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1101 Main St Salem, IN 47167

For Sale
$199,900

88-Unit Storage Potential, Fixer-Upper Home

Property size:
3,444 SF

Description

Added:
Feb 3, 2025
Days on Market:
308
This exceptional 1.93-acre property at 1101 S Main Street, Salem, IN, presents a lucrative investment opportunity. Currently featuring a 3,444 square foot home requiring significant repairs, this property is zoned B1 and offers immense potential. Approved engineering plans exist for the construction of 88 storage units, promising substantial rental income. The existing home, while needing extensive renovation, could be transformed into a 4+ bedroom residence, ideal for rental or use as a small business location. The property's location, just one mile south of Salem Square, between the square and the bypass, ensures high visibility and accessibility. The potential monthly gross income from the completed storage units is projected to exceed $7,500. The home is sold "as is," and buyers should independently verify the square footage if accuracy is critical. This property is a unique blend of immediate income potential and long-term growth, making it an attractive investment for discerning buyers. The approved plans for the storage units represent a significant advantage, streamlining the development process. The combination of the potential rental income from the storage units and the adaptable home creates a diverse revenue stream. This property is ready for an investor with vision to unlock its full potential.

Property Features for 1101 Main St

General Information

Property type
Other commercial real estate
Square Feet
3,444 SF
Lot Size
84,071 SF

Building Details

Year Built
1920

Property Profile Location Intelligence

Current Use by Public Records

Commercial real estate

Suggested Use

Restaurant Realty agency Law Firm Building Supply Dental Office Spa & Massage Wholesale Shop Auto Repair Shop Hair Salon Clothing Store

Zoning and permitted uses should be independently verified with local authorities.

Location Insight

  • Map
  • Local Demand
City
Salem
County
Washington
State
Indiana
Longitude
-86.09944
Latitude
38.59432

FAQs

What type of property is this?
Commercial real estate - 88-Unit Storage Potential, Fixer-Upper Home
Where is this commercial real estate located?
The property is located at 1101 Main St Salem, IN.
What is the asking price?
The asking price for this property is $199,900.
More about this property
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