1109 Electric Rd Salem, VA 24153

This exceptional Salem, VA office building presents a compelling investment opportunity. Located at 1109 Electric Rd, this 5,120 square foot, single-story building boasts high visibility and brick construction. Built in 2004 and renovated in 2015, it features three units currently 70% occupied with a lease expiring December 31, 2024. The property offers a strong 5.03% cap rate and a Net Operating Income (NOI) of $50,000, with an asking price of $995,000 ($194.34/sq ft). The 0.62-acre lot provides ample space, including 36 parking spaces. Zoned HBD (Highway Business District), it allows for diverse uses including accounting, insurance, medical, financial, some retail, and industrial. The property's current tenant, Innovative Community Solutions, presents potential for immediate owner-occupancy or future multi-tenant options. This is an owner-user investment opportunity with a modified lease type and no tenant credit rating. The building's Class B designation reflects its solid condition and potential for further enhancement. The property's location in Salem, VA (zip code 24153) offers excellent access and visibility. This is a rare opportunity to acquire a well-maintained, versatile office building in a prime location.