4142 Melrose AveRoanoke, VA 24017

Property Details for 4142 Melrose Ave

Year built

1957

Lot size

18.97 AC

Property size (Sq ft)

190,419 SF

Zone code

IPUD/CG

Property type

Mixed-use properties

Property subtype

Other industrial properties

APN

276-1701

APU

2761701

Description

This exceptional investment opportunity presents a 162,903 square foot, Class C shopping center in Roanoke, VA. Located at 4142 Melrose Ave NW, this multi-tenant property boasts a 92% occupancy rate and a strong NOI of $525,755, representing an 8.35% cap rate. The asking price is $6,300,000, translating to $38.67 per square foot. The property comprises four one-story buildings situated on a 19-acre lot (APN 2761701) and is zoned IPUD/CG. Current tenants include Wells Fargo Bank, Aaron's Furniture, Harbor Freight, Carpet Factory Outlet, and Outdoor Power Equipment, generating a monthly gross income of $68,000. Built in 1957, the property benefits from a high-visibility corner lot and multiple sought-after outparcel buildings, offering significant redevelopment potential. Its central location provides easy access to Roanoke-Blacksburg Regional Airport and Interstate I-81, ensuring high traffic and visibility. The NNN lease structure minimizes management responsibilities, making this a low-maintenance, high-return investment. This property presents a compelling opportunity for investors seeking a stable income stream with significant upside potential for future development.

Location Insight

City

Roanoke

County

Roanoke City

State

Virginia

Latitude

37.2946

Longitude

-80.0055

CBSA code

40220

CBSA name

ROANOKE, VA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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