111 Innes StSalisbury, NC 28144

Property Details for 111 Innes St

Year built

1900

Lot size

0.14 AC

Property size (Sq ft)

5,606 SF

Zone code

B5

Property type

Retail space

APN

105521

APU

105521

Description

This exceptional mixed-use property, located at 111 E Innes Street in Salisbury, NC's historic downtown, presents a compelling investment opportunity. The 11,138 square foot building sits on a 0.14-acre lot and boasts seven high-quality spaces: a ground-floor restaurant, two ground-floor retail units separated by a foyer with double-door entry and showroom-quality windows, and four second-floor apartments. Built circa 1900s, this meticulously maintained property comprises two full-brick structures, divided by contrasting pilasters and featuring EDPM roofs. The building's striking main facade is highlighted by six pairs of tall arched windows and decorative gabled pediments. Its prime location in the heart of Salisbury's historic district, listed on the National Registry, ensures high visibility, with an average daily traffic count of 18,000 vehicles (NCDOT data). The property benefits from its proximity to a variety of thriving businesses, restaurants, services, and Bell Tower Green park, and is conveniently located just one mile from I-85 exit 76. The building was restored according to National Park Service Historic Guidelines. The property offers an impressive rental income stream, a mid-6% capitalization rate, very low vacancy, and a solid rental history, making it an attractive investment for discerning buyers. Addresses encompassed are 107-117 East Innes Street.

• CAP approach

  CAP return

  Valuation

  6%

  $895,047

  6.5%

  $826,197

  7%

  $767,183

• Comparable approach

  Method

  Valuation

  Relative Method

  $789,194

  Geo Method

  $987,293

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $1,665,020

  Mixed-Use / Specialty

  $801,488

  Hospitality / Lodging

  $559,692

  Office

  $774,060

  Institutional / Educational

  $825,447

  Residential Income

  $965,773

  Multifamily

  $1,278,950

  Automotive / Energy

  $707,526

  Parking / Income-Based Land

  $265,660

  Restaurant / Food Service

  $370,414

  Healthcare / Senior Housing

  $844,229

Location Insight

City

Salisbury

County

Rowan

State

North Carolina

Latitude

35.6668

Longitude

-80.4697

CBSA code

16740

CBSA name

CHARLOTTE-CONCORD-GASTONIA, NC-SC METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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