January 29, 2024

Golden Opportunity: Fully Restored Commercial/Residential Building in Historic Downtown - Seven Lease Units - FOR SALE with Greg Rapp / SRE

107-117 E. Innes Street, Salisbury NC FOR SALE with Salisbury Real Estate LLC

When Salisbury, North Carolina was laid out into 112 lots as the county seat in 1753, it was divided into four quadrants by the intersection of the primary axis, now known as The Square: Innes and Main Streets. With this, the town plan of Salisbury was clarified into a grid system that remains largely unaltered today.

Welcome to 107-117 East Innes Street in the center of downtown Salisbury, North Carolina.  Built circa 1890-1910, this prominent 2-story commercial building with paired arched windows along the second level and stepped false front gable is located on The Square in downtown . . . the intersection of the two primary corridors: Innes Street and Main Street. 

'The two-story brick structure is divided into two buildings by pilasters in a contrasting color. The main facade of each building is dramatized by the arcade-like window arrangement of the second story, which culminates in a robustly shaped gable false front pierced by a louvered roundel vent. The appearance of the shaped gables emphasizes the popularity of the Mission style in early twentieth century Salisbury. The fine example of the style is in the structure at 107-117 East Innes.'

Today, 107-117 East Innes Street is host to a bakery/coffee house, two retail establishments at the main level, and 4 residential units in the second story. The facade is nearly unchanged from its circa 1890 roots. Today, 107-117 East Innes Street is FOR SALE with Realtor® Greg Rapp with Salisbury Real Estate LLC.

Prime Location

The location of this wonderful investment building could not be better.  Not only is it in the center of the Downtown Historic District ~ centrally located amid a variety of successful shops, restaurants, services ~ but East Innes Street is one of higher if not highest high traffic and visibility areas in Salisbury:
  • NCDOT average daily traffic count 18,000.
  • 1-mile off Exit 76/Interstate-85.
  • Landmark Historic Amtrak Station 3-block proximity
  • $13M Bell Tower Green central-city park 1.5-block proximity
  • Within the Salisbury Downtown Historic District | National Register of Historic Places

Property information
  • Circa 1900s ~ restored and rejuvenated per National Park Service Historic Guidelines
  • Stand-alone building surrounded by city sidewalk at front and alleyways at east, west, and south elevations.
  • Two brick structures (approximately 40 x70 and each) divided by contrasting brick and granite block pilasters.
  • Main facade has array of (6) pairs of tall arched windows and two decorative gabled pediments.
  • (7) Lease Units (11,138 s.f. total): (1) Restaurant | (2) Retail | (4) Upper Residential
  • ADA accessible ramps at front elevation of each structure.

Restaurant Space

The largest of the main level commercial spaces is configured for restaurant and is currently a coffee shop bakery. It has been home to a very successful Smoke Pit Restaurant and others.
  • Approximately 2,800 s.f.
  • Two Walk-In Coolers
  • Hood with 3-Fans
  • Back-Flow Prevention & Grease Traps all in place

Retail Space

Two (2) retail spaces share the second structure main level ~ each at approximately 1400 s.f.

The entrance to each retail space is set back and enclosed in a small vestibule with pretty inlaid wood floor.

Lease Information

With seven lease units, income and expenses are approximately:

· Projected 2024 Gross monthly income: $13,028
· Projected Yearly Gross Income: $156,336
· Total operating expenses (approximately): $24,868
· Projected Net Income: $131,468

[Contact Greg Rapp | Salisbury Real Estate for rent roll information.]

Sample Cap rates
  • 5% Vacancy Rate approx. 6.59 Cap Rate
  • 10% Vacancy Rate approx. 6.18% Cap Rate
  • All leases currently have step-leases or 3% yearly increase.


Rowan County’s strategic location in the growing Charlotte, North Carolina metropolitan region, its robust talent pool and workforce, and its wide range of affordable and flexible commercial real estate options make it a prime location.

Rowan County is a diversified economy with a wide range of industries comprising its employment base. The largest sectors of employment are health care services (16.1%), manufacturing (15.4%) and retail trade (13.2%).

At nearly 2,500 businesses strong and growing, Rowan County is home to many Fortune 500 and international companies, including: 
  • Ahold Delhaize Food Lion.......3600             Distribution/Retail 
  • Rowan Salisbury Schools.......2610              Education 
  • VA Medical Center..................2250              Health Services  
  • Daimler...................................1685              Manufacturing 
  • Novant Medical Center...........1560              Medical Services 
  • Chewy.....................................1350              Distribution/Warehousing 
  • Rowan-Cabarrus Community College......900           Education 
  • Rowan County..........................849              Municipal Government 
  • Gildan.......................................550              Manufacturing 
  • Teijin Automotive......................505              Manufacturing 
Historic Preservation in Salisbury

Salisbury has five Local Historic Districts. Local Historic Districts are specially-zoned groups of properties that are historically and culturally similar. 107-117 E. Innes Street is within the Salisbury Downtown Historic District, and the first designated district in the city, a designation designed to protect the stock of vintage buildings located here that date from circa 1830s to early 1900s.

Exterior changes to any structures within the historic districts must adhere to the Historic Preservation Design Standards. The Design Standards specify what changes are appropriate for the style and time period of the property and incompatible modifications are discouraged. Properties within the local historic districts are also required to receive a Certificate of Appropriateness before starting any exterior work, a very specific document covering potential changes to exteriors that is designed to help protect the historic character of buildings, streetscapes, and landscapes, and help to encourage reinvestment.

City of Salisbury Grant Opportunities

The City of Salisbury makes grant programs available for exterior repairs and beautification, business development, and for historic preservation to those structures within the local historic districts. These grants are a type of financial aid that does not need to be repaid. Grants available to 107-117 E. Innes are:

  • Innes Street Incentive Grant
  • Municipal Service District Grant
The Innes Street Incentive Grant assists property and business owners within the Innes Street Improvement District. The MSD Incentive Grant assists property and business owners within the Downtown Municipal Service District.  These grants assist property and business owners with enhancements to facades, landscapes, driveways, and parking lots.
Projects can range from minor repairs and repainting to substantial façade and landscape rehabilitation.
Projects such as the installation of new pedestrian amenities (outdoor seating, planters, awnings, café fences, lighting) are also eligible.

The grants are awarded by the Salisbury Community Appearance Commission (CAC) as funds are available and are awarded on a 50/50 matching basis with a maximum City participation of $5,000.00 per project. Each is a reimbursement grant. Funds are issued at project completion after final inspection and approval of the project. All proposed projects must be reviewed and approved by the CAC before any work has begun in order to be eligible for the grant.

A Golden Opportunity

Opportunities to purchase a fully restored historic building with high visibility and traffic count, a solid rent history in downtown Salisbury, and a central location off Interstate-85 between the three greater metro areas of Charlotte, Greensboro, and Winston-Salem do not come along every day. It is seldom that ownership of a commercial building of this caliber turns over.  To say this is a 'golden opportunity' is an understatement.

Contact Greg Rapp | Salisbury Real Estate  - 704.213.6846 - to discuss details.  Showings, due to thriving businesses and respect for private residential tenants, will be scheduled on a priority basis and by advance appointment.  

Greg Rapp | Salisbury Real Estate LLC is the area's premier real estate broker and agency for historic and vintage properties, whether commercial or residential. With an impressive sales portfolio of historic downtown buildings in Salisbury, Greg knows the ropes and the intricacies when it comes to real estate transactions of this nature. Call 704.213.6846 today.

107-117 East Innes Street
Salisbury, NC 28144

Greg Rapp 

Salisbury Real Estate LLC 
704 213 6846 Mobile 

January 14, 2024

What did it need? Serious vision, elbow-grease, and dedication! Could it be done? Many said 'no'! But today . . . The Circa 1905 John Thomas House in Salisbury, North Carolina is SOLD!

Realtor® Greg Rapp with Salisbury Real Estate LLC is the area's premier real estate agent for historic properties, whether they are in pristine condition or needing TLC, whether they are commercial or residential. No other Realtor has the experience, the passion, and the marketing reach for historic or vintage properties!

List YOUR vintage property with Greg Rapp. Envision a restoration project on your wish-list? Contact Greg ~ 704.213.6846 ~ to make it happen.

Greg Rapp 

Salisbury Real Estate LLC 
704 213 6846 Mobile 

September 23, 2023

Built to Withstand the Ages. The Circa 1885-1890 Thomas House ~ a Restoration Waiting to Happen

Editor's Note 11/12/2023:  NEW PRICE!  $127,500!!  

Built like a rock.  Built to withstand the ages. The John Thomas House ~ a restoration waiting to happen.

Greg Rapp with Salisbury Real Estate LLC has listed the historic Thomas House in Salisbury, North Carolina for sale. The history on the Thomas House is vague, but some things we know.  Because Greg is an old-house enthusiast ~ and owns a very similar circa 1882 Victorian house in Salisbury himself ~ he is able to recognize architectural details that narrow the time frame on this fantastic home.  

Although city/county records list the home as '1900', this 2,827 square-foot Victorian Vernacular circa 1882-1890 home retains many details that are replicated in the Greg's 1882 home.  Likely a 2-room-over-2-room home originally, the house ~ as many of this era experience ~ has seen expansion and modifications.  But the staircase newel posts and handrail are identical to Greg's 1882 home. 

We won't lie to you ~ this home is a major renovation and restoration project waiting to happen.  Originally protected by Historic Salisbury Protective Covenants, somehow this house fell through the cracks. A major roof leak went sadly undetected for too long, deeply affecting many interior elements.  BUT...this house is built with the quality of materials and workmanship of a bygone era. . . and stands testimony to the reason we save these historic homes!

510 East Lafayette Street was one of the grander homes in an area that sprung up as a railroad spur neighborhood, with several textile mills in the surrounding vicinity and the mill village homes that came with that development. The exterior features some of the original elaborate detail common to late 1800s residential architecture with massive corbels, gable gingerbread trim, and decorative over-window pediment details. The home's rear view overlooks the historic Diamond Cotton Mill complex that was also once a distillery!  Historic Salisbury Foundation, owner of the home, has recently stabilized the structure with new roof and partial roof framing, repaired water/termite damage in the impressive 40' long center hallway, and freshly repainted the exterior (summer 2023).  The wonderful 36' wide by 7' deep front porch is newly rebuilt. The home was a featured property on the Foundation's annual 'History on Tap' tour this summer to show what opportunities are available to the restoration-minded!

The home needs extensive restoration before it is in livable condition: flooring, plumbing, HVAC, kitchen and bathrooms. There is newer electrical service (date unknown).  The interior needs extensive restoration.  All surfaces will need to be restored: some original flooring is in place, while other floor replacement is needed.  Obviously (see photos), walls will need to be replaced, although most framing is intact. (Original walls were once plaster, supported by the lathe you now see.)  The lower portion of the staircase needs refurbishing.

The home's layout is in the typical Victorian Vernacular style. The two front parlors are extra large, with their original 1880s fireplace mantels, as are the two front-facing upstairs bedrooms.  The home is designed to have a primary suite (bedroom and private bath) on the main level.  Many moldings and other decorative woodwork pieces that may appear to be missing, including the pieces to fill in the oval mirror surrounds on the right front parlor mantel, are stored in the front room. There are six fireplaces (nonfunctioning) in the home; three have their original mantels and surrounds, the remaining mantels appear to be missing. Huge 2-over-2 windows throughout, some with original wavy glass, fill the home with natural daylight.

The Lafayette Street area was once a booming part of Salisbury's growth in the late 19th century and was a thriving residential and commercial neighborhood with cotton mills and businesses that were built before the age of the automobile. The Thomas House, one of the more elaborate homes in the district, was likely built by one of the more wealthy industry magnates of the era.  

501 East Lafayette Street is near both the Kesler-Cannon and North Long Street/Park Avenue Historic Districts, neighborhoods rich with historic and vintage homes.  Cannon Park is a cherished local green space, and Salisbury's bustling downtown with over 25 eateries, breweries, unique shops, and theatres is just a stone's throw away.  The home's proximity to Interstate-85 brings more main-stream shopping, dining, and entertainment opportunities with chains such as Old Navy, Marshalls, Lowes and more, restaurants such as Applebee's, Olive Garden, Long Horn, and the Tinseltown Cinemax movie theater complex ~ all nearby. In addition to two local coffee shops, Salisbury hosts two Starbucks locations. Salisbury sits squarely between the large metro areas of Charlotte, Greensboro, Winston-Salem, and is close to High Rock Lake boating and fishing, a 2-hour drive to the Blue Ridge Mountains, and a 4-hour drive to Atlantic Ocean beaches. Salisbury's higher education opportunities include Catawba College, Livingstone College, Rowan-Cabarrus Community College, Hood Theological Seminary, and, down the road, Pfeiffer University.

Salisbury is home to a strong preservation movement that dates back to the 1970s when many important historic structures were facing the threat of the wrecking ball.  And now...there are stories to tell about so many, hundreds, of the grand homes and commercial structures ~ and The Thomas House can be next to tell its restoration story! 

501 Lafayette Street
is a Revolving Fund Project of the Historic Salisbury Foundation property, and as such, carries protective Historic Covenants and Deed Restrictions. Grep Rapp, with Salisbury Real Estate LLC, is the area's expert with regard to historic properties such as this vintage Lafayette Street home and can walk buyer's through the intricacies of purchase, inspections, and more. [Worth noting: Greg's personal home also carries Covenants and Restrictions (C&Rs) and he can explain how this impacts restoration and future maintenance.]

The 'bones' are in place at 501 East Lafayette Street. At 141 years standing, this home isn't going anywhere.  All that is needed is YOU.  Call Greg: 704.213.6846.  Let's do this. 

501 E Lafayette Street
Salisbury, North Carolina 28144
$135,000  $127,500

Greg Rapp 

Salisbury Real Estate LLC 
704 213 6846 Mobile 

August 30, 2023

Salisbury Real Estate LLC - A Proud Sponsor of History on Tap in Salisbury, North Carolina

History on Tap!

This annual 3-part series each summer in Salisbury, North Carolina highlights some amazing historic structures with intimate tours . . . AND . . . free beer!

Each summer Historic Salisbury Foundation offers a tour of three separate historic properties, while local craft brewery New Sarum Brewing Company provides free hand-crafted brews!

Salisbury Real Estate LLC is a proud sponsor of History on Tap ~ proud to show what historic preservation can accomplish.

This year, the impressive Napoleon Bonaparte McCanless House is on the H.O.T. tour. This amazing solid granite home had been lying in disrepair over the years until Realtor® Greg Rapp with Salisbury Real Estate LLC sold the property for Historic Salisbury Foundation to a couple who are currently undertaking a massive restoration of the circa 1896 building and transforming it into what will be one of Salisbury's premier event centers: The Bonaparte Castle!

Hope to see you at the next History on Tap ~ at the Bonaparte Castle!

Greg Rapp 

Salisbury Real Estate LLC 
704 213 6846 Mobile 

August 29, 2023

Circa 1915 Restored Bungalow ~ SOLD ~ by Greg Rapp & Salisbury Real Estate LLC

Welcome to America's favorite residential architectural style, The Craftsman Bungalow! Located in the heart of Spencer, North Carolina's Historic District, 408 Iredell Avenue is a stunning restoration of a circa 1915 bungalow from top to bottom! Listed with Greg Rapp of Salisbury Real Estate LLC, this  vintage home  - built with quality materials and construction - and NEW REMODEL has a new owner!

408 Iredell Avenue:  SOLD by Greg Rapp | Salisbury Real Estate LLC

This classic 4-bedroom house with over 2,100 square feet of living space was completely renovated with all new roof, brand new kitchen, new bathrooms, and all new HVAC, electric, and plumbing (with tankless gas water heater!) and all newly installed double-insulated windows!

First floor exterior is original 1915 pebbledash stucco ~ an essential element in the palette of the Arts and Crafts movement. Pebbledash is a form of render used for external walls in which the top coat is textured by pebbles and stone fragments to create a rough finish. The wall surface is plastered with render and the pebbledash material thrown and pressed in while still wet. Pebbledash became a popular rendering technique between the 1890s and the 1930s as part of the Arts and Crafts movement which sought to revive traditional building processes as forms of vernacular architecture. It is a highly durable exterior finish, and here in this fine example, both the first floor pebbledash and second story cedar shake shingles are boasting fresh coats of pretty pale sage paint.

Our favorite features of this beautiful home include the spacious foyer with original fireplace (non-functioning) ~ with beautiful curved doorways and an open and wonderful floor plan with gorgeous original wood floors, all freshly refinished. We loved all the original Arts & Crafts woodwork, moldings, and fireplace surrounds. And the newly installed kitchen!  Oh, WOW!

The Spencer North Carolina Historic District is just blocks away from the beautiful Library Park, the popular NC Transportation Museum, and cute town restaurants and shops. For more, it's just a hop skip and a jump to the City of Salisbury's vibrant downtown with unique shops, restaurants and microbreweries, bakeries and coffee shops, the Rowan Public Library and the fabulous Bell Tower Green central city park. High Rock Lake is just down the road, hosting water sports, boating, and swimming. And when you need to get on the road, the Historic Amtrak Station and Interstate-85 are just a stone's throw away.

This beauty is no longer available, thanks to the marketing reach of Realtor® Greg Rapp with Salisbury Real Estate LLC, who closed the deal on the home mid-August 2023!  

But there are a number of amazing vintage homes available in the Salisbury/Spencer/Rowan County area ~ conveniently located between the greater metro areas of Charlotte, Greensboro, and Winston-Salem, North Carolina....without all the traffic and other 'big city' complexities!

Call Greg at 704.213.6846 to see what's out there!  

408 Iredell Avenue
Spencer, NC 28159
$299,900 SOLD!

Greg Rapp 

Salisbury Real Estate LLC 
704 213 6846 Mobile