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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

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    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.
    (812) 620-0046
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    1101 Main St Salem, IN 47167
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    Salem, IN 47167
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1101 Main St Salem, IN 47167
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