Turnkey Freestanding Restaurant
For Sale
Contact for pricing
1515 N Salisbury Blvd, Salisbury, MD 21804
Turnkey freestanding restaurant with 15 on-site parking spaces and strong daily traffic exposure for quick-service operations.
Property Size1,363 SF
Price / SF$403.52
Days on Market100
Property Features for 1515 N Salisbury Blvd
General Information
Standard status
Active
Size
1,363 SF
Total Parking Spaces
15
Property subtype
Retail, Hospitality
Investment Type
Owner/User
Additional Details
Business Included
Yes
Traffic Count
30,000 vehicles/day
Listing Agency:
NAI Coastal - Salisbury
Listed By:
George Merritt · License #MD 0681070
(410) 543-5115
Source:
Crexi
Added: Jun 2
Changed: Aug 25
Last Checked: Sep 9 at 5:46AM
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 - Salisbury
Investment Insights
Based on property information with market context.
The Dover Street Grill (formerly Tastee Freeze) is a freestanding restaurant building offered for new ownership. The property is delivered turnkey and is set up to begin serving customers immediately. The building size is approximately 1,362 square feet and includes on-site infrastructure suitable for restaurant operations.
The site is positioned on a high-exposure corridor with approximately 30,000 vehicles passing by each day. Nearby demand is supported by an industrial park, surrounding auto dealerships, and the Route 13 Business Corridor. The property also offers convenient, quick access for patrons.
With 15 on-site parking spaces, this location is well suited to fast-casual or quick-service concepts that benefit from straightforward site access and customer convenience. For buyers and operators, the turnkey presentation helps reduce the time needed to open, while the strong daily traffic exposure supports ongoing customer access.
The site is positioned on a high-exposure corridor with approximately 30,000 vehicles passing by each day. Nearby demand is supported by an industrial park, surrounding auto dealerships, and the Route 13 Business Corridor. The property also offers convenient, quick access for patrons.
With 15 on-site parking spaces, this location is well suited to fast-casual or quick-service concepts that benefit from straightforward site access and customer convenience. For buyers and operators, the turnkey presentation helps reduce the time needed to open, while the strong daily traffic exposure supports ongoing customer access.
Key Highlights
- 1,362 SF freestanding restaurant building formerly known as Tastee Freeze, Dover Street Grill
- Turnkey operation ready to begin serving customers immediately (per listing remarks)
- Approximately 30,000 vehicles pass by daily, supporting strong daily visibility
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
4.26%
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 4.26%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$476.8K
$417.2K – $556.3K
NOI $33,375 @ 7.0% cap · market cap 6.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
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 21804, MD
40,049
Population
16,736
Households
2.4
Avg Household Size
37
Median Age
28%
College-Educated
89%
High-School Grad
68.6 sq mi
ZIP Area
584
Density / Sq Mi
$68,882
Median Household Income
$35,902
Median Earnings
$1,343
Median Rent
$230,200
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Turnkey freestanding restaurant with 15 on-site parking spaces and strong daily traffic exposure for quick-service operations.
Where is this conventional restaurant located?
The property is located at 1515 N Salisbury Blvd Salisbury, MD.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: 1,362 SF freestanding restaurant building formerly known as Tastee Freeze, Dover Street Grill; Turnkey operation ready to begin serving customers immediately (per listing remarks); Approximately 30,000 vehicles pass by daily, supporting strong daily visibility
