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Tranzon
PARTNERSHIP DISSOLUTION - Major Apartmen Tuesday April 01, 2008 Roanoke VA USA Tranzon Real Estate Auction
Tuesday April 01, 2008, in Roanoke, VA
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Description:
Partnership Dissolution Forces Sale - Major apartment building auction of Hawthorne Towers, a six-story mid-rise apartment building in Roanoke, VA. The 143-unit building consists of 54,300± rentable sq ft and is located within five minutes of Valley View Mall and the Roanoke Regional Airport. The property is 85% occupied, with 27 possible additional units after minor renovation, offering substantial upside potential! Waiting list exists for the HUD-qualified units.
The 88,565± sq ft brick building, built in 1976, is situated on 5.0± acres zoned C2CS in a quiet cul de sac at the end of Hawthorne Road. The building contains an 8,261± sq ft finished basement with a large community room, serving line, dining area, commercial kitchen, two working elevators and a fire protection system, as well as two retail spaces on the first floor. A single-family home is also on-site, a fixer-upper ideal for management office/residence.
In a survey of affordable housing for the Roanoke Valley, HUD designates Hawthorne Towers as qualified for the elderly for independent living. With limited independent living facilities for the low income elderly in the Roanoke Valley, this property could be readily converted into age 55 and older independent living apartments with minimal effort.
The combination of a well-located income-producing asset with strong upside potential being sold at auction presents a real opporunity for investor buyers, adding more excitement to the sale since the public auction process allows the true market value to come forth. Another bonus for new owners is the strong on-site management already in place.
Directions:
From I 81 S, take exit 146, left at end of ramp onto Plantation Road. Follow to first stoplight, turn right on Williamson Road. At next light follow Williamson Road which bears to the left through the light. Follow Williamson Road to Hawthorne Road, turning right on Hawthorne. A Coach and Four Restaurant is on the corner. From the airport, take the second Hershberger Road exit, go to the third light which is Williamson Road, turn left, go approximately one half mile, turning left onto Hawthorne Road.
Contact Information: For more information please contact Norma Carlisle at (540) 293-1893.
License Number: VAAF423
Click Here to Download an Information Package
For more details and photos, go here to View the Salebill
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