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    103 Baldridge Ln Salem, IL 62881

    For Sale
    $4,482,509

    100% Leased, Multi-Tenant Retail Center

    Property size:
    27,500 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    370
    This exceptional investment opportunity presents a 27,500-square-foot, multi-tenant retail center in Salem, Illinois. The property boasts 100% occupancy with nine tenants, including Dollar Tree as an anchor, and benefits from triple-net (NNN) leases providing long-term stability. The diverse tenant mix includes Dab City Tobacco & Vape, AT&T Wireless, El Rancherito Mexican Cuisine, CATO, an Internet Gaming Cafe, Zen Nails & Spa, World Finance Corporation, and an ATM lease with Marion County Savings Bank. Built in 2007, this center sits on a 3.33-acre lot with ample parking and enjoys a prime location on Baldridge Lane, off Highway 50 (West Main Street), near Interstate 57. Daily traffic counts exceed 15,645 vehicles. The property's strategic location is further enhanced by its proximity to a Walmart Supercenter, KFC, Arby's, Applebee's, Denny's, Wendy's, McDonald's, Taco Bell, Domino's Pizza, Dollar General, CVS, and Verizon Wireless. The asking price is $4,482,509, representing $163 per square foot, a price point below replacement cost, and offering an attractive 8.25% cap rate with a net operating income (NOI) of $369,979. Approximately 43% of the gross leasable area has been occupied since the center's opening over 16 years ago. The city of Salem is conveniently located approximately 90 minutes east of St. Louis, Missouri.

    Property Features for 103 Baldridge Ln

    General Information

    Property type
    Lifestyle centers
    Square Feet
    27,500 SF
    Lot Size
    145,055 SF

    Building Details

    Year Built
    2007
    Units
    10

    HighLights

    • 27,500‑square‑foot multi‑tenant retail center in Salem, Illinois.
    • Shadow‑anchored by a Walmart Supercenter.
    • 100% leased with triple‑net (NNN) leases.
    • Anchored by Dollar Tree; diverse tenant mix of national and local retailers.
    • 43% of the GLA occupied since the center opened over 16 years ago.
    • Situated on a 3.33‑acre lot with ample parking.
    Property Profile Location Intelligence

    Current Use by Public Records

    Lifestyle centers

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Salem
    County
    Marion
    State
    Illinois
    Longitude
    -88.98379139
    Latitude
    38.62353642

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    FAQs

    What type of property is this?
    Lifestyle center - 100% Leased, Multi-Tenant Retail Center
    Where is this lifestyle center located?
    The property is located at 103 Baldridge Ln Salem, IL.
    What is the asking price?
    The asking price for this property is $4,482,509.
    What are key features of this property?
    This property features: 27,500-square-foot multi-tenant retail center in Salem, Illinois.; Shadow-anchored by a Walmart Supercenter.; 100% leased with triple-net (NNN) leases.
    Request Owner's contact information
    103 Baldridge Ln Salem, IL 62881
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    Realmo Value Estimation

    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.

    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.

    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
    103 Baldridge Ln Salem, IL 62881
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