Automotive Facility with Development
296 & 288 Highland Avenue Salem, MA 01970
For Sale
$2,995,000
Auto body approved facility with redevelopment possibilities in high-traffic area.
Property Size5,483 SF
Lot Size12.00 Acres
Price / SF$546.23
Days on Market95
Property Features for 296 & 288 Highland Avenue
General Information
- Standard status
- Active
- Size
- 5,483 SF
- Lot size
- 12.00 Acres
- Property subtype
- Commercial
Building Details
- Year Built
- 1950
Listing Agency:
Keller Williams Realty - Londonderry
Listed By:
Doug Martin
Source:
Stevebremis
Added: Apr 24
Changed: Jul 10
Last Checked: Jul 27 at 6:42AM
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 Keller Williams Realty - Londonderry
Investment Insights
Based on property information with market context.
This property presents an investment and redevelopment opportunity with visibility on Highland Avenue. Approved for auto body use, the site is suitable for auto sales, service, repair, or collision operations. The offering includes two commercial lots with over 200 feet of frontage in a high-traffic retail corridor. The primary retail parcel features a 4,488 square foot automotive facility equipped with 6 service bays, 4 lifts, showroom space, a manager's office, parts and stock rooms, a customer waiting area, and a security system. Approximately 12 acres of residential land located behind the main commercial site offer future development potential. The second parcel includes a small residential structure situated on commercially zoned land, presenting redevelopment possibilities. The location is near major national retailers and traffic generators, with more than 35,000 vehicles per day.
Key Highlights
- Approved for Auto Body Use: A rare and valuable opportunity.
- High‑Traffic Location: Over 200 ft of frontage on busy Highland Ave with 35,000+ vehicles per day.
- Existing Automotive Facility: 4,488 SF building with 6 service bays, 4 lifts, showroom, and office space.
Financial Insights For 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 | $131.6k | $24.00 |
| − Vacancy | −$2.9k | −$0.53 |
| EGI | $128.7k | $23.47 |
| − OpEx | −$38.6k | −$7.04 |
| NOI | $90.1k | $16.43 |
5,483 SF · lease $24.00/SF/yr · vacancy 2.20% · expense 30.00%
Alternative Uses
Best Use
Retail
$1.29M
$1.13M – $1.50M
NOI $90,088 @ 7.0% cap · market cap 3.01%
Second Best
Industrial
$833.2K
$729.0K – $972.0K
NOI $58,322 @ 7.0% cap · market cap 1.95%
Theoretical Best
Office A
$3.25M
$2.84M – $3.79M
NOI $227,214 @ 7.0% cap · market cap 7.59%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
CarFive
Car Dealership
Clayton Company
General Contractor
Similar Off Market Nearby
- Tool & Truck Rental Center at The Home Depot — 50 Traders Way, Salem, MA 01970
- Roadside Rental — 307 Highland Ave, Salem, MA 01970
FAQs
What type of property is this?
Automotive property - Auto body approved facility with redevelopment possibilities in high-traffic area.
Where is this automotive property located?
The property is located at 296 & 288 Highland Avenue Salem, MA.
What is the asking price?
The asking price for this property is $2,995,000.
What are key features of this property?
This property features: Approved for Auto Body Use: A rare and valuable opportunity.; High‑Traffic Location: Over 200 ft of frontage on busy Highland Ave with 35,000+ vehicles per day.; Existing Automotive Facility: 4,488 SF building with 6 service bays, 4 lifts, showroom, and office space.
