1603 Franklin RdRoanoke, VA 24016

Property Details for 1603 Franklin Rd

Year built

1962

Construction

TYPE NOT SPECIFIED

Lot size

0.37 AC

Property size (Sq ft)

5,632 SF

Zone code

MX

Property type

Mixed-use properties

Property subtype

Other industrial properties

APN

103-1107

APU

1031107

Description

This exceptional Class A office building, located at 1603 Franklin Rd SW, Roanoke, VA 24016, offers 5,194 square feet of meticulously renovated space. Built in 1962 and completely renovated in 2021-2022, the property boasts a new roof, HVAC system, 600-amp electrical service, and updated plumbing. High-quality finishes include LVP flooring, Scuffmaster paint, and new windows, doors, and cabinetry. The main level, fully ADA compliant, comprises 4,076 square feet of flexible space, including open areas, private offices, and collaboration zones. A second-floor suite of 1,118 square feet offers walk-out roof access, a three-fixture restroom, and potential for residential or live/work conversion. The 0.37-acre lot includes ample on-site parking for 18 vehicles, a circular drive, and excellent visibility from US 220/I-581 South and US 200 South. The property is zoned MX and features a single tenancy. Asking price is $1,345,000 ($258.95/sq ft). This prime location at the southern edge of the Old Southwest office district offers easy access to downtown Roanoke and Carilion facilities.

• CAP approach

  CAP return

  Valuation

  6%

  $766,192

  6.5%

  $707,254

  7%

  $656,736

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,108,074

  Geo Method

  $2,003,792

• Alternative Use

  Use

  Valuation

  Residential

  $707,254

  Hospitality

  $647,841

  Educational

  $538,996

  Medical

  $557,533

  Retail

  $838,438

Location Insight

City

Roanoke

County

Roanoke City

State

Virginia

Latitude

37.2596

Longitude

-79.9474

CBSA code

40220

CBSA name

ROANOKE, VA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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