2223 Bailey AVE, Salem, VA 24153
$520,000
Property Type:
MultiFamily
Lot Size (sq. ft.):
14,375
Status:
Closed
Current Price:
$520,000
List Date:
11/08/2024
Last Modified:
12/17/2024
Overview
Description
Great investment opportunity in City of Salem. This property is convenient located, 4 units each with 2 bedrooms, 1 bath, full basement (unfinished), small deck off kitchen, living room. All 4 units are currently rented with long term tenants, all on month to month leases. Each unit is renting well below market value. All could use cosmetic updates.
Listing Details MLS# 908879
Location, Tax & Legal
- Area
- 0300 - City of Salem
- Street Number
- 2223
- Street Name
- Bailey
- Street Suffix
- AVE
- State/Province
- VA
- Zip Code
- 24153
- Subdivision
- Shamrock
- Municipality
- City of Salem
- Elementary School
- South Salem
- Middle School
- Andrew Lewis
- High School
- Salem High
- Major Area
- 03 - City of Salem
- Phase
- 0
- Lot
- 17-A
- Block
- 3
- Tax ID
- 237-1-1
- Annual Taxes
- 3288
- Section
- No
- POA Y/N
- No
General Property Description
- Multi-Family Type
- Quad
- Construction Status
- Completed
- Year Built
- 1973
- Present Use
- Built-As
- Number of Units
- 4
- # Unfurnished
- 4
- # Leased Units
- 4
- Gross Bldg SQFT
- 5797
- Total Acreage
- 0.33
- Basement Y/N
- Yes
- Parking Description
- On Street
- Operating Expense
- 11130
- Net Operating Income
- 16890
- Gross Income
- 28020
- Water Class
- N/A
- # Furnished
- 0
Status Change Info
- Ratified Contract Dt
- 2024-11-08
- Sold Date
- 2024-12-17
Remarks & Misc
- Directions
- From 419N, Left on Apperson Drive. Left at first light onto Colorado, Stay Left onto Kimball, Left on Pyrtle to Right on Bailey.
Limited Service
- Not Limited Service
- Yes
More Information
Construction
- Brick
- Yes
Basement
- Full
- Yes
- Walk-Out Access
- Yes
Views
- City
- Yes
- Mountain(s)
- Yes
Heating
- Heat Pump Electric
- Yes
Cooling
- Central Air
- Yes
Water Description
- Public
- Yes
Sewer Description
- Public Sewer
- Yes
Water Heater Type
- Tank
- Yes
Water Heater Energy
- Electric
- Yes
Lease Type
- Month To Month
- Yes
Owner Expenses
- Management Fee
- Yes
- Sewer
- Yes
- Water
- Yes
Tenant Expenses
- Electricity
- Yes
Property Features
Limited Service:
Not Limited Service
Construction:
Brick
Basement:
Full; Walk-Out Access
Heating:
Heat Pump Electric
Cooling:
Central Air
Water Description:
Public
Sewer Description:
Public Sewer
Water Heater Type:
Tank
Water Heater Energy:
Electric
Lease Type:
Month To Month
Owner Expenses:
Management Fee; Water
Views:
Mountain(s)
Tenant Expenses:
Electricity
Listing Office:
RE/MAX REAL ESTATE ONE
Last Updated: December - 17 - 2024
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