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    1165 N Independence Ave Independence, VA 24348

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    Claim this Listing
    For Sale
    $219,000

    MULTI_FAMILY - Independence, VA

    Property size:
    3,181 SF
    Lot size:
    0.48 Acres
    Price / SF:
    $68/SF
    Added:
    Jan 13, 2026
    Days on Market:
    107
    Last Refresh:
    Apr 30 at 11:06 am

    Property Features for 1165 N Independence Ave

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    RES
    Bedrooms
    6
    Bathrooms
    1
    Rooms
    Bedroom 3, Bedroom 5, Bedroom 2, Bedroom 6, Bathroom 1, Bedroom 4, Bedroom 1
    Window features
    Vinyl Frames, Insulated Windows
    Interior features
    Paneling
    Fencing
    Fenced
    Basement
    Crawl Space, Other
    Appliances
    Range, Refrigerator, Electric Water Heater, 2 Bdrm-Stove, 2 Bdrm-Refrigerator
    Standard status
    Active
    Size
    3,181 SF
    Lot size
    0.48 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    755

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Heat Pump (Heating), Electric (Heating), Space Heater, Ductless (Heating), Baseboard, Propane (Heating)
    Cooling system
    Electric, Window Unit(s), Zoned, Ductless, Central Air, Wall/Window Unit(s)
    Water source
    Public

    Building Details

    Year built
    1940
    Number of units
    3
    Flooring type
    Plank, Vinyl
    Building materials
    Vinyl Siding, Dry Wall
    Roof type
    Shingle, Metal
    Additional Structures
    Outbuilding

    We can help!

    Listing Contact
    Joseph Dixon
    Joseph Dixon

    Listing agent Joseph Dixon License #0225246102

    Listing office BHHS- Mountain Sky Properties-Hillsville 445 W Stuart Drive, Bland, VA

    Listing date Jan 13, 2026

    MLS# 104564 Listing URL

    Copyright © 2026 Southwest Virginia Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Independence, VA Triplex Investment

    This triplex presents an investment opportunity near Independence, Virginia. Each of the three units features two bedrooms and one bathroom, and comes furnished with a stove and refrigerator. Tenants are responsible for covering their individual water, sewer, and power expenses. Apartment A is equipped with a new mini-split system and is currently leased for $750 per month. Apartment B has central heating and is rented for $725 per month. Apartment C features a recently installed heat pump and a newer roof, and is currently rented for $750 per month. The property is located less than three minutes from town, offering convenient access to local hardware stores, shopping, and dining options. The property currently generates a gross annual income of $26,700. The property is located on a 0.48-acre lot.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Triplexes

    Suggested Use

    Real Estate Agency Building Supply Dental Office Big Box & Wholesale Store Hair Salon Department Store Discount Store Clothing & Fashion Store Clothing & Fashion Store Clothing & Fashion Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Independence
    County
    Grayson
    State
    Virginia
    Longitude
    -81.1608816
    Latitude
    36.6415648

    FAQs

    What type of property is this?
    Triplex - Triplex near Independence, VA with strong rental income.
    Where is this triplex located?
    The property is located at 1165 N Independence Ave Independence, VA.
    What is the asking price?
    The asking price for this property is $219,000.
    What are key features of this property?
    This property features: Gross annual income of $26,700.; Tri‑plex investment property featuring three 2 bed, 1 bath units.; Tenants pay their own water, sewer, and power.
    (276) 237-0775
    We can help!
    Listing Contact
    Joseph Dixon
    Joseph Dixon
    Real Estate License ID: 0225246102
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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