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    1523 Kentucky Ave SE Norton, VA 24273

    For Sale
    $250,000

    Income property with apartments, home, and commercial space.

    Property size:
    5,102 SF
    Lot size:
    0.55 Acres

    Property Features for 1523 Kentucky Ave SE

    General Information

    Size
    5,102 SF
    Lot size
    0.55 Acres

    Source: Virginessee Real Estate Consultants Agent Fred McClellan

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Mixed-Use Investment Property in Norton

    This investment property features an income stream from two apartments and a manufactured home. Additionally, there is unoccupied commercial space available for rental or owner-occupant use. One apartment measures 1,100 square feet, while the other is 850 square feet and includes a two-car carport. The manufactured home provides 1,152 square feet of living space. The property is situated on Kentucky Avenue in the Ramsey section of Norton, Virginia, approximately 0.3 miles from the intersection of U.S. 58-A and 1.7 miles from the intersection of U.S. 23, offering convenient access to Big Stone Gap, Wise, and Kentucky. The commercial space encompasses 2,000 square feet of interior office space, storage, and a one-vehicle bay garage, making it suitable for retail, office, or wholesale operations. The property has been maintained in good condition and offers various ownership benefits.
    Location Intelligence

    Current Use by Public Records

    Multifamily properties

    Suggested Use

    Restaurant Building Supply Spa & Massage Wholesale Shop Auto Repair Shop Hair Salon Clothing Store Nail Salon Hotel & Motel Auto Parts Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Norton
    County
    Norton
    State
    Virginia
    Longitude
    -82.5908091
    Latitude
    36.9430915

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    FAQs

    What type of property is this?
    Multifamily property - Income property with apartments, home, and commercial space.
    Where is this multifamily property located?
    The property is located at 1523 Kentucky Ave SE Norton, VA.
    What is the asking price?
    The asking price for this property is $250,000.
    What are key features of this property?
    This property features: - Multiple Income Streams: Features two apartments and a manufactured home, all currently generating rental income.; - Commercial Space: Includes **2,000 sq/ft of unoccupied commercial space** suitable for rental or owner use (retail, office, or wholesale).; - Sizeable Units: Apartment sizes are 1,100 sq/ft and 850 sq/ft; the manufactured home is 1,152 sq/ft.
    (276) 492-3839
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    Norton, VA 24273
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    Realmo Value Estimation

    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.

    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.

    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
    1523 Kentucky Ave SE Norton, VA 24273
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