501 W MAIN STREET, SALISBURY, Maryland
0 Bedrooms, 0 Baths, 0 Half Baths
Artists paradise! Eclectic historic brick building in Downtown Salisbury MD just across a public parking lot from the Wicomico River. On top of these potential parking spaces, the property owns approx. 28 spaces behind the building on a separate lot included in the sale! The first floor consists of 3 commercial spaces, 2 leased and one owner occupied at the present. 4 sought after 2 bedroom Air B & B/VRBO apartments on the second floor. Seller is a SUPER HOST at Air B & B. Contact listing agent for financials. Unit A is approx. 2208sf and is currently owner occupied by Dana Simson, as an artist studio and gallery. This unit is available for lease at $11/sf + $2 TI + Utilities. Unit B is 1296sf and is The Mad Hatter restaurant. Unit C is the Ugly Pie at 1296sf approx., and their desserts are Amazing! The 4 Apartments upstairs are averaging $2000-$2500 per month per room. The building comes with almost everything currently there including all of the furnishings in the apartments. Some of the original artwork is negotiable as are the display units in the owners unit A. This building is gorgeous with tall, tin ceilings and exposed duct work. There are 2 parcels included in the sale. The back piece is the parking lot, a portion of which is leased to Perdue Farms. There is a small unit on the side of the building, about 180sf, that used to be a taxi stand. It could be leased for some additional income. Rumor has it that there will be a new hotel next door... Also a new downtown development plan is in the works that is extremely EXCITING!!! You can get in on the ground floor of the new and improved Downtown Salisbury, Maryland with this gorgeous building. call for a private showing today! For investors, we are working on the financials but believe that we can get you an 8.5% CAP rate once Unit A is leased! Possible Owner financing with 1/3 down, balance amortized for 10-15 years at 5.5-6% interest.
Priced to sell: $1,500,000
Listing Broker: Whitney-Wallace Commercial