Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    1355 W Main Street Salem, VA 24153

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    Junior anchor and small shop availabilities in redeveloped center.

    Type:Retail
    Added:
    Jan 29, 2021
    Days on Market:
    1907
    Last Refresh:
    Mar 17 at 1:17 pm

    Property Features for 1355 W Main Street

    General Information

    Standard status
    Active
    Property subtype
    Retail

    Spaces For Lease

    at 1355 W Main Street Contact us

    We can help!

    Listing Contact
    Sam McCoy

    Listing agent Sam McCoy License #VA WVB190300572

    Listing office Divaris Real Estate Inc

    Listing date Jan 29, 2021

    Source Crexi

    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 Divaris Real Estate Inc

    Overview

    Redeveloped Retail Space Available

    This redeveloped center, formerly a K-Mart, offers a remaining junior anchor position and several small shop availabilities. The location provides visibility and is situated at the intersection of West Main Street and Spartan Drives. Current tenants include Tractor Supply, Planet Fitness, and American Freight Furniture. Nearby anchor stores include Kroger, Wal-Mart, and Lowe's Home Improvement.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Retail space

    Map

    City
    Salem
    County
    Salem
    State
    Virginia
    Longitude
    -80.079342
    Latitude
    37.2913502

    Nearby Similar for Lease

    • $12/mo

      Salem Retail/Office Space Available

      Prominent Main Street location suitable for retail or office uses.
      107 W Main St, Salem, VA 24153
      View Details
    • $12/mo

      Adaptable Commercial Property For Rent

      5,000 SF commercial property with flexible floor plan.
      1005 E Main St, Salem, VA
      View Details
    • Contact for pricing

      Retail/Office Center in Salem

      Retail/office center with excellent location, visibility, and ample parking.
      2105 Apperson Dr, Salem, VA 24153
      View Details
    • Contact for pricing

      Retail Space in Salem Center

      Vibrant shopping center anchored by Kroger in Salem, Virginia.
      141 Electric Rd, Salem, VA
      View Details
    • $18/mo

      Downtown Salem Office Space Available

      Two-story office building in the heart of Downtown Salem.
      306 E Main St, Salem, VA
      View Details
    • $8/mo

      Corner Unit Warehouse Space Available

      7,500 SF warehouse with office space for lease.
      340 Apperson Dr, Salem, VA
      View Details
    • $12/mo

      Flex Industrial Condo For Lease

      Flex space/industrial condo for lease with easy access.
      94-116 Saint Johns Place Rd, Salem, VA
      View Details
    • Contact for pricing

      Retail Space in Salem Center

      Retail space available in grocer-anchored shopping center in Salem.
      1479-1485 W Main St, Salem, VA
      View Details
    • Contact for pricing

      Retail Space on Corner Lot

      Highly visible retail space located off I-81 with high traffic.
      28 Wildwood Rd, Salem, VA
      View Details
    • $12/mo

      Turn-Key Ready End Cap Space

      Renovated 2,250 SF space suitable for various business uses.
      2105-2119 Apperson Dr, Salem, VA
      View Details
    • Contact for pricing

      Retail Space in Salem Center

      Retail space available in grocer-anchored shopping center.
      1477-1486 W Main St, Salem, VA
      View Details
    • Contact for pricing

      Retail Space in Salem Center

      Retail space available in shopping center anchored by Kroger.
      1903-1925 Electric Rd, Salem, VA
      View Details

    FAQs

    What type of property is this?
    Retail space - Junior anchor and small shop availabilities in redeveloped center.
    Where is this retail space located?
    The property is located at 1355 W Main Street Salem, VA.
    What are key features of this property?
    This property features: Located in a redeveloped K‑Mart Center with high visibility.; Anchored by Tractor Supply, Planet Fitness, and American Freight Furniture.; Junior anchor position available.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Sam McCoy
    Real Estate License ID: VA WVB190300572
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    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.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!