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6520 Thirlane Rd 118 Room Hotel Roanoke, VA 24019 $3,082,500 CAD ($26,123 CAD/Room)
Investment Highlights
- Approved special use permit for conversion of former 120-room motel into 105 apartment units
- Strategic regional access near Interstate 81 and key job centers in Roanoke
- Workforce housing concept with efficient layouts aligned to market demand
- ±3.35-acre parcel with over 80 existing parking spaces and frontage on Peters Creek Road
- Planned renovations include parking expansion, landscaping, new lighting, and on-site amenities
- Located in an MSA with high employment levels and sustained housing needs
Executive Summary
6520 Thirlane Road presents a unique redevelopment opportunity in the Roanoke MSA for multifamily investors and developers seeking a ready-to-execute adaptive reuse project. This ±3.35-acre site, formerly operating as a 120-room motel, has secured a special use permit authorizing conversion to up to 105 multifamily units. Located along Peters Creek Road with nearly 300 feet of frontage and excellent access to Interstate 81 and U.S. Route 220, the property benefits from strong regional connectivity and a robust local employment base.
The approved redevelopment plan includes substantial renovations aligned with county standards. Planned improvements encompass enhanced site infrastructure with expanded parking (from 90 to approximately 159 spaces), upgraded landscaping, modern lighting, security enhancements, and amenities such as a leasing office and laundry facilities. The concept supports workforce housing, focusing on efficiency and one-bedroom layouts targeted for working households in the region. This site offers significant potential for developers to capitalize on high housing demand within a growing metro anchored by healthcare, education, and manufacturing employers. With key entitlements in place, 6520 Thirlane Road provides a strategic market entry point for value-add investors or housing developers ready to implement a strong execution plan.
The approved redevelopment plan includes substantial renovations aligned with county standards. Planned improvements encompass enhanced site infrastructure with expanded parking (from 90 to approximately 159 spaces), upgraded landscaping, modern lighting, security enhancements, and amenities such as a leasing office and laundry facilities. The concept supports workforce housing, focusing on efficiency and one-bedroom layouts targeted for working households in the region. This site offers significant potential for developers to capitalize on high housing demand within a growing metro anchored by healthcare, education, and manufacturing employers. With key entitlements in place, 6520 Thirlane Road provides a strategic market entry point for value-add investors or housing developers ready to implement a strong execution plan.
Property Facts
| Price | $3,082,500 CAD | Building Size | 79,290 SF |
| Price Per Room | $26,123 CAD | No. Rooms | 118 |
| Sale Type | Investment | No. Stories | 2 |
| Sale Condition | Redevelopment Project | Year Built | 1976 |
| Property Type | Hospitality | Tenancy | Single |
| Property Subtype | Hotel | Parking Ratio | 2.52/1,000 SF |
| Building Class | B | Corridor | Exterior |
| Lot Size | 3.73 AC | Opportunity Zone |
Yes
|
| Zoning | C2 | ||
| Price | $3,082,500 CAD |
| Price Per Room | $26,123 CAD |
| Sale Type | Investment |
| Sale Condition | Redevelopment Project |
| Property Type | Hospitality |
| Property Subtype | Hotel |
| Building Class | B |
| Lot Size | 3.73 AC |
| Building Size | 79,290 SF |
| No. Rooms | 118 |
| No. Stories | 2 |
| Year Built | 1976 |
| Tenancy | Single |
| Parking Ratio | 2.52/1,000 SF |
| Corridor | Exterior |
| Opportunity Zone |
Yes |
| Zoning | C2 |
Amenities
- Business Center
- Pool
- Meeting Event Space
Room Mix Information
| Description | No. Rooms | Daily Rate | SF |
|---|---|---|---|
| Guest Room | 118 | $65.76 CAD | - |
1 1
Fairly walkable
40/100
Exceptionally drivable
100/100
Somewhat bikeable
20/100
Property Taxes
| Parcel Number | 037.10-01-10 | Improvements Assessment | $2,388,458 CAD |
| Land Assessment | $512,380 CAD | Total Assessment | $2,900,838 CAD |
Property Taxes
Parcel Number
037.10-01-10
Land Assessment
$512,380 CAD
Improvements Assessment
$2,388,458 CAD
Total Assessment
$2,900,838 CAD
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6520 Thirlane Rd
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