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
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.
LOCATION ~ LOCATION
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:
https://SalisburyNC.gov/Government/Planning-and-Neighborhoods/Grants-and-Incentives
- 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.
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.
Salisbury, NC 28144
$1,875,000
$1,875,000
MLS#4100938
Greg Rapp
Salisbury Real Estate LLC
704 213 6846 Mobile
GregRappRealtor@gmail.com
www.realestatesalisbury.net
