset is easily accessible via major routes, including I-581 and Salem Turnpike, ensuring excellent regional connectivity. On-site amenities include ample private parking accommodating 10 or more vehicles and a dedicated laundry facility to enhance tenant convenience. Public utilities including water and sewer serve the property, reducing management concerns for owners.
Current financial performance is compelling, with gross income of approximately $382,500 and a net operating income of $223,470, highlighting reliable revenue potential. Nearby amenities include retail, dining, and service providers, while the property is also in proximity to major employers and employment hubs. Investors can leverage Roanoke’s diverse economic base, affordability, and steady rental demand to achieve long-term portfolio growth.
Property Facts
| Sale Type | Investment | Lot Size | 2.54 AC |
| No. Units | 60 | Building Size | 48,750 SF |
| Property Type | Multifamily | Average Occupancy | 90% |
| Property Subtype | Apartment | No. Stories | 3 |
| Apartment Style | Garden | Year Built | 1974 |
| Building Class | C | ||
| Zoning | RM-2 | ||
| Sale Type | Investment |
| No. Units | 60 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 2.54 AC |
| Building Size | 48,750 SF |
| Average Occupancy | 90% |
| No. Stories | 3 |
| Year Built | 1974 |
| Zoning | RM-2 |
Amenities
Unit Amenities
- Dishwasher
- Disposal
- Heating
- Kitchen
- Refrigerator
- Range
- Double Pane Windows
- Pantry
Site Amenities
- 24 Hour Access
- Laundry Facilities
- Playground
- Tenant Controlled HVAC
- Walk-Up
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 50 | - | 800 |
| 3+1 | 10 | - | 875 |
Property Taxes
| Parcel Number | 274-0202 | Improvements Assessment | $3,062,541 CAD |
| Land Assessment | $122,280 CAD | Total Assessment | $3,184,821 CAD |
Property Taxes
Parcel Number
274-0202
Land Assessment
$122,280 CAD
Improvements Assessment
$3,062,541 CAD
Total Assessment
$3,184,821 CAD
1 of 35
Videos
Matterport 3D Exterior
Matterport 3D Tour
Photos
Street View
Street
Map
