1618 Main St Salem, VA 24153
- Commercial real estate
- 7,416 SF
- 1.44 lot acres
Current Use by Public Records
- Commercial real estate
Property Details for 1618 Main St
- Year built
- 2009
- Lot size
- 1.44 lot acres
- Property size
- 7,416 SF
- Zone code
- HBD
- Property type
- Commercial real estate
- APN
- 139-4-5.1
- APU
- 139451
Description
This exceptional Class A, 7,416 square foot medical and creative office building, located at 1618 W Main St, Salem, VA 24153, presents a compelling investment opportunity. Built in 2009 and extensively renovated in 2023, the property boasts a 100% occupancy rate across its three units, generating strong cash flow. The building features a modified lease structure and is situated on a 1.44-acre lot, providing ample parking. A significant advantage is the inclusion of an extra pad, ideal for future development and expansion, adding considerable long-term value. The property is a stabilized investment, classified as Class A, and benefits from its prime location on Salem's highly desirable West Main Street commercial corridor. The two-story building offers a mix of creative and traditional office spaces, currently occupied by multiple tenants, including a dentist office as an anchor tenant. The asking price is $1,425,000, translating to $192.15 per square foot. This property offers a rare combination of immediate income generation and significant future growth potential.
Value Estimation
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Salem
- County
- Salem
- State
- Virginia
- Longitude
- -80.0845
- Latitude
- 37.2881
- CBSA code
- 40220
- CBSA name
- ROANOKE, VA METROPOLITAN STATISTICAL AREA
