Historic Mixed-Use
131 E Innes St Salisbury, NC 28144
131 E Innes St, Salisbury, NC, 28144
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For Sale
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Fully renovated historic mixed-use building with retail and office tenants, separate level metering, and elevator service.
Property Size20,000 SF
Price / SF$100
Days on Market148
Property Features for 131 E Innes St
General Information
- Standard status
- Active
- Size
- 20,000 SF
- Property subtype
- Office, Retail
Building Details
- Year Built
- 1925
Listing agency
Coldwell Banker Commercial Realty
Listed by
Azeem Hassan · License #318643
Source
Crexi
Added: Feb 24 Updated: Jul 22 at 8:20AM Checked: Jul 22 at 8:20AM
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 Coldwell Banker Commercial Realty
Investment Insights
Based on property information with market context.
The Hardiman Building is a fully renovated historic mixed-use property that combines restored architectural character with modern tenant functionality. The building has undergone extensive renovations totaling approximately $2 million in capital improvements, completed with approval from the Historic Salisbury Foundation. Spanning three levels including a basement, the property offers a diversified mix of retail and office tenants. Each level is separately metered, and the building includes an elevator servicing multiple floors.
Located on a prominent corner of East Innes Street in Downtown Salisbury’s retail corridor, the building benefits from strong visibility within the city’s primary commercial and pedestrian thoroughfare. The first floor is anchored by a restaurant tenant that has operated at the location for over 10 years, supporting an established street-level presence.
Located on a prominent corner of East Innes Street in Downtown Salisbury’s retail corridor, the building benefits from strong visibility within the city’s primary commercial and pedestrian thoroughfare. The first floor is anchored by a restaurant tenant that has operated at the location for over 10 years, supporting an established street-level presence.
Key Highlights
- Hardiman Building built in 1925; fully renovated historic mixed‑use investment property
- Approximately $2 million in capital improvements completed with Historic Salisbury Foundation approval
- About 20,000 SF, 3 levels plus basement, with a diversified mix of retail and office tenants
Local Financial Insights For Specialty Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $168.0k | $8.40 |
| − Vacancy | −$14.1k | −$0.71 |
| EGI | $153.9k | $7.69 |
| − OpEx | −$38.5k | −$1.92 |
| NOI | $115.4k | $5.77 |
20,000 SF · lease $8.40/SF/yr · vacancy 8.40% · expense 25.00%
Alternative Uses
Best Use
Office B
$5.01M
$4.38M – $5.85M
NOI $350,759 @ 7.0% cap · market cap 17.54%
Second Best
Retail
$3.51M
$3.07M – $4.09M
NOI $245,532 @ 7.0% cap · market cap 12.28%
Theoretical Best
Office A
$6.29M
$5.51M – $7.34M
NOI $440,640 @ 7.0% cap · market cap 22.03%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
SP Digital
Advertising Agency
Rowan County United ...
Charitable Organization
Thrivent Financial-Lutherans
Financial Advisor
Salisbury Post
Publishing House
Salisbury the magazine
Publishing House
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FAQs
What type of property is this?
Mixed-use property - Fully renovated historic mixed-use building with retail and office tenants, separate level metering, and elevator service.
Where is this mixed-use property located?
The property is located at 131 E Innes St Salisbury, NC.
What is the asking price?
The asking price for this property is $2,000,000.
What are key features of this property?
This property features: Hardiman Building built in 1925; fully renovated historic mixed‑use investment property; Approximately $2 million in capital improvements completed with Historic Salisbury Foundation approval; About 20,000 SF, 3 levels plus basement, with a diversified mix of retail and office tenants
