Turnkey Freestanding Restaurant
1509 Salisbury Boulevard Salisbury, MD 21801
New
For Sale
$475,000
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 Market5
Property Features for 1509 Salisbury Boulevard
General Information
Standard status
Active
Size
1,363 SF
Building Details
Year Built
1955
Listing Agency:
NAI Coastal
(410) 543-5115
Listed By:
George Timothy Merritt · License ##0681070
Source:
Kandorre
Added: Jul 25
Changed: Jul 26
Last Checked: Jul 29 at 8:59AM
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 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 | $32.7k | $24.00 |
| − Vacancy | −$1.5k | −$1.08 |
| EGI | $31.2k | $22.92 |
| − OpEx | −$7.8k | −$5.73 |
| NOI | $23.4k | $17.19 |
1,363 SF · lease $24.00/SF/yr · vacancy 4.50% · expense 25.00%
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
Location Intelligence
Current Use
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
