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    638 Chapman St Salem, VA 24153

    For Sale
    $2,550,000

    Two adjacent warehouses, 100% leased.

    Property size:
    38,800 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    369
    This exceptional investment opportunity presents two adjacent, income-producing warehouses totaling 38,800 square feet in Salem, Virginia. The property consists of two single-story buildings, each approximately 19,000 square feet, situated on separate tax parcels and offering flexibility for individual sale. Currently operating at 100% occupancy with five separate rentable spaces under a modified lease agreement, this multi-tenant property provides a strong, stable income stream. Built in 1989, both buildings feature 24-foot ceilings, allowing for diverse uses, and four dock-high doors for efficient loading and unloading. The convenient location, just one block from the truck route and with easy access to I-81 and Electric Road, ensures excellent accessibility for tenants and transportation. The property is zoned LM and offers a compelling value-add opportunity for investors or owner-occupiers seeking a well-positioned industrial asset in a thriving market. The asking price for this entire portfolio is $2,550,000. This is a rare chance to acquire a fully leased, multi-tenant industrial property with significant upside potential.

    Property Features for 638 Chapman St

    General Information

    Property type
    Distribution properties
    Square Feet
    38,800 SF

    Building Details

    Year Built
    1989
    Buildings
    2
    Stories
    1
    Units
    5

    HighLights

    • Two 19,000 SF warehouses for sale, $2,550,000.
    • Each warehouse is approximately 19,000 square feet.
    • Individually sellable parcels.
    • One block from Salem, VA truck route (4th St).
    • Excellent I‑81 and I‑419 access.
    • Fully leased, five individual rental spaces.
    Property Profile Location Intelligence

    Current Use by Public Records

    Flex space

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Spa & Massage Dental Office Wholesale Shop Auto Repair Shop Hair Salon Clothing Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Salem
    County
    Roanoke
    State
    Virginia
    Longitude
    -80.0579277
    Latitude
    37.284648

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    FAQs

    What type of property is this?
    Distribution property - Two adjacent warehouses, 100% leased.
    Where is this distribution property located?
    The property is located at 638 Chapman St Salem, VA.
    What is the asking price?
    The asking price for this property is $2,550,000.
    What are key features of this property?
    This property features: Two 19,000 SF warehouses for sale, $2,550,000.; Each warehouse is approximately 19,000 square feet.; Individually sellable parcels.
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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
    638 Chapman St Salem, VA 24153
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