Assessed Value $220,000
Bids due on or before NOON
June 16
Rare opportunity to acquire prime, income producing parking lot in the heart of downtown. offers immediate income potential!
- 16 Parking Spaces Located at Corner of Luck Ave. & First St.
- Income Producing
- Currently leased Month to Month
- Great Location in Downtown Roanoke
Keep Your Customers Close Not Circling the Block
Seize this UNIQUE opportunity to own 16 prime parking spaces in the heart of Downtown Roanoke, Virginia. Located at 506 1st Street SW, Roanoke, Virginia – one of the most active and in-demand blocks in the city’s central business district. The property sits steps from Martin’s Downtown, Sidecar, Jaybird Tavern, and Bernard’s Gastropub, all of which draw consistent traffic well into the late-night hours, as well as a 12-story Class A office tower at 310 First Street housing law firms, financial institutions, and professional services firms that generate steady weekday demand. Downtown Roanoke’s parking supply is under documented pressure. Private surface lots in this submarket currently command dynamic pricing of up to $7.50/hour during peak periods, giving a private lot owner pricing flexibility that public garages simply cannot match.
This is a RARE , low-overhead income-producing asset in a rapidly expanding urban market that has seen $387 million in regional economic investment announced in a single year, including a $300 million hospital campus expansion, a $50M+ mixed-use redevelopment project, and a Virginia Tech biomedical research institute anchoring high-income employment downtown. Whether your interest is immediate cash flow through monthly parking contracts (estimated $14,400–$22,000+ annually), peak event and evening pricing, a dedicated parking solution for your business, or a strategic land hold in one of Virginia’s fastest-growing downtown corridors — 506 1st Street SW represents a compelling opportunity that rarely comes to market. All bids are submitted privately and confidentially. Contact us for the full bid package and property information.
Terms & Conditions of the Sealed Bid Auction
This Auction is being conducted subject to the Terms and Conditions of Sale and the Sealed Bid Auction Real Estate Purchase Agreement.
- BIDDER’S INFORMATION PACKET: Detailed Bidder’s Information Packets containing the Sealed Bid Auction Real Estate Purchase Agreement and bidding instructions are available via email, fax, mail or available by download at https://www.woltz.com/auctions/1057/
- AUCTION SALE AND BIDDING: The property is hereby offered by a two round sealed bid auction subject to Seller confirmation. The property is being sold “AS IS, WHERE IS” with all faults in its condition at the time of sale without recourse by way of refund, reduction of the purchase price, or otherwise. To participate and bid in Round One of the auction, purchaser must submit their fully executed Sealed Bid Auction Real Estate Purchase Agreement to Auction Company on or before 12:00 p.m. EDT, June 16, 2026. The Woltz & Associates Inc. office is located at 23 Franklin Road, Roanoke, VA 24011.
- BID OPENING: Bids will be opened at the office of Woltz & Associates, Inc. at 12:30 p.m. EDT on June 16, 2026. The bidders submitting the three highest bids will be notified by 5:00 p.m. EDT that they are entitled to enter the final round of bidding. These bidders may submit a higher bid using the Sealed Bid Real Estate Purchase Agreement (“Contract”). If a bidder does not place a higher bid, the original Contract submitted by the bidder will be considered the bid for the second round of bidding. Final bids will be due by 12:00 p.m. EDT on Thursday, June 18, 2026. The second round Bids will be opened at 12:30 p.m. EDT on June 18, 2026, and the top bidder will be announced. All bids are final. The final accepted offer will require a 10% deposit by cashier’s or personal check payable to Woltz & Associates Inc. Escrow Account within 24 hours of contract ratification.
- TIE BIDS: In the event of any tie bids, Seller may accept the bid of Seller’s choice, or Seller may elect to allow the tie bidders to make their best and final offer within one business day.
- AGENCY: The REAL ESTATE Company and its representatives represent the Seller.
- BUYER’S PREMIUM: A Five percent (5%) buyer’s premium must be added to the high bid to determine the total Purchase Price.
- FINANCING: Your bidding and purchase of the property are not conditional upon financing. Be sure you have arranged financing, if needed, and are capable of paying cash at settlement.
- ACCESS TO PROPERTY & LIABILITY: Bidders inspecting property enter at their own risk. Auction Company assumes no risk for bodily injury or damage to personal property.
- REAL ESTATE DEED AND SETTLEMENT: The real estate will be conveyed by a special warranty deed free and clear of liens; subject, however, to any rights of way, easements, agreements, and restrictions of record. The balance of the purchase price is due at settlement which shall be on or before July 18, 2026.
- BOUNDARIES ON AERIAL PHOTOS: Boundaries on aerial photos are approximate.
- GENERAL: The information contained in the brochure, on woltz.com, all advertising, and the Bidder’s Information Packet is subject to verification by all parties relying on them. No liability for its accuracy, error, or omissions is assumed by the Seller or the Auction Company. All information contained in advertising, brochures, maps, and other materials is believed to be accurate but is not guaranteed.
BROKER PARTICIPATION:
Any appropriately licensed Virginia broker whose agent properly registers the successful high bidder will be paid a 2% commission based upon the contract sales price, and will be paid at settlement by the Seller. Applications must be on a Woltz & Associates, Inc. Broker Participation Application form and contain the name, address and signature of agent and prospect as well as the Broker’s license number and Federal Tax ID number. The form is attached to the Sealed Bid Auction Real Estate Purchase Agreement and must be received in the office of Woltz & Associates, Inc. or by email at hannah@woltz.com no later than 12:00p.m. EDT on Tuesday, June 16, 2026. Participating Broker must sign the Real Estate Purchase Agreement for winning bid. Agents acting as principals buying on their own behalf, on behalf of family members, other licensed real estate agents, or who represent prospects that have had prior contact with the Seller or Auction Company are not eligible. An agent may register and represent only ONE Bidder for this auction.
