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601 Marshall Ave SW
Roanoke, VA 24016 Downtown Roanoke City

$625,000

Office Residential For Sale  •  6,475 Sq Ft

Property Details

  • Property Type Office Residential
  • Total Building Size 6,475 Sq Ft
  • Lot Size 0.1 ac
  • Year Built 1957
  • Cap Rate 6.15 %
  • Tenancy Multiple
  • Zoning D
45 Transit Score
78 Walk Score

Description

This mixed-use downtown building offers lots of potential with flexible downtown zoning that permits a wide variety of commercial, residential, and retail uses.  Currently, the lower floor features +/- 2,000 SF of exceptionally well appointed office space complete with a large conference room with great natural lighting, a full kitchenette, and a full bath and a half. Finishes include attractive stained concrete, original hardwood floors, and granite countertops in the kitchenette and bath.  The space is a mix of open work space with multiple large, demised offices and several smaller ones.  The remaining +/- 1,200 SF of the lower level is currently being used as unfinished storage space, offering good upside and redevelopment potential to expand the existing office or create another separately demised suite.  This area already features independent access with a door at street level on 6th street.  The upper level features three 2BR/1BA apartments, one of which is currently being used as overflow office space by the owner.  All three have tons of original building charm and have been tastefully remodeled with refinished hardwood floors, updated kitchens, and new bath fixtures.  There is a shared laundry facility in a common hallway.  As a true mixed use building, the property offers great potential for owner occupants and investors alike with office, retail, multifamily, short term rentals, and live-work space representing just a few of the many possibilities.

Highlights

Flexible downtown zoning
Over 2,000 SF of exceptionally well-appointed office space
Three 2BR/1BA apartments
+/- 1,200 SF of storage space well poised for redevelopment
Perfect for live-work, office users, investors, retail, and short term rentals
Extensively renovated in 2009

Property Flyers

Financial Summary (Proforma)

Net Operating Income: $38,432 (2019)
Cap Rate: 6.15 %
Total Expenses: $14,355

Public Transportation

AirportDriveWalkDistance
Roanoke Regional-Woodrum Field Airport 12 min - 5.9 mi
Clay Taylor 804-819-9948 Waldvogel Commercial Properties, Inc.
Clay Taylor 804-819-9948 Waldvogel Commercial Properties, Inc.