241 State St Salem, OH 44460

Property Details for 241 State St

Year built

1930

Lot size

0.07 lot acres

Property size

7,347 SF

Property type

Commercial real estate

APN

51-03950-000

APU

5103950000

Description

This exceptional mixed-use investment opportunity presents a fully leased, three-story building at 241 E State St, Salem, OH 44460. The 7,347 square foot property, built in 1930, boasts a compelling blend of commercial and residential space, currently operating at 100% occupancy. The ground floor comprises a leased retail storefront, formerly known as the Salem Trading Post, offering excellent street-level visibility and access. Above, the second floor features two separately rented apartment units, while the third floor houses a single studio apartment. The building benefits from convenient front parking and additional public parking directly across the street. With four tenants currently in place, this property provides a stable income stream, offering a price per square foot of $32.12 and an asking price of $236,000. The property is zoned for commercial use and includes a full basement, adding further potential for expansion or adaptation. This is a rare chance to acquire a well-maintained, historically significant building in a thriving downtown location. The strong tenancy and high occupancy rate make this an attractive investment for both seasoned and new investors seeking a stable and profitable venture. The property's versatile layout and prime location offer significant long-term growth potential.