501 Market StSalem, IN 47167

Property Details for 501 Market St

Year built

1961

Construction

TYPE NOT SPECIFIED

Lot size

0.99 AC

Property size (Sq ft)

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.

• Alternative Use

  Use

  Valuation

  Residential

  $8,471,610

  Hospitality

  $7,759,950

  Educational

  $6,456,187

  Medical

  $6,678,225

  Retail

  $10,042,957

Location Insight

City

Salem

County

Washington

State

Indiana

Latitude

38.6056

Longitude

-86.0954

CBSA code

31140

CBSA name

LOUISVILLE-JEFFERSON COUNTY, KY-IN METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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