701 3rd Street
701 3rd St SW,
Roanoke, VA 24016
$1,149 - $1,249 Plus Fees
1-2 Beds | 12 Month Lease
Old Southwest
Roanoke, VA
Old Southwest - Roanoke, VA
Area Guide
Situated along the curve of Roanoke River and Interstate 220, Old Southwest Roanoke lies just a few blocks south of the downtown area. This area consists of historic homes that locals can visit during the annual Parlor Tour of Homes. Neighbors regularly gather at the Alexander-Gish House, which dates back to the 1830s, for classes and workshops. Residents don't just tour historical homes. Renting an apartment near Highland Park allows easy access to this popular park's features such as a walking and running trail. After exercising, locals then spend a leisurely afternoon at the Wildflour Restaurant and bakery for some comfort food and conversation. For a little more action, residents can walk or drive one mile to the north to the downtown area that has a number of eateries, including Blue 5 and Martin's Downtown Bar and Grill. The Science Museum of Western Virginia and the Taubman Museum of Art provide intellectual and artistic stimulation.
Rent Trends
As of January 2026, the average apartment rent in Old Southwest is $693 for a studio, $688 for one bedroom, $835 for two bedrooms, and $847 for three bedrooms. Apartment rent in Old Southwest has increased by 0.3% in the past year.
-
Studio
-
575 sq ft
Average Sq Ft
-
$693/month
Average Rent
-
1 BR
-
475 sq ft
Average Sq Ft
-
$688/month
Average Rent
-
2 BR
-
761 sq ft
Average Sq Ft
-
$835/month
Average Rent
-
3 BR
-
1,220 sq ft
Average Sq Ft
-
$847/month
Average Rent
Transportation
73
Very Walkable
out of 100 WalkScore® Rating
If you enjoy walking, you’ll enjoy renting in this area! It’s a very walkable neighborhood.
45
Some Transit
out of 100 TransitScore® Rating
You'll likely want a car when living in this area since it has few transit options.
76
Very Bikeable
out of 100 BikeScore® Rating
This area is very bikeable. You’ll find a variety of bike paths and lanes.
Points of Interest
Shopping Centers
Parks and Recreation
- Mill Mountain Park and Discovery Center
- Science Museum of Western Virginia
- Mill Mountain Zoo
- Wolf Creek Greenway
Commuter Rail
Airports
- Roanoke/Blacksburg Regional (Woodrum Field)
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Methodology
† Our analysis of utilities, groceries, transportation, healthcare, home prices, and other goods and services is sourced from the Cost of Living Index, a respected benchmark published by the Council for Community and Economic Research (C2ER) that provides a thorough overview of living expenses across different regions.
Rent data is provided by CoStar Group’s Market Trend reports. As the industry leader in commercial real estate information, analytics, and news, CoStar conducts extensive research to produce and maintain a comprehensive database of commercial real estate information. We combine this data with public record to provide the most up-to-date rental information available.
Consumer goods, services, and home prices are sourced from the Cost of Living Index published by the Council for Community and Economic Research (C2ER). The data on this page is updated quarterly. It was last published in November 2025.