2306 Salisbury Blvd Salisbury, MD 21801-7830

Property Details for 2306 Salisbury Blvd

Year built

1990

Construction

BRICK

Lot size

2.20 lot acres

Property size

16,704 SF

Zone code

GC

Property type

Automotive properties

APN

05-107121

APU

5107121

Description

This exceptional investment opportunity presents a fee-simple interest in a 16,700 square foot auto shop in Salisbury, Maryland, leased to Caliber Collision, the nation's largest auto collision repair provider. The property boasts a brand-new, 15-year corporate-guaranteed lease commencing January 1, 2024, featuring a 10% rent increase every five years, including two five-year options. The double-net (NN) lease ensures minimal landlord responsibilities. The building underwent a complete renovation in 2023, including a new roof with a 20-year transferable warranty and a restriped parking lot. Situated on a 2.2-acre lot, the property benefits from its location as an outparcel to The Centre at Salisbury, an 862,000 square foot super-regional mall, at a high-traffic intersection with over 70,000 vehicles per day. The surrounding area demonstrates exceptional growth, with a 37% population increase within one mile between 2010 and 2023, and a projected 13% increase between 2023 and 2028. The three-mile radius also experienced a 15% population increase during the same period, with continued growth anticipated. This prime location is part of a bustling retail corridor, anchored by numerous national retailers, including Walmart, Target, Home Depot, Lowe's, and various restaurants. The property offers significant tax benefits through cost segregation, and the current Net Operating Income (NOI) is $230,000, resulting in a 6.65% cap rate. The asking price is $3,459,000, or $207.13 per square foot. This is a rare opportunity to acquire a high-performing asset with a strong tenant and significant long-term growth potential.