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Property profile & analytics
OFF-MARKET
Estimated value
$1,180,000
Retail space
1313 Salisbury Blvd, Salisbury, MD 21801
Entity Owned
3-yr Hold
Free & Clear
Property ID
US40-0732037
Property summary
AI-generated overview
This exceptional 12,400 square foot retail strip center, located at 1313 S Salisbury Blvd #C in Wicomico County, is undergoing a complete renovation, slated for completion in 2024. The property, built in 1969, boasts a single, one-story building featuring five suites, currently offering 4,072 square feet of vacant space available for lease. The flexible layout allows for leasing the entire center or individual units to suit tenant needs. The renovation includes modern amenities designed to attract a diverse range of businesses. Key features include a drive-through and grease trap, expanding potential uses. The asking price reflects a "warm vanilla shell" finish, allowing for tenant customization. Owners are open to negotiating flexible lease terms to secure the right tenants. With ample parking (25+ spaces) and high visibility on Route 13, coupled with its proximity to a college, this property presents a unique opportunity for significant return on investment. The available space is 2,412 square feet, but the entire center can be leased. Contact us today to discuss design options and secure your space in this thriving retail location.
Property profile
Verified
Property type
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Year built
1969
Construction
BRICK
Total area
7,140 SF
Lot
0.61 ac (26,500 SF)
Zoning code
GC
APN
13-040443
UPID
US40-0732037
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.20M
Blend (final)
Blend
$1.18M
Owner & transaction history
Piraeus Realty Corp · 3 yrs held
Piraeus Realty Corp
since 2023
Last sale
$1.2M
4 recorded transactions
Zoning & alternative use
GC · Salisbury, MD
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Industrial (general)
$1.4M
+10.8%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Salisbury submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Salisbury submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$1,405,000
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
RETAIL STORES
$1,300,000
Current use
INDUSTRIAL (GENERAL)
$1,440,000
Change: +11% · Conversion: Difficult
OFFICE BUILDING
$1,300,000
Change: 0% · Conversion: Easy
COMMERCIAL (GENERAL)
$1,170,000
Change: -10% · Conversion: Easy
Blend value · Realmo final
$1.18M
Range $1.06M – $1.30M · ±10% · vs last sale $1.20M (Apr 19 2023)
Last sale anchor
$1.20M
Apr 19 2023
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$165 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$5,794
Tax year 2023
Assessed value
$580,900
Assessed 2023
Previous assessed
$510,100
+13.9% YoY
Effective rate
1.00%
On assessed value
Land market value
$506,000
Improvement market value
$145,700
Total market value
$651,700
Applied tax rate
1.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Status
Off-Market
Year built
1969
Construction
BRICK
Heating
SPACE
Cooling
AC.PACKAGE
Stories
1
Units
1
Total area
7,140 SF
Lot
0.61 ac (26,500 SF)
Zoning code
GC
APN
13-040443
UPID
US40-0732037
Jurisdiction
WICOMICO
Zoning & alternative use
GC · Salisbury, MD
Zoning GC · permitted uses
GC · Salisbury, MD
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Salisbury. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
RETAIL STORES Current
Est. value
$1.3M
INDUSTRIAL (GENERAL)
Est. value
$1.4M
OFFICE BUILDING
Est. value
$1.3M
COMMERCIAL (GENERAL)
Est. value
$1.2M
RETAIL STORES Current
INDUSTRIAL (GENERAL)
OFFICE BUILDING
COMMERCIAL (GENERAL)
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1969
Construction
BRICK
Heating
SPACE
Cooling
Yes
Stories
1
Units
1
Lot
0.61 ac
Current owner
From public records · entity-resolved
Piraeus Realty Corp
Entity
Free & Clear · 3 yrs held
Mailing address
100 E MAIN ST STE #601, SALISBURY, MD 21801-5137
Ownership since
2023
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Mar 27, 2025
—
Piraeus Realty Corp
—
Deed
related
$1,720,000 · M & T Bank
Sep 22, 2023
—
Piraeus Realty Corp And Lotus Plaza
—
Deed
related
$1,200,000 · Bank Of Ocean City
Apr 19, 2023
$1,200,000
Piraeus Realty Corp
Howard Corporation
Deed
—
Apr 17, 2023
$400,000
Piraeus Realty Corp
Joseph H Howard
Deed
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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