302-308 1st St SW - Storefront Retail/Residential FOR SALE


Roanoke, VA 24011- Downtown Roanoke City
$2,875,000 USD
540-904-6888
302-308 1st St SW, Roanoke, VA for Sale
$2,875,000 USD
Storefront Retail/Residential - FOR SALE
1/32
null | Request Cap Rate

302-308 1st St SW
Roanoke, VA 24011
Downtown Roanoke City


OVERVIEW

In 1909, H.W. ''Uncle Billy'' Horton broke ground on what would become one of Roanoke's most distinctive landmarks at the corner of Kirk Avenue and First Street. By 1910, the first tenant a piano company that later became Grand Home Furnishings had moved in, and the building's place in local history was secured. More than a century later, that same structure stands reborn as The Horton Building, a rare blend of early-20th-century craftsmanship and modern functionality. Recognized by the Roanoke Valley Preservation Foundation's 2013 Adaptive Reuse Award, the property remains a defining example of how heritage and performance can work hand in hand.Today, The Horton Building is a four-storefront, six-loft mixed-use property that supports both artistry and opportunity. With no two alike, the upper floor residential lofts have a uniquely boutique feel where the common thread is in the fabric of the building that features 21-foot ceilings, eight-foot arched windows, exposed brick and trusses, and original heart of pine floors. But it's the creature comforts that ensure tenant tenure such as modern kitchens with granite countertops, stainless-steel appliances, and custom-tiled showers. Behind its restored façade, the building has been fully updated with new electric and HVAC systems, an R-39 insulated roof, sprinkler and fire-alarm systems, elevator service, and private parking all integrated seamlessly into the original structure. For an owner-operator, The Horton offers a rare dual opportunity: the ability to live, create, or operate a business within an investment that generates income from day one. The owner's loft is a palatial space of 5,000 square feet, where modern industrial chic meets European grand salon comfort and elegance. Designed for both function and flair, this expansive suite can serve as a luxury residence, creative studio, or executive headquarters. The ground-floor commercial spaces front two of Roanoke's most walkable corridors ideal for a café, gallery, or boutique retail use while the six residential lofts continue to attract strong tenant demand from professionals and creatives seeking authentic downtown living with historic soul.Downtown Roanoke has transformed into a thriving urban district with measurable momentum. Since 2010, the residential population has increased by approximately 300%, fueled by demand for urban living and walkable amenities. The area now includes 70+ restaurants and 40+ retailers, and tenants are paying about $100 more per month year over year even as new housing units come online. The share of renter households has risen from 43.6% to 48.1%, while the regional labor force and GDP have both grown nearly 3% in recent years, signs of sustained+economic health. These trends position The Horton at the center of an established yet still growing downtown core. Even without full stabilization, the property provides strong, risk-adjusted returns and multiple exit strategies. The existing income covers expenses comfortably, while future upside comes from leasing execution, rent appreciation, and value-add improvements. Investors can hold long-term for cash flow and appreciation, refinance after stabilization, or eventually subdivide the lofts for individual sale. Its mix of residential, retail, and potential owner-occupancy offers diversification and security rarely found in a single downtown asset. From its 1909 origin to its modern renaissance, The Horton Building stands as a living emblem of Roanoke's architectural and economic evolution. It is a home, a business, and a legacy property all at once offering its next owner the chance to live, operate, and grow within one of the city's most storied and beautifully restored addresses. Call the listing agent for proforma and up to date financials.

FOR SALE DETAILS

PRICE

$2,875,000 USD

PRICE/SF

$160 USD /SF

CAP RATE

Request Cap Rate

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment Or Owner User

BUILDING DETAILS

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Storefront Retail/Residential

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1910

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

CROSS STREETS

Kirk Ave SW

LAND ACRES

0.21 AC

LAND SF

9,148 SF

ZONING

D

APN/PARCEL ID

1011801

ASK ABOUT THIS PROPERTY

Joe KraftLichtenstein Rowan RealtorsMore Info
540-904-6888

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Joe KraftLichtenstein Rowan RealtorsMore Info
540-904-6888

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.