A service of Scott P. Rogers, Associate Broker, Funkhouser Real Estate Group 540.578.0102 | scott@HarrisonburgHousingToday.com
289 Newman Ave, Harrisonburg, VA 22801 • $699,900
MLS# 664818 • For Sale
| Subdivision: | Old Town |
| Area: | Harrisonburg |
| Circa: | 1920 (105 years old) |
| Lot Size: | 0.25 acres |
| Days on Market: | 13 (since May 20, 2025) |
| Listing By: | Nest Realty Harrisonburg |
Extremely rare opportunity to purchase a multi-family home in Old Town! Main level would make fantastic "owner's unit" -- features 10-foot ceilings, 10x15 entry foyer, 15x16 dining room with pocket doors, eat-in kitchen with extensive cabinetry and center island, 15x16 living room with built-ins, half bath with washer/dryer, 2 large bedrooms, 2 full baths. 2nd level has two 2-bedroom, 1-bath apartments (one of them has been rented as 1-bedroom apartment). Finished attic could be used for conditioned storage or home office. Full unfinished basement/cellar provides abundant additional storage area. Wraparound covered front porch, carport, fenced back yard with pool!
Sample Old Town Investment Analysis....
| Property Details | ||
| Purchase Price | $515,000 | based on median sales price |
| Income (Annual) | ||
| Monthly Rental Rate | $0 | estimate based on currently available rental data |
| Projected Vacancy | 4% | half a month per year |
| Gross Operating Income | $0 | |
| Expense (Annual) | ||
| Real Estate Taxes | $4,635 | estimate based on median sales price |
| Repairs | $0 | estimate based on typical property condition |
| Association Dues | $0 | estimated to be $0 per month |
| Property Management | $0 | assuming self management |
| Insurance | $1,854 | estimate based on recent trends |
| Utilities | $0 | assumes tenant pays all utilities |
| Advertising | $100 | estimate |
| Total Operating Expenses | $6,589 | |
| Cash Flow Before Tax | ||
| Gross Operating Income | $0 | |
| - Operating Expenses | - $6,589 | |
| Net Operating Income | $-6,589 | |
| - Annual Debt Service | - $35,004 | financing 80% of the purchase price at 7.75% |
| Cash Flow Before Taxes | $-41,593 | |