205 S College AVE, Salem, VA 24153

$965,000
Property Type: MultiFamily Lot Size (sq. ft.): 13,504 Status: Closed
Current Price: $965,000 List Date: 4/21/2025 Last Modified: 3/25/2026

Description

Located near the intersection of Main St. and College Ave, our 1890 commercial building is a historic and unique place with a style all its own - featuring two top floor, 3-bedroom suites and two ground level retail/office spaces. Most furnishings shall pass with the sale including all linens, towels, boutique hotel supplies, beds, furnishings, etc. Some personal art and furnishings not to pass. Secure electronic key code access to residential spaces which is currently operated as a two-suite boutique hotel. This 2-story, walk up home boasts high ceilings and hardwood floors some carpeting in one master suite which includes a full bath and dedicated office with ample closet space. The 2nd bedrooms contain a king-size bed overlooking South College Ave and is connected to the

Supplements: smaller 3rd bedroom with a single bed. Both apartments include recently renovated gourmet kitchens featuring stainless steel appliances with trendy, epoxy counter tops and herring-bone style, subway tile backsplash, with exposed natural wood shelving. All bathrooms were also renovated in 2022. Ground floor is currently occupied by a Yoga studio and a local law office. Walking distance to restaurants, shopping and Salem's Farmer's Market. Home to Roanoke College, Salem is a small college town located in the beautiful Roanoke Valley. The stunning Alleghany and Blue Ridge Mountains surround Salem, providing a wealth of opportunities for outdoor recreation and nature appreciation. Residents and visitors can enjoy scenic drives along the Blue Ridge Parkway and gorgeous mountain and River views afforded by the nearby Appalachian Trail. Total 2024 income was $119,000 +/-.

More Information MLS# 916453

Contract Information

Current Price: $965,000 Sold Price: $965,000 List Date: 2025-04-21 Status: Closed

General Property Description

Multi-Family Type: Other - See Remarks Construction Status: Completed Year Built: 1890 Present Use: Built-As Number of Units: 4 # Furnished: 2 # Unfurnished: 2 # Leased Units: 4 Gross Bldg SQFT: 7000 Lot Dimensions: 100 x 135 Total Acreage: 0.31 Basement Y/N: Yes Parking Description: Private (10 or More) Operating Expense: 43979 Net Operating Income: 74821 Gross Income: 118800 Water Class: N/A

Location Legal Taxes

Area: 0300 - City of Salem Street Number: 205 Street Direction Pfx: S Street Name: College Street Suffix: AVE State/Province: VA Zip Code: 24153 Subdivision: N/A Municipality: City of Salem Elementary School: G. W. Carver Middle School: Andrew Lewis High School: Salem High

Status Change Info

Ratified Contract Dt: 2025-04-29 Sold Date: 2025-08-04 Sold Price: $965,000

Internet Access

Cur'nt Internet Prov: Glow Fiber

Miscellaneous Info

Public Transport: Yes

Expenses

Maintenance Exp: 8000 Tax Exp: 4279 Insurance Exp: 7200 Electric Exp: 2750 Gas Exp: 1500 Water Exp: 2250 Other Exp: 14000

Property Features

Limited Service: Not Limited Service Construction: Brick Basement: Dirt Floor; Full Heating: Forced Air Gas; Heat Pump Electric Cooling: Central Air Water Description: Public Sewer Description: Public Sewer Water Heater Type: Tank Water Heater Energy: Natural Gas Lease Type: Other - See Remarks Owner Expenses: Management Fee; Water; Other - See Remarks Interior Features: Bookcases; Ceiling Fan(s); Walk-In Closet(s); Other - See Remarks Misc Features: Wireless Internet Tenant Expenses: None
Listing Office: VRC PROPERTIES LLC
Last Updated: March - 25 - 2026
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