501 High Ave Coeburn, VA 24230
- Mixed-use properties
- 7,722 SF
Current Use by Public Records
- Mixed-use properties
Property Details for 501 High Ave
- Year built
- 1903
- Property size
- 7,722 SF
- Property type
- Mixed-use properties
Description
This exceptional mixed-use property, located at 501 High Ave NE in Coeburn, Virginia, presents a unique investment opportunity. The three-story building, constructed in 1903, boasts a total of 7,722 square feet and comprises seven units. Currently vacant, this property offers significant potential for immediate income generation. The building includes six one-bedroom apartments, each with a bathroom, and a separate commercial space. Based on comparable properties, average monthly rent for the apartments is estimated between $600 and $800. The asking price is $285,000, translating to a price per square foot of $36.91. Conveniently situated in downtown Coeburn, the property enjoys a prime location next to the post office and across from the old railroad station, which may be undergoing future redevelopment. The property is also within an hour's drive of the Bristol Hard Rock Casino. For qualified buyers, owner financing is available with a $95,000 down payment, a $300,000 loan amount at a 6% interest rate, a 30-year amortization schedule, and a 5-year balloon payment. This presents a compelling opportunity to acquire a substantial mixed-use property in a desirable location with attractive financing options. The property is being sold as-is.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Coeburn
- County
- Wise
- State
- Virginia
- Longitude
- -82.4649
- Latitude
- 36.9462
