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296 Highland Ave

4,488 SF Vacant Retail Building Salem, MA 01970 $2,350,000 ($524/SF)

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Executive Summary

High visibility retail site once a restaurant and currently a used car dealership with service bays. This is a 12+ acre site. Most of the parcel is zoned R-1 and could be used for a residential subdivision. The land parcel has a 60' wide easement from Crosby Street which is off of Marlborough Road. Building has two drive in doors and five service bays, office areas and customer areas. Loading dock in the rear of the building. B-2 zoning for the front section allows a large number of retail, office and other service uses.

Property Facts

Sale Type

Investment or Owner User

Property Type

Retail

Property Subtype

Auto Repair

Building Size

4,488 SF

Year Built

1950

Price

$2,350,000

Price Per SF

$524

Percent Leased

Vacant

Building Height

1 Story

Building FAR

0.01

Lot Size

12.07 AC

Opportunity Zone

Yes

Zoning

B2 - Business Highway

Parking

11 Spaces (2.45 Spaces per 1,000 SF Leased)

Frontage

251 FT on Highland Avenue

Space Availability

1st Floor
4,488 SF
Flex
-
Now

One story two bay auto dealership with modern offices and two repair bays. High visibility location. Building is suitable for other retail uses such as restaurant, bank, medical offices etc. Abundant parking. Used car license available for 58 cars subject to City approval for transfer. Asking rent is $9,000/month on a triple net basis.