1165 Independence AveIndependence, VA 24348

Property Details for 1165 Independence Ave

Year built

1940

Lot size

0.48 AC

Property size (Sq ft)

3,181 SF

Property type

Residential income homes

Property subtype

Small apartment buildings

APN

73A7- A- - 4

APU

73A7A4

Description

This 3,181 square foot triplex apartment building, constructed in 1940, presents a compelling investment opportunity. Situated on a 0.48-acre lot (20,909 sq ft) in Grayson County, Virginia, the property boasts three furnished two-bedroom, one-bathroom units, each equipped with a stove and refrigerator. Tenants are responsible for their utilities (water, sewer, and power). The building features central heating and cooling systems. Currently generating a gross annual income of $20,580, with planned rent increases for 2024, this property offers strong potential for return on investment. Conveniently located less than three minutes from Independence, VA, it provides easy access to local amenities including shopping and dining. The property includes gravel parking. Heating is provided by electric heat pumps, space heaters, and baseboard heating. A virtual tour is available. APN: 73A7-A-4. Asking price: $235,000 ($74/sq ft).

• CAP approach

  CAP return

  Valuation

  6%

  $432,751

  6.5%

  $399,463

  7%

  $370,930

• Comparable approach

  Method

  Valuation

  Relative Method

  $625,849

  Geo Method

  $834,939

• Alternative Use

  Use

  Valuation

  Residential

  $399,463

  Hospitality

  $365,906

  Educational

  $304,429

  Medical

  $314,899

  Retail

  $473,557

Location Insight

City

Independence

County

Grayson

State

Virginia

Latitude

36.6415

Longitude

-81.1608

Property Tax & Assessments

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