For Sale
$3,459,000

2306 Salisbury BlvdSalisbury, MD 21801

High-growth area, strong tenant, great ROI

Overview

Added:
Dec 11, 2024
Days on market:
115
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.

Highlights

  • New 15-year, corporate-guaranteed, NN lease with Caliber Collision, starting January 1, 2024, including 10% rent increases every five years and two five-year options.
  • Significant tax benefits through cost segregation.
  • New roof with a 20-year transferable warranty and recently restriped parking lot.
  • Outparcel to The Centre at Salisbury, an 862,000 sq ft super-regional mall, at a high-traffic intersection (70,000+ VPD).
  • High-growth area: 37% population increase within 1 mile (2010-2023), projected 13% increase (2023-2028); 15% increase within 3 miles (2010-2023), with continued growth projected.
  • Strong retail corridor with numerous national retailers including Walmart, Target, Home Depot, Lowe's, and various restaurants.

Property Details for 2306 Salisbury Blvd

Property type
Retail properties, Auto shops
Square Feet
16,700 SF
Year Renovated
2023
Buildings
1
Lot Size (sq. ft)
95,832 SF

Location Insight

City
Salisbury
County
Wicomico
State
Maryland
Latitude
38.4001474
Longitude
-75.632447
2306 Salisbury Blvd, Salisbury, Maryland

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2306 Salisbury Blvd
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