777 Roanoke Blvd Salem, VA 24153

This renovated 72-unit apartment community, located at 777 Roanoke Blvd, Salem, VA 24153, presents a compelling investment opportunity. The property boasts 56,536 square feet across four, three-story buildings situated on a 3.81-acre lot (APN: 158-1-1). Built in 1972 and extensively renovated in 2022, it features a current occupancy rate of 92% and a Net Operating Income (NOI) of $605,893, with a pro-forma NOI of $643,806 and a pro-forma cap rate of 7.15%. The property is zoned RMF (Residential Multifamily) and benefits from over $575,000 in recent capital improvements, resulting in a best-in-class community attracting higher-income tenants. Located less than a mile from downtown Salem, the property enjoys proximity to cultural, educational, and healthcare institutions, as well as significant employment drivers. The Roanoke, VA MSA is experiencing robust economic expansion, with employment growth exceeding the state average. This stabilized investment offers attractive, assumable fixed-rate financing, promising long-term operational stability and revenue growth. The property's strategic location, recent renovations, and strong market fundamentals make it an exceptional turnkey asset in a desirable submarket. The current cap rate is 6.73%.