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    119 S Lee St Salisbury, NC 28144
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    119 S Lee St Salisbury, NC 28144

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    • Live-work space
    For Sale
    $229,900
    View Listing →
    Downtown Salisbury Live/Work/Studio Condo For Sale
    $229,900

    Downtown Salisbury Live/Work/Studio Condo

    Upscale live/work condo in historic downtown Salisbury.

    119 S Lee Street, Salisbury, NC 28144
    View Listing
    Property ID
    US53-5645606
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Live-work space

    Property Details for 119 S Lee St

    Year built
    2005
    Property type
    Live-work space
    Property subtype
    Office Units

    Description

    Exceptional opportunity for upscale live/work/studio condo in downtown historic Salisbury's Fire House Urban Lofts. Within a block or so from your covered front door, you'll find numerous restaurants (Cuban, Thai, Brazilian, Italian + American), numerous shops, and two (yes, 2!) live theaters and a ... brewery. Two blocks will bring you to the public main library across from the beautiful Bell Tower Green Park. Your back door opens to a large, private, brick, condo-community patio with ADA ramp. The condo interior offers 5 very adaptable rooms plus an ADA half bath and a second bath with step-in shower. The largest room has two walls of windows plus built-ins, which could serve as a living room or conference room. What has been a breakroom could convert to a minimalist "New York Kitchen" when outfitted with suitably sized appliances. View the floor plan sketch to see how the space could adapt to your needs. This truly is a "must see" property.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Salisbury
    County
    Rowan
    State
    North Carolina
    Longitude
    -80.4697513
    Latitude
    35.6655819

    Comparable in this City

    • $229,900

      Downtown Salisbury Live/Work/Studio Condo

      Upscale live/work condo in historic downtown Salisbury.
      119 S Lee St, Salisbury, NC 28144
      View Details
    • New
      $277,777
      0.37 Acres

      Well-Appointed Office Space Available

      Functional office with private offices, conference room, and included furnishings.
      400 Statesville Blvd, Salisbury, NC 28144
      View Details
    • $148,900
      924 SF

      Office Condo Near I-85

      924 SF office condo with private offices and upgrades.
      1620 S Martin Luther King Jr Ave, Salisbury, NC 28144
      View Details
    • New
      $144,999
      924 SF

      Office Condo Near I-85

      924 SF office condo with private offices and upgrades.
      1620 S Martin Luther King Jr Ave, Salisbury, NC 28144
      View Details
    • Contact for pricing

      Downtown Salisbury Mixed-Use Property

      Versatile mixed-use property in historic Downtown Salisbury with redevelopment potential.
      122 E Innes St, Salisbury, NC 28144
      View Details
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      35,000 SF

      Salisbury Office Building Redevelopment Opportunity

      2.28-acre assemblage with 35,000 SF office building for sale.
      1236 W Innes St, Salisbury, NC 28144
      View Details

    Similar Nearby for Sale

    • $229,900

      Downtown Salisbury Live/Work/Studio Condo

      Upscale live/work condo in historic downtown Salisbury.
      119 S Lee St, Salisbury, NC 28144
      View Details
    • New
      $277,777
      0.37 Acres

      Well-Appointed Office Space Available

      Functional office with private offices, conference room, and included furnishings.
      400 Statesville Blvd, Salisbury, NC 28144
      View Details
    • Contact for pricing

      Downtown Salisbury Mixed-Use Property

      Versatile mixed-use property in historic Downtown Salisbury with redevelopment potential.
      122 E Innes St, Salisbury, NC 28144
      View Details
    • $148,900
      924 SF

      Office Condo Near I-85

      924 SF office condo with private offices and upgrades.
      1620 S Martin Luther King Jr Ave, Salisbury, NC 28144
      View Details
    • New
      $144,999
      924 SF

      Office Condo Near I-85

      924 SF office condo with private offices and upgrades.
      1620 S Martin Luther King Jr Ave, Salisbury, NC 28144
      View Details
    • Contact for pricing
      13,575 SF

      Salisbury Office/Medical Office Building

      Multi-tenant building near hospitals, suitable for medical or office uses.
      203 Mocksville Ave, Salisbury, NC 28144
      View Details

    Similar Nearby for Lease

    • $800 /Mo

      Office Space in Salisbury, NC

      Office space with reception area and two separate offices.
      315 N Main St, Salisbury, NC 28144
      View Details
    • $3,600 /Mo
      4,356 SF

      Remodeled Commercial Building For Lease

      Fully remodeled commercial building in the heart of Granite Quarry.
      106 N Main St, Granite Quarry, NC 28144
      View Details
    • $1,104 /Mo

      Downtown Salisbury Office Space Available

      Office space in downtown Salisbury with shared amenities and parking.
      204 E Innes St, Salisbury, NC 28144
      View Details
    • Contact for pricing

      Medical Office Space Near Hospital

      Medical office space available for lease near major Salisbury hospitals.
      203 Mocksville Ave, Salisbury, NC 28144
      View Details
    • Contact for pricing

      Restaurant Space in Bell Tower Green

      Restaurant space available in downtown Salisbury's Bell Tower Green.
      115 S Jackson St, Salisbury, NC 28144
      View Details
    • Contact for pricing

      Freestanding Restaurant with Drive-Thru

      Second-generation restaurant with drive-thru, high visibility, and traffic.
      707 E Innes St, Salisbury, NC 28144
      View Details
    View Listing
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    Salisbury, NC 28144
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    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
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