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    1622 Main St Salem, VA 24153

    Sponsored
    For Sale
    $1,300,000

    Prime 2.25-acre CBD land, high visibility.

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    This exceptional 2.25-acre commercial land parcel, located at 1622 E Main St in Salem, VA 24153, presents a remarkable redevelopment opportunity. Situated on a highly visible corner with a signalized intersection and multiple access points, this property boasts maximum exposure and accessibility. Zoned for Central Business District (CBD) use, it offers significant potential for various retail developments. The property benefits from its location within Salem's Interstate 81 District South Opportunity Zone, providing potential tax advantages for investors. This strategic location is supported by a strong local demographic, with over 46,000 residents within a three-mile radius and an average household income exceeding $65,000. The asking price for this prime development site is $1,300,000. This represents a compelling investment opportunity in a thriving market. The property's size and zoning allow for a wide range of development possibilities, making it an attractive prospect for both experienced developers and investors seeking a high-return project. The strategic location and potential tax benefits combine to create a unique and compelling investment proposition.

    Property Features for 1622 Main St

    General Information

    Property type
    Land
    Lot Size
    98,010 SF

    HighLights

    • Hard corner with signalized intersection and multiple access points.
    • Located in Salem, VA's Interstate 81 District South Opportunity Zone, offering potential tax advantages.
    • CBD zoning allows for various retail developments.
    • 2.25‑acre redevelopment opportunity.
    • Asking price: $1,300,000.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Map

    City
    Salem
    County
    Salem
    State
    Virginia
    Longitude
    -80.0262889
    Latitude
    37.2980736

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    FAQs

    What type of property is this?
    Land - Prime 2.25-acre CBD land, high visibility.
    Where is this land located?
    The property is located at 1622 Main St Salem, VA.
    What is the asking price?
    The asking price for this property is $1,300,000.
    What are key features of this property?
    This property features: Hard corner with signalized intersection and multiple access points.; Located in Salem, VA's Interstate 81 District South Opportunity Zone, offering potential tax advantages.; CBD zoning allows for various retail developments.
    (540) 767-3008
    Request Owner's contact information
    1622 Main St Salem, VA 24153
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    Salem, VA 24153
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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
    1622 Main St Salem, VA 24153
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