Property profile

1406 Colorado St Salem, VA 24153

OFF-MARKET
Commercial real estate
Property ID
US87-0508780
1,736 SF 0.42 ac lot Built 1981
Entity Owned 5-yr Hold Free & Clear
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Property summary

AI-generated overview

This exceptional 2,187 square foot retail property, located at 1406 S Colorado St in Salem, Virginia (zip code 24153), presents a unique investment opportunity. The building, constructed in 1981 and extensively renovated in 2021, boasts a desirable drive-thru feature, making it ideally suited for a variety of uses including a bank, convenience store, or quick-service restaurant (QSR). The single-story structure offers 1,794 square feet of space, with a total net rentable area of 2,187 square feet. The asking price is $575,000, translating to a price per square foot of $320.51. The property is currently vacant and is offered under a triple-net (NNN) lease structure. Its prime location in Salem, VA, coupled with its modern amenities and versatile design, ensures strong potential for future income generation. The beautifully maintained brick exterior adds to its curb appeal and overall attractiveness. This is a rare opportunity to acquire a well-maintained, renovated commercial property with a drive-thru in a thriving Virginia market. Don't miss out on this chance to secure a valuable addition to your investment portfolio.

Property profile

Verified
Property type Commercial real estate
Use group COMMERCIAL (GENERAL)
Year built 1981
Total area 1,736 SF
Lot 0.42 ac (18,339 SF)
Zoning code LM
APN 234-2-1
UPID US87-0508780

Cap rate & NOI

Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors

Location

1406 Colorado St Salem, VA 24153-6927
Salem metro Census 10501 ROANOKE, VA METROPOLITAN STATISTICAL AREA
Google Maps

Value estimations

Realmo proprietary · 4 methods
AI Approach AI
$265k
CAP Approach CAP
by Request
Comparable Approach Comparable
by Request
Blend (final) Blend
$275k

Owner & transaction history

since 2021
Last sale
$225,000
5 recorded transactions
2021
$225,000
2016
Price N/A
2011
$325,000
2011
$54,664
2008
Price N/A

Zoning & alternative use

LM · Salem, VA
Zoning description

The LM Light Manufacturing District is created to establish and preserve areas within the city that are suitable for business and light industrial uses. LM Light Manufacturing districts are the location of a significant…

General category INDUSTRIAL

Comparables

6 recent transactions · within 1.5 mi
Comparable in this city
6 recent transactions
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
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