Turnkey Freestanding Restaurant
For Sale
$475,000
1509 Salisbury Boulevard, Salisbury, MD 21801
Freestanding 1,362 SF restaurant building with turnkey readiness and 15 on-site parking spaces.
Property Size1,363 SF
Price / SF$348.50
Days on Market47
Property Features for 1509 Salisbury Boulevard
General Information
Standard status
Active
Size
1,363 SF
Total Parking Spaces
15
Additional Details
Business Included
Yes
Traffic Count
30,000 vehicles/day
Building Details
Year Built
1955
Listing Agency:
NAI Coastal
Listed By:
George Timothy Merritt · License ##0681070
(410) 543-5115
Source:
Kandorre
Added: Jul 25
Changed: Sep 2
Last Checked: Sep 8 at 10:51AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of NAI Coastal
Investment Insights
Based on property information with market context.
The Dover Street Grill, formerly Tastee Freeze, is offered for new ownership as a turnkey freestanding restaurant building ready to begin serving customers immediately. The property provides a 1,362 SF footprint designed for quick start-up operations, and available documentation includes a complete equipment list upon request.
The site benefits from strong daily exposure with approximately 30,000 vehicles passing by and draws from nearby demand drivers including the industrial park, surrounding auto dealerships, and the Route 13 Business Corridor. The property also includes 15 on-site parking spaces with easy, quick access, supporting convenient customer traffic for fast-casual or quick-service concepts.
The site benefits from strong daily exposure with approximately 30,000 vehicles passing by and draws from nearby demand drivers including the industrial park, surrounding auto dealerships, and the Route 13 Business Corridor. The property also includes 15 on-site parking spaces with easy, quick access, supporting convenient customer traffic for fast-casual or quick-service concepts.
Key Highlights
- Freestanding restaurant building totaling 1,362 SF, built in 1955
- Turnkey readiness for immediate food service operations
- 15 on‑site parking spaces
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$23,430
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.93%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$468,600
$468.6K
Cap Rate 7%
$334,714
$334.7K
Cap Rate 9%
$260,333
$260.3K
Market Conditions
NOI Build-Up for 1,363 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$32.7K $24.00/SF
− Vacancy
−$1.5K −$1.08/SF
EGI
$31.2K $22.92/SF
− OpEx
−$7.8K −$5.73/SF
NOI
$23.4K $17.19/SF
Area
Wicomico County, MD
Vacancy
4.50%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$468,600
Cap Rate 7%
$334,714
Cap Rate 9%
$260,333
Alternative Uses
Best Use
Specialty Retail
$334.7K
$292.9K – $390.5K
NOI $23,430 @ 7.0% cap · market cap 4.93%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$476.8K
$417.2K – $556.3K
NOI $33,375 @ 7.0% cap · market cap 7.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
30,000 VPD
Traffic count
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
416
Businesses Nearby
29k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 85%
Dining 6%
Hotels & Casinos 4%
Home Improvements & Furnishings 3%
PNC Bank
Shops & Services
8,485 visits/mo
0.5 miles
AutoZone
Shops & Services
4,644 visits/mo
0.3 miles
Family Dollar
Shops & Services
3,979 visits/mo
0.0 miles
Pep Boys Auto Parts & Service
Shops & Services
2,041 visits/mo
0.1 miles
Citgo
Shops & Services
1,912 visits/mo
0.5 miles
Demographics for 21801, MD
31,183
Population
12,140
Households
2.6
Avg Household Size
37
Median Age
34%
College-Educated
87%
High-School Grad
40.1 sq mi
ZIP Area
778
Density / Sq Mi
$67,140
Median Household Income
$36,290
Median Earnings
$1,058
Median Rent
$286,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in South region
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Freestanding 1,362 SF restaurant building with turnkey readiness and 15 on-site parking spaces.
Where is this conventional restaurant located?
The property is located at 1509 Salisbury Boulevard Salisbury, MD.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: Freestanding restaurant building totaling 1,362 SF, built in 1955; Turnkey readiness for immediate food service operations; 15 on‑site parking spaces
