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Property profile & analytics
FOR SALE
Residential income homes
1165 N Independence Ave Independence, VA 24348
Entity Owned
11-yr Hold
~
Est. High Equity
Property ID
US87-2875327
For Sale
1 / 30
$219,000
1165 N Independence Ave, Independence, VA 24348
View Listing →
Property summary
AI-generated overview
This 3,181 square foot triplex apartment building, constructed in 1940, presents a compelling investment opportunity. Situated on a 0.48-acre lot (20,909 sq ft) in Grayson County, Virginia, the property boasts three furnished two-bedroom, one-bathroom units, each equipped with a stove and refrigerator. Tenants are responsible for their utilities (water, sewer, and power). The building features central heating and cooling systems. Currently generating a gross annual income of $20,580, with planned rent increases for 2024, this property offers strong potential for return on investment. Conveniently located less than three minutes from Independence, VA, it provides easy access to local amenities including shopping and dining. The property includes gravel parking. Heating is provided by electric heat pumps, space heaters, and baseboard heating. A virtual tour is available. APN: 73A7-A-4. Asking price: $235,000 ($74/sq ft).
Property profile
Verified
Property type
Residential income homes
Use group
APARTMENT HOUSE (UNDER 5 UNITS)
Year built
1940
Total area
3,181 SF
Lot
0.48 ac (20,909 SF)
APN
73A7- A- - 4
UPID
US87-2875327
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
by Request
Owner & transaction history
Raven Crest Cottages LLC · 11 yrs held
Raven Crest Cottages LLC
since 2015
1 recorded transaction
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Independence submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Independence submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
CAP Approach
Comparable Approach
Alternative Use
Get a detailed, property-specific estimation — fast and free
Price per SF
Sale + rent benchmarks
Subject property
—
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$605
Tax year 2023
Assessed value
$112,000
Assessed 2023
Previous assessed
$112,000
+0.0% YoY
Effective rate
0.54%
On assessed value
Assessed land
$25,000
Assessed improvement
$87,000
Land market value
$25,000
Improvement market value
$87,000
Total market value
$112,000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Residential income homes
Use group
APARTMENT HOUSE (UNDER 5 UNITS)
Status
For Sale
Year built
1940
Heating
HEAT PUMP
Cooling
PARTIAL
Stories
1
Units
1
Rooms
7
Bathrooms
2
Total area
3,181 SF
Lot
0.48 ac (20,909 SF)
APN
73A7- A- - 4
UPID
US87-2875327
Jurisdiction
GRAYSON
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Building & site characteristics
From public records
Year built
1940
Heating
HEAT PUMP
Cooling
Yes
Stories
1
Units
1
Rooms
7
Bathrooms
2
Lot
0.48 ac
Current owner
From public records · entity-resolved
Raven Crest Cottages LLC
Entity
Mailing address
556 SILVER HL RD, INDEPENDENCE, VA 24348-3762
Ownership since
2015
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Mar 30, 2015
$100,000
Raven Crest Cottages LLC
Dick Wilcox
Warranty Deed
$80,000 · Grayson National Bank
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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