Property profile

296 Highland Ave Salem, MA 01950

FOR LEASE
Commercial Office/Residential (Mixed Use)
Property ID
US38-1491137
4,488 SF 12.04 ac lot Built 1950
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Property summary

AI-generated overview

The property consists of two commercial lots with more than 200 feet of frontage on Highland Avenue in a high-traffic retail corridor. The site has approval for auto body use and is configured for automotive sales, service, repair, and collision operations, with a primary parcel containing a 4,261-square-foot automotive facility featuring six service bays, four lifts, showroom space, a manager’s office, a title office, parts and stock rooms, a customer waiting area, a break room, an ADA-compliant restroom, and a security system. Behind the main commercial site, approximately 12.25 acres of residentially designated land are included, providing potential for future development. The second parcel includes a small residential structure located on commercially zoned land, which may support redevelopment for additional parking and expanded commercial use, or a potential multifamily development of up to five residential units. The property fronts a signalized intersection for direct access and visibility along Highland Avenue, and is positioned near major national retail and traffic generators including Walmart, Target, The Home Depot, Planet Fitness, McDonald’s, and Burger King; the overall site benefits from substantial daily traffic volume and multiple permitted use possibilities under applicable zoning.

Property profile

Verified
Property type Commercial Office/Residential (Mixed Use)
Year built 1950
Total area 4,488 SF
Lot 12.04 ac (524,462 SF)
APN SALE M:08 L:0029
UPID US38-1491137

Cap rate & NOI

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

Current use

Occupant on record · Public records
  • Car Dealership
  • General Contractor

Location

296 Highland Ave Salem, MA 01950
Salem metro
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Value estimations

Realmo proprietary · 4 methods
AI Approach AI
by Request
CAP Approach CAP
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Comparable Approach Comparable
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Blend (final) Blend
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Owner & transaction history

since 2022
Last sale
$2.1M
1 recorded transaction
2022
$2.1M
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More about this property
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