612 Main StSalisbury, NC 28144

Property Details for 612 Main St

Year built

1961

Lot size

1.14 AC

Property size (Sq ft)

4,844 SF

Zone code

B5

Property type

Retail properties

Property subtype

Turn key restaurants

APN

015 356

APU

15356

Description

This exceptional 1.78-acre commercial property, situated at 612 S Main Street in the heart of Salisbury, NC, presents a compelling investment opportunity. Currently generating a monthly rental income of $4200 from an existing tenant, this property offers significant potential for future growth and development. Its prime location within walking distance of Salisbury's vibrant downtown area, brimming with restaurants, breweries, and shops, ensures high visibility and accessibility. The DMX zoning designation provides flexibility, allowing for a diverse range of uses, including multi-family residential development (condos or apartments) and various commercial ventures. This versatility makes it an ideal canvas for a variety of projects, catering to the growing demand for both residential and commercial spaces in the area. Adding to its appeal, the property is located within an Opportunity Zone, potentially offering significant tax advantages for investors. The substantial lot size and strategic location make this a rare find in the Salisbury market, promising strong returns and long-term value appreciation. This is a chance to acquire a high-performing asset with considerable upside potential in a thriving downtown setting. Serious inquiries are encouraged.

• CAP approach

  CAP return

  Valuation

  6%

  $1,305,823

  6.5%

  $1,205,375

  7%

  $1,119,277

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,862,471

  Geo Method

  $2,067,113

• Alternative Use

  Use

  Valuation

  Residential

  $1,016,779

  Hospitality

  $931,364

  Educational

  $774,884

  Medical

  $801,533

  Retail

  $1,205,375

Location Insight

City

Salisbury

County

Rowan

State

North Carolina

Latitude

35.6631

Longitude

-80.4764

CBSA code

16740

CBSA name

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

Property Tax & Assessments

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