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

    520 Salem Street Lexington, NC 27293

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $395,000

    Retail building on a high-traffic corner with diverse business potential.

    Type:Retail
    Added:
    Jun 4, 2024
    Days on Market:
    685
    Last Refresh:
    Apr 1 at 8:58 pm

    Property Features for 520 Salem Street

    General Information

    Standard status
    Active
    Property subtype
    Retail

    Building Details

    Year Built
    1946

    We can help!

    Listing Contact
    H.R. Gallimore

    Listing agent H.R. Gallimore

    Listing office RE/MAX Central Realty

    Listing date Jun 4, 2024

    Source Xome

    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 RE/MAX Central Realty

    Overview

    Retail Building on High Visibility Corner

    This retail building is situated on a high-visibility corner in Lexington, benefiting from a high traffic count and proximity to numerous other businesses. Previous uses of the building include a coffee shop, laundromat, and dry cleaners, suggesting its adaptability for various retail purposes.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Limb Walkers Tree ... Landscaping

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Lexington
    County
    Davidson
    State
    North Carolina
    Longitude
    -80.2538073
    Latitude
    35.8338609

    Nearby Similar for Sale

    • $649,999
      2,850 SF

      Lexington Car Wash Opportunity

      Car wash with laser wash and hand wash bays.
      1544 Old US Highway 52, Lexington, NC 27295
      View Details
    • $1,300,000
      23,322 SF

      Versatile Lexington Commercial Building

      Recently renovated 23,000+ sq ft building in downtown Lexington.
      30 E 1St Street, Lexington, NC 27292
      View Details
    • $395,000
      3,500 SF

      Retail Building in High-Traffic Location

      Retail building on a high-visibility corner with high traffic.
      520 Salem Street, Lexington, NC 27293
      View Details
    • $1.00
      1,500 SF

      Lexington Office Space Available

      Office space featuring private offices, reception area, and HVAC.
      102-C W 1st Avenue, Lexington, NC 27292
      View Details
    • $199,000

      Lexington Home with No Restrictions

      Home with recent updates and no deed restrictions, sold as-is.
      620 Frank Fleer Road, Lexington, NC 27292
      View Details
    • $915,000
      2,633 SF

      Lexington Retail Opportunity For Sale

      Former convenience store with high visibility and strong traffic counts.
      19 Cotton Grove Rd, Lexington, NC 27292
      View Details
    • $2,200,000
      8,236 SF

      Established Event Venue For Sale

      Turnkey event venue with immediate income potential on 5.1 acres.
      2929 Hedrick Mill Road, Lexington, NC 27292
      View Details
    • $650,000

      Updated Commercial Building Near Highway

      Updated commercial building with high visibility and accessibility.
      3574 Cotton Grove Road, Lexington, NC 27292
      View Details
    • $450,000
      5,500 SF

      Lexington Commercial Building For Sale

      Approximately 5,500 sq. ft. commercial building in Lexington, NC.
      22 S Talbert Boulevard, Lexington, NC 27292
      View Details
    • $1,450,000

      Established Restaurant with Drive-Thru

      Thriving restaurant for sale with ample parking and drive-thru.
      9150 NC Highway 8, Lexington, NC 27292
      View Details
    • $345,000

      Lexington Craftsman Bungalow with Income

      Classic 1925 Craftsman with income potential near downtown Lexington.
      403 W Center Street, Lexington, NC 27292
      View Details
    • $995,000
      118,977 SF

      Warehouse Near Lexington Depot

      120,000 sq. ft. warehouse near future rail station.
      200 E. 2nd Ave., Lexington, NC
      View Details

    FAQs

    What type of property is this?
    Retail space - Retail building on a high-traffic corner with diverse business potential.
    Where is this retail space located?
    The property is located at 520 Salem Street Lexington, NC.
    What is the asking price?
    The asking price for this property is $395,000.
    What are key features of this property?
    This property features: High visibility corner location in Lexington; Very high traffic count; Good size retail building
    (336) 626-5600
    We can help!
    Listing Contact
    H.R. Gallimore
    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!