Entity Owned Property summary
This exceptional Class A office building, located at 1603 Franklin Rd SW, Roanoke, VA 24016, offers 5,194 square feet of meticulously renovated space. Built in 1962 and completely renovated in 2021-2022, the property boasts a new roof, HVAC system, 600-amp electrical service, and updated plumbing. High-quality finishes include LVP flooring, Scuffmaster paint, and new windows, doors, and cabinetry. The main level, fully ADA compliant, comprises 4,076 square feet of flexible space, including open areas, private offices, and collaboration zones. A second-floor suite of 1,118 square feet offers walk-out roof access, a three-fixture restroom, and potential for residential or live/work conversion. The 0.37-acre lot includes ample on-site parking for 18 vehicles, a circular drive, and excellent visibility from US 220/I-581 South and US 200 South. The property is zoned MX and features a single tenancy. Asking price is $1,345,000 ($258.95/sq ft). This prime location at the southern edge of the Old Southwest office district offers easy access to downtown Roanoke and Carilion facilities.
Property profile
VerifiedCap rate & NOI
Current use
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Medical Clinic
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Medical Clinic
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Physician
Location
Value estimations
Owner & transaction history
Zoning & alternative use
The amendment to the purpose statement of the MX district now provides a better reflection of the character of the district: The purpose of the MX District is to accommodate residential uses and low intensity, small‐scal…
Comparables
6 recent transactions · within 1.5 miComparable in this City
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Value estimation
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Cap rate
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Estimated NOI ÷ last recorded sale. Refine with your own numbers in the full report.
Price sensitivity
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Property tax & assessments
Tax year 2024Property description
Physical attributes from public recordsZoning & alternative use
MX · Roanoke, VAThe amendment to the purpose statement of the MX district now provides a better reflection of the character of the district: The purpose of the MX District is to accommodate residential uses and low intensity, small‐scal…
Zoning
The recorded zoning designation, what the district officially allows, and the municipal source it comes from.
Zoning designation
Official district profile
The amendment to the purpose statement of the MX district now provides a better reflection of the character of the district: The purpose of the MX District is to accommodate residential uses and low intensity, small‐scal…
What can be built and operated here — officially.
The district profile from the municipal source: what is on file for MX in Roanoke, VA.
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