Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    1400 Main St Salem, VA 24153
    Back to Search
    Property profile & analytics

    1400 Main St Salem, VA 24153

    View on Map
    • Lifestyle centers
    • 176,779 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Lifestyle centers

    Property Details for 1400 Main St

    Property size
    176,779 SF
    Property type
    Lifestyle centers
    Property subtype
    Power centers

    Description

    Spartan Square, located at 1400 W Main St in Salem, Virginia (zip code 24153), offers exceptional retail space for lease. This Class A shopping center boasts a total of 176,779 square feet, providing ample opportunity for businesses of various sizes. Currently, there are 8 available spaces ranging from a minimum of 1,136 square feet to a maximum contiguous space of 10,145 square feet. A significant 19,958 square feet is currently vacant, presenting a unique chance to establish a prominent presence within this thriving retail hub. The property's location in Salem County, Virginia, ensures high visibility and accessibility for customers. The center's "Shopping Center" subtype indicates a well-established retail environment, likely benefiting from shared amenities and foot traffic. The property's classification as Class A suggests high-quality construction, modern amenities, and a desirable location within the Salem market. This presents a compelling investment opportunity for businesses seeking a strategic location in a vibrant commercial area. The property is easily accessible via its location on W Main St, and its coordinates are 37.2902036 latitude and -80.0824766 longitude. Interested parties are encouraged to inquire about available space and lease terms. This is a prime opportunity to secure retail space in a high-traffic, well-established shopping center.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Salem
    County
    Salem
    State
    Virginia
    Longitude
    -80.0825
    Latitude
    37.2902

    Comparable in this City

    • Value Estimation by Request
      39,580 SF

      36-50 Wildwood Rd

      Retail properties & Spaces • 39,580 SF
      36-50 Wildwood Rd, Salem, VA 24153
      View Details
    • Value Estimation by Request
      9,000 SF

      2383 Roanoke Blvd

      Individual retail properties • 9,000 SF
      2383 Roanoke Blvd, Salem, VA 24153
      View Details
    • Value Estimation
      $800,000
      48,427 SF

      1764 Apperson Dr

      REGIONAL SHOPPING CENTER, MALL • 48,427 SF
      1764 Apperson Dr, Salem, VA 24153-7206
      View Details
    • Value Estimation by Request
      5,264 SF

      1601 Lynchburg Tpke

      REGIONAL SHOPPING CENTER, MALL • 5,264 SF
      1601 Lynchburg Tpke, Salem, VA 24153-5409
      View Details
    • Value Estimation by Request
      9,520 SF

      1325 Main St

      REGIONAL SHOPPING CENTER, MALL • 9,520 SF
      1325 Main St, Salem, VA 24153-4707
      View Details
    • Value Estimation
      $645,000
      20,160 SF

      1306 Main St

      REGIONAL SHOPPING CENTER, MALL • 20,160 SF
      1306 Main St, Salem, VA 24153-4708
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      10,545 SF

      Retail Property with Highway Access

      Retail property featuring strategic location, high traffic, and ample parking.
      1650 Braeburn Dr, Salem, VA 24153
      View Details
    • $1,595,000

      Restaurant/Retail Building on Corner Lot

      7,980 SF building on 1.26 acres, prime corner location.
      201 Electric Rd, Salem, VA 24153
      View Details
    • Contact for pricing
      176,806 SF

      Retail Property in Salem, Virginia

      Large retail property available for sale in Salem, Virginia.
      1439 W Kimball St, Salem, VA 24153
      View Details
    • Contact for pricing
      19,941 SF

      327 S College Ave, Salem, VA 24153

      Auto shops • 19,941 SF
      327 S College Ave, Salem, VA 24153
      View Details
    • Contact for pricing
      1,455 SF

      Well-Maintained Office/Retail Building For Sale

      Pristine building suitable for office, service, or retail use.
      904 Apperson Dr, Salem, VA 24153
      View Details
    • Contact for pricing
      3,179 SF

      Salem Retail/Office Building For Sale

      Highly visible retail/office building at signalized intersection in Salem, VA.
      1432 Apperson Dr, Salem, VA 24153
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      1,400 SF

      Retail Space in Salem Center

      Retail space available in shopping center anchored by Kroger.
      1903-1925 Electric Rd, Salem, VA 24153
      View Details
    • Contact for pricing
      2,100 SF

      Retail Space in Salem Center

      Vibrant shopping center anchored by Kroger in Salem, Virginia.
      141 Electric Rd, Salem, VA 24153
      View Details
    • Contact for pricing
      2,800 SF

      Retail Space in Salem Corridor

      Retail spaces available in Salem's major shopping corridor.
      1325 W Main St, Salem, VA 24153
      View Details
    • Contact for pricing
      45,120 SF

      Salem Retail Center: Prime Location

      High-traffic retail space, multiple units available.
      1300 Main St, Salem, VA 24153
      View Details
    • Contact for pricing
      800 SF

      Retail Space in Salem Center

      Retail space available in grocer-anchored shopping center.
      1477-1486 W Main St, Salem, VA 24153
      View Details
    • Contact for pricing

      Retail Space in Lakeside Plaza

      Retail space for lease in Kroger-anchored Lakeside Plaza.
      161 Electric Rd, Salem, VA 24153
      View Details
    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.
    1400 Main St
    Salem, VA 24153
    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
    1400 Main St, Salem, VA, 24153
    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!