Roanoke, VA - What do you think of this listing?

Question

Hi all,

I was just browsing loopnet yesterday, and I happened upon this listing.

http://www.loopnet.com/Listing/20460516/2309-Longv...

What do you think of it? I am not sure how much work it needs exactly, and I believe it is currently vacant. The description says it has water damage, and the pictures show some nice units couple with awful looking units. I have not seen it in person. There is also a 17 unit for sale off of Compton St.

Account Closed · Answer

i do not have any relation to the area I just did a quick search on rents in the area and the historical tax credits

Account Closed · Answer

it looks like there is a lot of potential but without with numbers it hard to know if its a deal The rents should be north of $800 a unit

Tyler Willson · Answer

@Matt Clark It is certainly an enticing project given the location. I'm still working on my first BRRR in Richmond right now, but I am already looking for my next project. This is out of my league in terms of the capital required, but we just handled significant mold remediation in our current project. I'm always willing to get my hands dirty or find the right person for the job. Maybe it will still be on the market for a bit, and I can have a chance to figure something out.

Account Closed What is your relation to Roanoke, Steven? You seem to know about the area, but your profile says you are out in Las Vegas.

Brandon Davis · Answer

The property came back on the market last week and I took a peek with my agent. The city condemned the property due to a leaky roof, which subsequently turned into a disaster. A new foam roof was just put on. There are quite a bit of city punch list items to get the property rolling. It will be a complete gut, but has a great foundation, and great bones (reinforced steel with concrete from the 40s) . If anyone wants to further a convo about this property please message me privately. I am looking for any help I can get :)

Matt Clark · Answer

@Tyler Willson, that property is in a fantastic location and has been on the market for at least a year, and actually I'm thinking the listing might have expired.  I looked at it last summer, and it will require a complete gut and major mold remediation.  There is almost nothing usable beyond the structural components.  It has been condemned by the city, but it's salvageable.  As much potential as there is, I could not make the financing happen.  However, I think someone who is sufficiently capitalized and is looking for a long term hold could probably make it work.  I thought maybe someone had purchased it, as I've seen a little activity at the building in the past month or two, but the city records don't reflect a sale yet.