1101 Main St Salem, IN 47167

This exceptional 1.93-acre property at 1101 S Main Street, Salem, IN, presents a lucrative investment opportunity. Currently featuring a 3,444 square foot home requiring significant repairs, this property is zoned B1 and offers immense potential. Approved engineering plans exist for the construction of 88 storage units, promising substantial rental income. The existing home, while needing extensive renovation, could be transformed into a 4+ bedroom residence, ideal for rental or use as a small business location. The property's location, just one mile south of Salem Square, between the square and the bypass, ensures high visibility and accessibility. The potential monthly gross income from the completed storage units is projected to exceed $7,500. The home is sold "as is," and buyers should independently verify the square footage if accuracy is critical. This property is a unique blend of immediate income potential and long-term growth, making it an attractive investment for discerning buyers. The approved plans for the storage units represent a significant advantage, streamlining the development process. The combination of the potential rental income from the storage units and the adaptable home creates a diverse revenue stream. This property is ready for an investor with vision to unlock its full potential.