Old Southwest Multifamily Development Opportunity
Land | 0.344 acres
Marketing description
Two contiguous lots totaling approximately 15,000 square feet provide uncommon scale for an infill development opportunity in Old Southwest. The property features RM-2 Multifamily Zoning which permits one dwelling unit per 1,000 square feet of lot area, creating a path to meaningful residential density subject to H-2 historic district requirements. A renovated ±1,152 SF 2BR/1BA carriage house offers immediate income potential and is positioned in the corner of the site, preserving development flexibility.
Situated within one of Roanoke's most established residential neighborhoods, characterized by walkability, mature tree canopy, and architecturally significant housing stock. The property is located between Downtown Roanoke and the Carilion Clinic / Virginia Tech Health Sciences campus with convenient access to employment, dining, entertainment, and neighborhood amenities. Rear alley access supports efficient site circulation, parking, and service access while maintaining an attractive streetscape along Clarke Avenue.
Investment highlights
- RM-2 Multifamily Zoning - Permits one dwelling unit per 1,000 square feet of lot area, creating a path to meaningful residential density subject to H-2 historic district requirements.
- ±15,000 SF Assemblage - Two contiguous lots totaling approximately 15,000 square feet provide uncommon scale for an infill development opportunity in Old Southwest.
- Renovated Carriage House - ±1,152 SF 2BR/1BA carriage house offers immediate income potential and is positioned in the corner of the site, preserving development flexibility.
- Alley Access - Rear alley access supports efficient site circulation, parking, and service access while maintaining an attractive streetscape along Clarke Avenue.
- Desirable Old Southwest Neighborhood - Situated within one of Roanoke's most established residential neighborhoods, characterized by walkability, mature tree canopy, and architecturally significant housing stock.
- Innovation Corridor Proximity - Located between Downtown Roanoke and the Carilion Clinic / Virginia Tech Health Sciences campus with convenient access to employment, dining, entertainment, and neighborhood amenities.
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