Excellent investment opportunity in a desirable Galax location! This 8-unit complex is comprised of four duplex-style townhomes and offers strong gross rental income with a solid NOI. The property provides additional upside potential, with room for rent growth among several longer-term tenants. A couple of the units have been recently renovated, providing a great example of the potential for continued improvements throughout the complex. All eight units feature full basements, offering tenants valuable additional space and storage, while two units also include private garages. The property is conveniently located just a short drive from town, combining easy access to Galax amenities with an attractive residential setting. With established rental history, good current income, and opportunities to increase rents and further improve units over time, this property offers an appealing combination of immediate cash flow and long-term investment potential. A great opportunity to add a substantial multifamily asset to your portfolio!
Multi-familyProperty Type
1988Year Built
1.3 acresLot Size
$92Price/Sq.Ft.
Listed by Christopher Fox• BHHS- Mountain Sky Properties, Wytheville
Great investment property which carries nearly 100% occupancy. 4 separate duplexes. All are 2 bedroom, 1 1/2 bathroom units. 3 duplexes have basements and 1 duplex has garage under. Of the ones with basements, 1 duplex has both sides partially finished. Tenants enjoy the outdoor living on the back decks which provide amazing views. All units are currently occupied.
Year
Property tax
Land + Additions
Assessment*
2024
$2,061 (−33.9%)
$25,000 + $181,100
$206,100
2023
$3,120
$20,000 + $292,000
$312,000
2022
$3,120 (+8.7%)
$20,000 + $292,000
$312,000
2021
$2,870
$20,000 + $292,000
$312,000
2020
$2,870 (+18.5%)
$20,000 + $292,000
$312,000
2019
$2,422 (+5.6%)
$20,000 + $292,000
$312,000
2017
$2,293 (+6.0%)
$18,000 + $268,600
$286,600
2016
$2,163
$18,000 + $268,600
$286,600
Public record
Beds
4
Baths
2
Stories
2
Lot width
—
Lot depth
—
Lot size
0.46 Acres
Year renovated
—
Finished Sq. Ft.
2,448
Unfinished Sq. Ft.
—
Total Sq. Ft.
2,448
Year built
1988
Style
Single Family Residential
County
Galax
APN
000015091003
Parking Spaces
—
Basement
—
Accessible
—
HOA Dues
—
Garage
—
Features
—
Last updated by owner on Jan 2, 2025.
Historical weather
Galax, VA • 24333
Average low and high temperatures (°F)
38
23
46
29
60
39
67
47
68
51
78
60
81
65
76
60
72
55
64
45
54
39
44
29
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Sun exposure
91/ 100
Exceptional sunlight
Sunscore
There appears to be minimal shading by surrounding buildings, terrain, and vegetation.
9.6 hrs
5.9 hrs
JuneDecember
Provided by Shadowmap
Redfin Estimate for 308 Armory Rd
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