1618 Main StSalem, VA 24153

Property Details for 1618 Main St

Year built

2009

Lot size

1.44 AC

Property size (Sq ft)

7,416 SF

Zone code

HBD

Property type

Other commercial real estate

APN

139-4-5.1

APU

139451

Description

This exceptional Class A, 7,416 square foot medical and creative office building, located at 1618 W Main St, Salem, VA 24153, presents a compelling investment opportunity. Built in 2009 and extensively renovated in 2023, the property boasts a 100% occupancy rate across its three units, generating strong cash flow. The building features a modified lease structure and is situated on a 1.44-acre lot, providing ample parking. A significant advantage is the inclusion of an extra pad, ideal for future development and expansion, adding considerable long-term value. The property is a stabilized investment, classified as Class A, and benefits from its prime location on Salem's highly desirable West Main Street commercial corridor. The two-story building offers a mix of creative and traditional office spaces, currently occupied by multiple tenants, including a dentist office as an anchor tenant. The asking price is $1,425,000, translating to $192.15 per square foot. This property offers a rare combination of immediate income generation and significant future growth potential.

• Alternative Use

  Use

  Valuation

  Residential

  $931,285

  Hospitality

  $853,052

  Educational

  $709,729

  Medical

  $734,138

  Retail

  $1,104,023

Location Insight

City

Salem

County

Salem

State

Virginia

Latitude

37.2881

Longitude

-80.0845

CBSA code

40220

CBSA name

ROANOKE, VA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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