501 W Main St, Salisbury, MD 21801
$1,500,000

MLS#
Mdwc102604
Price
$1,500,000
Standard Status
Active
Waterfront
N

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.

Exterior Features


View
River
Construction Materials
Brick, combination, copper Plumbing, cpvc/pvc, mixed, mixed Plumbing, stick Built
Foundation Details
Slab
Parking Features
Gravel Driveway
Roof
Concrete, flat, foam
Water Body Type
River

Interior Features


Heating
Central, forced Air
Heating Fuel
Natural Gas, oil
Cooling
Central A/c, roof Mounted
Hot Water
Electric, natural Gas, tankless
Flooring
Concrete, ceramic Tile, hardwood, laminated

Additional Details


Acres
0.18
Year Built
1927
New Construction
N
Property Type
Commercial Sale
County
Wicomico
Lot Size Dimensions
0.00 X 0.00