Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Commercial Land with Zoned Portions Title is generated by Realmo AI

    S Westminster Drive, Salem, IN 47167

    View on Map
    Claim this Listing
    New
    For Sale
    $199,900

    COMMERCIAL - Salem, IN

    Lot size:
    2.40 Acres
    Added:
    Jun 5, 2026
    Days on Market:
    3
    Last Refresh:
    Jun 7 at 12:06 am

    Property Features for S Westminster Drive

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    APN
    882421444004000022
    Lot size
    2.40 Acres

    Taxes and HOA fees

    Tax Year
    4051
    Tax Description
    13-21-444-004.000-22 PT SE 21-2-4 .26ac Pt PARCEL 1 WESTMINSTER FARMS & 13-21-444-005.000-22 PT SE 21-2-4 2.1359ac
    Tax Annual Amount
    156

    We can help!

    Listing Contact
    Mary McCoskey Finkle
    Mary McCoskey Finkle

    Listing agent Mary McCoskey Finkle License #AD51424708

    Listing office Mainstreet REALTORS 304 N Main St., Salem, IN

    Listing date Jun 5, 2026

    MLS# 202608989

    Copyright © 2026 Southern Indiana REALTORS Association. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • 2.3959‑acre commercial property on the outskirts of town
    • A portion of the land is zoned commercial and a portion is unzoned
    • Located near the bypass

    Overview

    The property is a 2.3959-acre commercial development tract located on the outskirts of town. The land includes a portion that is zoned commercial and a portion that is unzoned, offering flexibility for buyers evaluating different project approaches within the same overall site. The seller indicates they will secure the appropriate zoning for the buyer’s intended use.

    This site benefits from its positioning near the bypass, which can support convenient access for commercial operations that rely on passing traffic and straightforward regional connectivity. The offering is presented as a build-ready option for buyers who want to develop on a single contiguous parcel.

    For buyers and developers, the mixed zoning configuration can simplify early planning by giving one portion already aligned with commercial use while leaving the remaining acreage available to be brought into compliance for the intended project. If your concept requires zoning beyond what is currently on-site, the seller’s stated willingness to secure appropriate zoning may help streamline the process. The property is offered for sale in Salem, Indiana, in Washington County.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial land

    Map

    City
    Salem
    County
    Washington
    State
    Indiana
    Longitude
    -86.07352
    Latitude
    38.59211

    Nearby Similar for Sale

    • $199,900
      10,246 SF

      Spacious Commercial Building with Parking

      Large commercial building suitable for various business ventures.
      300 W Mulberry Street, Salem, IN 47167
      View Details
    • $299,000
      7,548 SF

      Versatile Mixed-Use Commercial Property

      Mixed-use property with storefronts, parking, and residential potential.
      18 Public Sq, Salem, IN 47167
      View Details
    • $199,900

      Commercial Land Parcel

      Multi-part land parcel totaling 2.3959 acres near the bypass, with both commercial-zoned and unzoned areas.
      S Westminster Drive, Salem, IN 47167-5955
      View Details
    • $500,000

      Salem Land with Damaged Building

      8.5 acre property with fire-damaged building between Salem and Scottsburg.
      6155 E State Road 56 Road, Salem, IN 47167
      View Details
    • $299,000
      2,958 SF

      Updated Commercial Building with Apartment

      Updated commercial building with apartment in Salem, Indiana.
      62 Public Sq, Salem, IN 47167
      View Details
    • $500,000

      Commercial Land on State Road

      8.5 acres of commercial land between Salem and Scottsburg.
      6155 E State Road 56, Salem, IN 47167
      View Details
    • $259,900

      25 Acres of Scenic Land

      Land with pasture, woods, springs, stream, utilities, and internet.
      W Highway 60 at Temple Rd, Salem, IN 47167
      View Details
    • $795,000
      4,001 SF

      Turnkey Income-Generating Homestead Property

      Fully furnished, renovated farmhouse on 3 acres with managed homestead.
      3275 W Mount Tabor Road, Salem, IN 47167
      View Details
    • $299,000

      Downtown Salem Commercial Building For Sale

      Well-maintained commercial building with storefronts, office space, and parking.
      18 Public Sq, Salem, IN
      View Details
    • $1.00

      Tillable Farmland Tract with Road Frontage

      Mostly tillable acreage with broad frontage on Broadway Road and utility availability in Washington County, Indiana.
      Tract 2 - E Broadway Street, Salem, IN 47167
      View Details
    • $1.00

      Prime Tillable Farmland Tract

      Mostly tillable Washington County farmland tract with Broadway Road frontage and utilities available.
      Tract 1 - E Broadway Street, Salem, IN 47167
      View Details
    • $1.00

      Farmland with Road Frontage

      Income-producing farmland with quality soils, a barn, and utilities available, with road frontage on Broadway Road.
      Tract 3 - E Broadway Street, Salem, IN 47167
      View Details

    FAQs

    What type of property is this?
    Commercial land - A development tract with both commercial-zoned and unzoned acreage, positioned near the bypass for business access.
    Where is this commercial land located?
    The property is located at S Westminster Drive Salem, IN.
    What is the asking price?
    The asking price for this property is $199,900.
    What are key features of this property?
    This property features: 2.3959‑acre commercial property on the outskirts of town; A portion of the land is zoned commercial and a portion is unzoned; Located near the bypass
    (812) 883-9555
    We can help!
    Listing Contact
    Mary McCoskey Finkle
    Mary McCoskey Finkle
    Real Estate License ID: AD51424708
    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

    Thank You for Inquiry
    S Westminster Drive, Salem, IN 47167
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!