For Sale
$995,000

1109 Electric RdSalem, VA 24153

High-Visibility Salem Office, 5,120 SF

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional Salem, VA office building presents a compelling investment opportunity. Located at 1109 Electric Rd, this 5,120 square foot, single-story building boasts high visibility and brick construction. Built in 2004 and renovated in 2015, it features three units currently 70% occupied with a lease expiring December 31, 2024. The property offers a strong 5.03% cap rate and a Net Operating Income (NOI) of $50,000, with an asking price of $995,000 ($194.34/sq ft). The 0.62-acre lot provides ample space, including 36 parking spaces. Zoned HBD (Highway Business District), it allows for diverse uses including accounting, insurance, medical, financial, some retail, and industrial. The property's current tenant, Innovative Community Solutions, presents potential for immediate owner-occupancy or future multi-tenant options. This is an owner-user investment opportunity with a modified lease type and no tenant credit rating. The building's Class B designation reflects its solid condition and potential for further enhancement. The property's location in Salem, VA (zip code 24153) offers excellent access and visibility. This is a rare opportunity to acquire a well-maintained, versatile office building in a prime location.

Highlights

  • 5,120 SF single-story office building in Salem, VA, on a 0.62-acre lot with 36 parking spaces.
  • High-visibility brick building located at 1109 Electric Rd, built in 2004 and renovated in 2015.
  • Currently 70% occupied with a lease expiring December 31, 2024; $995,000 asking price ($194.34/SF).
  • Strong 5.03% cap rate and $50,000 NOI.
  • HBD zoning allows for diverse uses including office, medical, and some retail.

Property Details for 1109 Electric Rd

Property type
Office properties, Medical offices
Square Feet
5,120 SF
Class
B
Year Built/Renovated
2004/2015
Buildings
1
Stories
1
Lot Size (sq. ft)
27,007 SF
Units
3

Location Insight

City
Salem
County
Roanoke
State
Virginia
Latitude
37.277376308114
Longitude
-80.03620679038
1109 Electric Rd, Salem, Virginia

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1109 Electric Rd
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