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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    501 Market St Salem, IN 47167

    • Manufacturing properties
    • 60,000 SF
    • 0.99 lot acres
    For Sale
    View listing
    $1,800,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-1337583
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Law Office of Brock A Dawson / Attorney / Criminal Justice Attorney
    • Pig Miracle / Caterer
    • Cornerstone Family Farms / Farm
    • Etc Environmental Teen Concepts / Environmental Consultant
    • Dawson Real Estate / Real Estate Agency / Notary Public

    Property Details for 501 Market St

    Year built
    1961
    Construction
    TYPE NOT SPECIFIED
    Lot size
    0.99 lot acres
    Property size
    60,000 SF
    Property type
    Manufacturing properties
    APN
    88-24-17-443-002.000-022
    APU
    882417443002000022

    Description

    This expansive Salem, Indiana industrial property, located just blocks from the town square, presents a unique investment opportunity. Boasting 22 acres of land, the property encompasses a substantial 71,102 square feet of versatile space, currently leased to multiple businesses. The existing structure includes over 175,000 square feet of warehouse space and 5,500 square feet of finished office space, with additional office space within the warehouse areas. Access is convenient via three city streets. The property is equipped with robust infrastructure, including 440 3-phase electric service to the warehouses and a dedicated fire suppression loop with multiple hydrants strategically placed throughout the site. Beyond its current use, this property offers significant redevelopment potential. The expansive acreage and prime location lend themselves to a variety of uses, including land development, creekside apartment or business development, an event venue, or a flea market. The combination of existing income-generating tenants and the potential for future development makes this a compelling investment opportunity in a thriving Indiana community. The property's size and location offer significant flexibility for a wide range of commercial ventures.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $650,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $650,000
      Market price range: $650k - $3.55M

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Salem
    County
    Washington
    State
    Indiana
    Longitude
    -86.0954
    Latitude
    38.6056
    CBSA code
    31140
    CBSA name
    LOUISVILLE-JEFFERSON COUNTY, KY-IN METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $7,989
    $10,000
    $256,300
    $266,300
    -
    $10,000
    $256,300
    $266,300

    Comparable in this City

    • Value Estimation
      $2,150,000
      237,887 SF

      198 Imperial Dr

      MANUFACTURING (LIGHT) • 237,887 SF
      198 Imperial Dr, Salem, IN 47167-6604
      View Details
    • Value Estimation
      $1,180,000
      50,201 SF

      201 Jeans Dr

      MANUFACTURING (LIGHT) • 50,201 SF
      201 Jeans Dr, Salem, IN 47167-9200
      View Details
    • Value Estimation
      $3,090,000
      332,808 SF

      200 Kimball Blvd

      MANUFACTURING (LIGHT) • 332,808 SF
      200 Kimball Blvd, Salem, IN 47167-9682
      View Details
    • Value Estimation
      $765,000
      17,280 SF

      5882 Becks Ml Rd

      MANUFACTURING (LIGHT) • 17,280 SF
      5882 Becks Ml Rd, Salem, IN 47167-8148
      View Details
    • Value Estimation by Request
      7,808 SF

      1302 Hackberry St

      MANUFACTURING (LIGHT) • 7,808 SF
      1302 Hackberry St, Salem, IN 47167-9604
      View Details
    • Value Estimation by Request
      9,414 SF

      3967 Sullivan Ln

      MANUFACTURING (LIGHT) • 9,414 SF
      3967 Sullivan Ln, Salem, IN 47167-7724
      View Details

    Similar Nearby for Sale

    • $1,800,000
      71,102 SF

      Salem Industrial Campus: Prime Location

      22 Acres, 71,102 SF, High Potential
      501 Market St, Salem, IN 47167
      View Details
    • $352,000
      0.08 Acres

      Historic Salem Square Gem

      Prime Downtown Retail Space, Huge Potential
      48 Public Sq, Salem, IN 47167
      View Details
    • $550,000
      0.36 Acres

      Award-Winning Salem Business Opportunity

      Established Food Business, Main Street Location
      800 Main St, Salem, IN 47167
      View Details
    • $190,000
      3.18 Acres

      Mulberry St, Salem, IN 47167

      Commercial real estate • 3.18 Acres
      Mulberry St, Salem, IN 47167
      View Details
    • $750,000
      0.71 Acres

      401 Main St, Salem, IN 47167

      Commercial real estate • 0.71 Acres
      401 Main St, Salem, IN 47167
      View Details
    • $350,000

      High Traffic Corner Land Parcel

      Prime corner lot on Hwy 60, near retail and residential.
      1209 S Jackson St, Salem, IN 47167
      View Details
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    501 Market St
    Salem, IN 47167
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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