1068 River Oak DR, Forest, VA 24551

$1,320,000
Property Type: MultiFamily Lot Size (sq. ft.): 314,939 Status: Closed
Current Price: $1,320,000 List Date: 3/30/2021 Last Modified: 9/25/2024

Description

Do you want to own rental property in Forest in nice condition that is easy to maintain and rent, then Willow Oak Village is for YOU! A unique property consisting of 17 two bedroom, one bath units. It made up of 5 single family homes, a 3 plex, a 9 plex on 7 acres and views of the Peaks of Otter. Major work completed including metal roofs on all buildings and new asphalt parking lot and driveway. This property was a church camp at one time and has a rustic feel but modern amenities. Owner pays for lawn maintenance, county water and trash pickup. Tenants pay their own electric and each has a heat pump. Each unit has washer/dryer hookups. Many Units have newer Kitchens & vinyl plank flooring. Forest Schools. Includes a 48 X 24 Garage under the 9 plex used as a shop or storage.

Supplements: All units are on one Deed and can not be separated. All units occupied under annual leases. No dogs on property, but tenants are allowed 1 cat. Could possibly build additional units on the existing property.

More Information MLS# 878232

Contract Information

Current Price: $1,320,000 Sold Price: $1,320,000 List Date: 2021-03-30 Status: Closed

General Property Description

Multi-Family Type: Apartments Construction Status: Completed Year Built: 1985 Present Use: Built-As Number of Units: 17 # Leased Units: 17 Total Acreage: 7.23 Basement Y/N: Yes Parking Description: Private (10 or More) Operating Expense: 28407 Net Operating Income: 112757 Gross Income: 145000 Water Class: N/A

Location Legal Taxes

Area: 0600 - Bedford County Street Number: 1068 Street Name: River Oak Street Suffix: DR State/Province: VA Zip Code: 24551 Subdivision: NA Municipality: Bedford County Elementary School: New London Academy Middle School: Forest Middle High School: Jefferson Forest

Status Change Info

Ratified Contract Dt: 2021-04-12 Sold Date: 2021-06-28 Sold Price: $1,320,000

Expenses

Tax Exp: 4759 Water Exp: 4649

Property Features

Limited Service: Not Limited Service Construction: Wood Basement: Partial Heating: Heat Pump Electric Cooling: Heat Pump Electric Water Description: Public Sewer Description: Private Septic Water Heater Type: Tank Water Heater Energy: Electric Lease Type: One Year Owner Expenses: Lawn Care; Trash Disposal; Water Interior Features: Ceiling Fan(s); Skylight Internet Access: Cable Views: Mountain(s); Sunset Tenant Expenses: Cable TV; Electricity; Heating Slr Pd Fin Concessns: No
Listing Office: LONG & FOSTER - FOREST
Last Updated: September - 25 - 2024
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