501 W Main Street

    SALISBURY, MD 21801
    • $1,500,000
    • STATUS: Active
    • ON SITE: 77 days
    • ID#: MDWC102604
    UPDATED: 86 min ago
    $1,500,000
    • 0
      BEDS
    • 0.18
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 5,044
      SQFT
    • $297
      $/SQFT
    Type:
    Commercial
    Built:
    1927
    County:

    School Ratings & Info

    Description

    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.

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    ©2019 Bright MLS, All Rights Reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some properties which appear for sale may no longer be available because they are for instance, under contract, sold, or are no longer being offered for sale. Information is deemed reliable but is not guaranteed. Some real estate firms do not participate in IDX and their listings do not appear on this website. Some properties listed with participating firms do not appear on this website at the request of the seller. Data last updated: 2019-06-18T21:55:22.563.
    www.easternshorehomesolutions.com/homes/93260938

    501 W Main Street SALISBURY, MD 21801

    • Price: $1,500,000
    • Status: Active
    • Updated: 86 min ago
    • ID#: MDWC102604
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.18
    Acres
    5,044
    SQFT
    $297
    $/SQFT
    1927
    Built
    Neighborhood:
    Wicomico Southwest (23-03)
    County:
    Wicomico
    Area:
    Wicomico Southwest (23-03)
    School District:
    Wicomico County Public Schools
    Property Description
    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

    Construction Materials BrickCombinationCopper PlumbingCpvc/PvcMixedMixed PlumbingStick Built Direction Faces South Garage YN No Location Type Downtown Other Equipment See Remarks Other Structures Above GradeBelow Grade Parking Features Gravel Driveway Parking Types Parking Lot Property Condition RestoredShows WellTurn Key Riparian Rights YN No Road Responsibility City/County Road Surface Type Black TopPaved Roof ConcreteFlatFoam View River Water Access YN No Water Body Name Wicomico River Water Body Type River Water Oriented YN Yes Waterfront YN No

    Interior Features

    Above Grade Fin SQFT 5044 Below Grade Finished Area 0 Below Grade Unfinished Area 0 Building Area Total 10088.00 Cooling Central A/CRoof Mounted Exclusions Original Artwork in ApartmentsInventory in StoreAnd Display Cases. Fireplaces Total 0 Flooring ConcreteCeramic TileHardwoodLaminated Heating CentralForced Air Heating YN Yes Inclusions Some Restaurant Equipment. All Furnishings in The 4 Air B & B Apartments Except Original Artwork. Display Cases in Store Are NegotiableEverything Else Stays. (Of Course Exclude inventory) Net Square Feet 10088.00 Security Features Carbon Monoxide Detector(S)Electric AlarmFire Detection SystemMonitoredSecurity SystemSmoke DetectorSprinkler System - Indoor

    Property Features

    Acceptable Financing CashConventionalNegotiableSeller Financing Accessibility Features 32"+ Wide DoorsEntry Slope <1'Grab Bars ModLevel Entry - Main Annual Gross Expense 48410.00 Assessment Year 2018 Association YN No Business Type Apartment BuildingOther/General RetailRestaurant/BarMedicalInstitutionalMedical Central Air YN Yes Cooling Fuel Electric Electric 200+ Amp ServiceCircuit Breakers Electric Expense 13000.00 Entry Level 1 Foundation Details Slab Heating Fuel Natural GasOil Hot Water ElectricNatural GasTankless Incorporated City Name Salisbury Insurance Expense 6000.00 Lease Considered YN Yes Maintenance Expense 6000.00 Navigable Water YN N Net Operating Income 130580.00 New Construction YN No Number Of Units Total 7 Operating Expense Includes InsuranceSnow RemovalAdvertisingCable Tv Original MLSNumber 301599789887 Other Expense 13374.00 Owner Pays Accounting/LegalCommon Area MaintenanceSnow RemovalSupplies Ownership Interest Fee Simple Possession Coin W/Sell Sett Property Sub Type Five Or More Units Sale Type Standard Sewer Public Sewer Tax Annual Amount 4801.0 Tax Assessment Amount 235900.0 Tax Lot 3273 Utilities Cable Tv AvailableElectric AvailableNatural Gas AvailableSewer AvailableWater Available Vacation Rental YN No Water Source Public Year Built Effective 1998 Zoning Cbd Zoning Description Cbd- Central Business District

    Listing courtesy of Whitney-Wallace Commercial.
    ©2019 Bright MLS, All Rights Reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some properties which appear for sale may no longer be available because they are for instance, under contract, sold, or are no longer being offered for sale. Information is deemed reliable but is not guaranteed. Some real estate firms do not participate in IDX and their listings do not appear on this website. Some properties listed with participating firms do not appear on this website at the request of the seller. Data last updated: 2019-06-18T21:55:22.563.
     
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