6520 Thirlane Rd - Hospitality FOR SALE


Roanoke, VA 24019
$2,250,000 USD
804-819-9948
6520 Thirlane Rd, Roanoke, VA for Sale
$2,250,000 USD
Hospitality - FOR SALE
1/15
null | Request Cap Rate

6520 Thirlane Rd
Roanoke, VA 24019


HIGHLIGHTS

  • Approved special use permit for conversion of former 120-room motel into 105 apartment units
  • ±3.35-acre parcel with over 80 existing parking spaces and frontage on Peters Creek Road
  • Strategic regional access near Interstate 81 and key job centers in Roanoke
  • Planned renovations include parking expansion, landscaping, new lighting, and on-site amenities
  • Workforce housing concept with efficient layouts aligned to market demand
  • Located in an MSA with high employment levels and sustained housing needs

OVERVIEW

6520 Thirlane Road presents a unique redevelopment opportunity in the Roanoke MSA for multifamily investors and developers seeking a ready-to-execute adaptive reuse project. This ±3.35-acre site, formerly operating as a 120-room motel, has secured a special use permit authorizing conversion to up to 105 multifamily units. Located along Peters Creek Road with nearly 300 feet of frontage and excellent access to Interstate 81 and U.S. Route 220, the property benefits from strong regional connectivity and a robust local employment base. The approved redevelopment plan includes substantial renovations aligned with county standards. Planned improvements encompass enhanced site infrastructure with expanded parking (from 90 to approximately 159 spaces), upgraded landscaping, modern lighting, security enhancements, and amenities such as a leasing office and laundry facilities. The concept supports workforce housing, focusing on efficiency and one-bedroom layouts targeted for working households in the region. This site offers significant potential for developers to capitalize on high housing demand within a growing metro anchored by healthcare, education, and manufacturing employers. With key entitlements in place, 6520 Thirlane Road provides a strategic market entry point for value-add investors or housing developers ready to implement a strong execution plan.

FOR SALE DETAILS

PRICE

$2,250,000 USD

PRICE/SF

$28 USD /SF

# OF ROOMS

118

PRICE/ROOM

$19,068 {currency}

CAP RATE

Request Cap Rate

TENANCY

Single

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Hospitality

TOTAL BUILDING SIZE

-

STORIES

2

ROOM ENTRANCE

Exterior

BUILDING CLASS

B

YEAR BUILT

1976

PARKING SPACES

-

LAND DETAILS

LAND ACRES

3.73 AC

LAND SF

162,479 SF

ZONING

C2

APN/PARCEL ID

037.10-01-10

ASK ABOUT THIS PROPERTY

Clay TaylorCushman & Wakefield | ThalhimerMore Info
804-819-9948

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

Clay TaylorCushman & Wakefield | ThalhimerMore Info
804-819-9948

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