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    Multifamily Redevelopment Opportunity in Roanoke Title is generated by Realmo AI

    6520 Thirlane Rd NW, Roanoke, VA 24019

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    105-unit multifamily redevelopment opportunity in Roanoke County, Virginia.

    Type:Multifamily
    Property size:
    43,465 SF
    Lot size:
    3.35 Acres
    Price / SF:
    $51/SF
    Added:
    Jan 12, 2024
    Days on Market:
    855
    Last Refresh:
    Mar 16 at 12:58 pm

    Property Features for 6520 Thirlane Rd NW

    General Information

    Standard status
    Active
    Size
    43,465 SF
    Lot size
    3.35 Acres
    Property subtype
    Multifamily

    Building Details

    Year Built
    1976

    We can help!

    Listing Contact
    Clay Taylor

    Listing agent Clay Taylor License #VA 0225202311

    Listing office Cushman & Wakefield Thalhimer - Roanoke, Virginia

    Listing date Jan 12, 2024

    Source Crexi

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

    All listing content including descriptions, pricing, images are the copyrighted material of Cushman & Wakefield Thalhimer - Roanoke, Virginia

    HighLights

    • Approved Special Use Permit allows conversion to up to 105 multifamily units.
    • Located in North Roanoke County with direct access to I‑581.
    • Minutes from downtown Roanoke and major employment centers.
    • Redevelopment opportunity on 3.345 acres with existing improvements (43,465 SF).
    • Proven demand for hotel‑to‑multifamily conversions in the Roanoke market.
    • Existing two two‑story lodging buildings and a support building.

    Overview

    Located at 6520 Thirlane Road in Roanoke County, Virginia, this property presents a multifamily redevelopment opportunity. The site, spanning 3.345 acres, currently features a former 120-key hotel with 43,465 square feet of existing improvements. These improvements are distributed across two two-story lodging buildings and an additional support building. A Special Use Permit, approved on October 28, 2025, by the Roanoke County Board of Supervisors, allows for the conversion of the property into up to 105 multifamily units, establishing a defined entitlement framework for redevelopment. The property is situated in the North Roanoke County corridor, offering direct access to I-581 and is located minutes from downtown Roanoke and major employment centers, including Carilion Clinic, Wells Fargo’s operations campus, and the Virginia Tech Carilion Innovation Corridor. The Roanoke market has demonstrated demand for adaptive reuse projects, as seen in recent hotel-to-multifamily conversions such as View at Blue Ridge Commons (338 units) and Heights at Gateway Park (88 units), indicating growth in the region’s rental housing market.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Knights Inn Roanoke Hotel & Motel King's Inn Hotel & Motel Dannys Watch Shop (Bike/Boat/Book/etc) Store

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Roanoke
    County
    Salem
    State
    Virginia
    Longitude
    -79.9921119
    Latitude
    37.3264304

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    FAQs

    What type of property is this?
    Apartment building - 105-unit multifamily redevelopment opportunity in Roanoke County, Virginia.
    Where is this apartment building located?
    The property is located at 6520 Thirlane Rd NW Roanoke, VA.
    What is the asking price?
    The asking price for this property is $2,250,000.
    What are key features of this property?
    This property features: Approved Special Use Permit allows conversion to up to 105 multifamily units.; Located in North Roanoke County with direct access to I‑581.; Minutes from downtown Roanoke and major employment centers.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Clay Taylor
    Real Estate License ID: VA 0225202311
    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.

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    6520 Thirlane Rd NW, Roanoke, VA 24019
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