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. 

From the National Registry of Historic Places:

'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.

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.

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
$1,875,000 

MLS#4100938

Greg Rapp 
Salisbury Real Estate LLC 
704 213 6846 Mobile 
GregRappRealtor@gmail.com 
www.realestatesalisbury.net 

Circa 1896 Beaux Arts Building in Downtown Salisbury - FOR SALE!

UPDATE 9/1/2022:  Price is now $599,000!  

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Realtor® Greg Rapp with Salisbury Real Estate presents a special opportunity to own a circa 1896 2-story Beaux Arts building in the historic Hedrick Block and identified on the National Registry of Historic Places. Along a pretty tree-lined stretch of South Main Street in the heart of Salisbury's vibrant downtown commercial district, you'll find this attractive brick building with just under 5,000 square feet of space, and exterior lighting that spotlights the beautifully ornate front façade with arched windows, a decorative frieze and window pediment, bordered by beautiful rusticated granite pilasters.

Welcome to the prestigious Hedrick Block at 125 South Main Street in downtown Salisbury!

A gift shop for the past fifteen years, this Class-A retail space at 125 S. Main Street offers a deep ground-level floor with slat-wall interior, soaring original tin ceilings, carpeted floors, and a mezzanine overlooking the shop. The front door is deeply inset between large display windows that stream natural light. A separate front door leads to a private staircase to the second story where you'll find a blank slate ready for conversion to residential living spaces. Here, a huge expanse of original wood floors reflect the light from the arched windows. This story could easily accommodate two upper apartments with the potential for a third apartment located on the first floor rear of the building.  A second egress at the rear staircase brings you back down to the first floor.

The building offers the large front retail space, with two additional rooms for storage, office, or other at the rear.  The buildings single bathroom is additionally in the rear space.  

The rear staircase takes you up a half-level to where the mezzanine lies, and here, a small office is between the 1st and 2nd floors.

Abundant parking conveys at the rear of the building - a rare commodity in the downtown - and 2-hour on-street parking surrounds the block on Main Street and adjoining side streets. Located in an Opportunity Zone, 125 S. Main Street is eligible for discounted capital gains tax, Historic Rehabilitation Tax Credits, and City of Salisbury facade grants. Opportunity Zone identifies an area with access to a new program to attract investment capital, created by federal tax legislation (Tax Cuts and Jobs Act (H.R.1), that offers qualified investors certain tax benefits when they invest capital gains into these areas. 

Main Street, or US Highway 29, through the downtown district in Salisbury has just undergone Phase 1 of a new streetscaping project: The Downtown Main Street Plan.  Phase 2 planning is underway, creating an exciting and inviting streetscape for visitors, residents, and merchants alike. Many of the historic downtown buildings are experiencing a surge of development: The Bell Block Building (ca. 1898); Alley & Main (ca. 1890); Lofts on Innes (ca. 1882), The Bernhardt Luxury Lofts (ca. 1882), and more ~ all creating new residential opportunities here! You'll be right on trend when you purchase this charmer, loaded with potential, at 125 S. Main Street!

Shops and businesses within Salisbury's Municipal Service District (MSD) are supported by Downtown Salisbury, Inc. ~ an accredited Main Street North Carolina organization. The Main Street NC program works to stimulate economic development within the context of historic preservation, using a comprehensive approach to downtown revitalization to assist communities across the country. The programs uses a 4-point comprehensive revitalization process designed to improve all aspects of a downtown that includes (1) Organization: Building partnerships and effective management; (2) Promotion: Reestablishing downtown as a compelling place for shoppers and investors; (3) Design: Enhancing the visual quality of the downtown; and (4) Economic Vitality: Strengthening the existing economic assets of the business district while diversifying its economic base.

Location, Location!

Located just one mile from the I-85 exchange, within the downtown "Social District", and close to unique shops, theaters, restaurants, breweries, nightlife, and the beautiful $13M Bell Tower Green center-city park, this section of the downtown is a magnet for foot traffic attending plays at the nearby community theater, walking to shops, City of Salisbury offices, and other downtown attractions.

While the tax card indicates 125 S. Main Street was built in 1910, the National Registry of Historic Places for the Salisbury Historic District states the structure was built in 1887. The historic plaque for the Hedrick Block states the build date as 1896, perhaps from when the buildings were rehabilitated after a fire during that era.  The current owners performed extensive renovations in 2007-2008 to restore much of the 1800s grandeur that had been covered with aluminum siding when they purchased this historic building. The shop has been an iconic destination in the downtown, complete with rides on 'Champion', the mechanical coin-operated horse ride for children...always a favorite.

Schedule your exclusive private showing

This opportunity to host your business in your own historic building, and perhaps create your own live/work environment, in the center of a vibrant downtown doesn't come along every day. To schedule your private showing of this prestigious location, call listing agent Greg Rapp at 704.213.6846. Greg is the area's expert when it comes to vintage homes and buildings in Salisbury and surrounding Rowan County, and can help you with the ins-&-outs of owning a building in an historic district. Call today to make this building in the circa 1896 Hedrick Block  yours!!

125 S. Main Street 

Salisbury, NC 28144
CMLS #3889728
$625,000 $599,000

Greg Rapp 
Salisbury Real Estate LLC 
704 213 6846 Mobile 
GregRappRealtor@gmail.com 
www.realestatesalisbury.net 

You Want Visibility & High Traffic for Your Business?....Buy the Okey-Dokey General Store in Salisbury NC!

Location, Location, Location!!
 
REALTOR® Greg Rapp has the ideal location ~ with LOADS of visibility, high traffic, great parking, space galore...and all in a wonderful historic building ~ for your business venture!  It's time to check out the Okey-Dokey General Store space in Salisbury NC ~ right on the main drag (E. Innes Street) from the Interstate 85 into Downtown Salisbury!

Choosing a business location is perhaps the most important decision a small business owner or startup will make, so it requires precise planning and research. It involves looking at demographics, assessing your supply chain, scoping the competition, staying on budget, understanding state laws and taxes, and much more.

Most businesses choose a location that provides exposure to customers. Additionally, there are less obvious factors and needs to consider, for example: 

• Brand Image – Is the location consistent with the image you want to maintain? 
• Competition – Are the businesses around you complementary or competing? 
• Local Labor Market – Does the area have potential employees? What will their commute be like? 
• Plan for Future Growth – If you anticipate further growth, look for a building that has extra space should you need it. 
• Proximity to Suppliers – They need to be able to find you easily as well. 
• Safety – Consider the crime rate. Will employees feel safe alone in the building or walking to their vehicles? 
• Zoning Regulations – These determine whether you can conduct your type of business in certain properties or locations. You can find out how property is zoned by contacting your local planning agency.
   

The Okey-Dokey General Store, 126 East Innes Street in Downtown Salisbury, North

Carolina ~ has all of the above.  Even zoning regulations are easy in Salisbury with the City of Salisbury's new One-Stop-Shop for info and permits!  This incredible ~ over 12,000 square feet, 8300+ above grade, 3-story building in Downtown Salisbury sees an over 22,000 car count per day. There perhaps is not a more excellent retail location in Salisbury, and there is the potential to upfit the second story to accommodate residential units. MLS# C56243 

 
The Okey-Dokey is a circa 1900 storefront in Salisbury, a city that treasures its historic culture and buildings.  The City of Salisbury offers incentive grants annually for facade improvements to any buildings that are located in the Municipal Service District.   The improvement grant programs offer financial incentives through matching grants for business and property owners to upgrade building facades, parking lots, signage and landscaping. Applications will be accepted throughout the year as long as funds remain, and all projects must be completed by May 30, 2015. 

The 24-block Municipal Service District runs from Jackson Street to Long Street and from Horah Street to Cemetery Street in Salisbury NC. This district was established in the early 1980s to provide a mechanism for generating tax revenues for downtown area improvements.  The city started the Innes Street Improvement Grants Program in 1996 as a result of the recommendations of a study by the Urban Design Assistance Team, which recognized the Innes Street corridor as essential to the future of Salisbury. Improvement of the corridor also is part of the Salisbury Vision 2020 Comprehensive Plan. Together, the two programs have generated more than $12 million in private improvements from $850,000 in public dollars invested since 1981.  You...as new owner of the Okey-Dokey General Store...are eligible for this grant program!

Location, Location , Location!! 

You might have heard people say that location is the most important thing for a business. Then, the next most important is ... location!  Look no further!

For many businesses, getting the right location can make the difference between success and failure.  If you're looking for a prime location...and love both visibility and a historic building...CALL NOW! CLICK HERE to call Greg Rapp: 704.213.6846

126 East Innes Street in Salisbury, North Carolina can be yours.  It's just a phone call away!

Greg Rapp 
Wallace Realty Co. 
704 213 6846 Mobile 
704 636 2021 Office 
www.realestatesalisbury.net 

Historic Firehouse For Sale ~ Right in Downtown Salisbury! The Price? UNBELIEVABLE!

The beloved circa 1897 Old Salisbury Firehouse that once housed the fire department, the mayor's office, and the "calabose" ~ the jailhouse ~ is for sale in Historic Downtown Salisbury, North Carolina.  An opportunity to own a special building like this comes once-in-a-lifetime. Any business in this wonderfully unique building is sure to succeed, as have its neighboring businesses!

The Old Salisbury Firehouse is surrounded by thriving businesses in the heart of downtown Salisbury, and the support network provided by Downtown Salisbury Inc. is unmatched. The building, because of its original roots as a firehouse, has wonderfully unique characteristics, from its brass and wood cupola which once housed the fire bell to its high hipped roof punctuated with decorative gables featuring heavy console brackets on each elevation to the many other exterior features that leave The Old Salisbury Firehouse appearing much as it did when first complete in 1897.   

The Old Salisbury Firehouse is one of North Carolina's oldest firehouses. The first firehouses here were often small buildings that reflected the nature of early American firefighting when citizens answered alarms with buckets, ladders, and eventually hand-powered fire engines. Larger and more formal buildings appeared as the size of the hand pumps increased, and engine houses needed meeting rooms, sleeping areas, and accommodation for horses.  The State's oldest firehouse is a single-story brick building in Old Salem in Winston-Salem. Built in 1803, the Market and Fire House served as both the town market and as a storage facility for the town's hand-pulled, hand-powered fire engines. The Old Salisbury Firehouse, completed during the spring of 1897, housed Salisbury's Fire Department on the first floor, the city jail in a one-story rear section, and city offices on the second floor. The fire department included four horses, four horse carts, two horse wagons, and hone hook and ladder truck. A one-story brick addition was added to the north side of the building by 1913 and was used to store the city's police wagon. The building continued to be used by the City of Salisbury as a fire station into the early 1960s, then stood vacant for several years before being adapted to a restaurant in the late 1970s. A fire in the 1980 destroyed much of the building's interior, but by the 1990's it housed a florist and gift shop. The Firehouse is now another of Salisbury's 'diamonds-in-the-rough', awaiting its new resurrection!

The Firehouse retains many of its unique firehouse architectural features. A heavy wooden cornice with console brackets runs around the edge of the entire roof, which has an attractive brass and wood cupola in its center that was the original site of the fire department's bell tower. The first floor is characterized by broad arched openings with striated brickwork frames that originally accommodated the wagons and horses of the fire and police departments. The second floor features a three-part square window flanked by two round-headed windows with heavy arched hoods with keystones.

Downtown Salisbury Inc, (DSI) a non-profit agency devoted to promoting, enhancing, and managing the development of Salisbury's central business district, helps to ensure that any business that might make its home in The Old Salisbury Firehouse is supported in a manner which will make the district the economic, governmental, social, and cultural center of Rowan County. DSI addresses the needs of impacting neighborhoods and businesses within and adjacent to the Salisbury Municipal Service District and accomplished this by promoting activity in economic restructuring, design, promotions, and building partnerships.

The Old Salisbury Firehouse building recently underwent minor interior rehabilitation. Central Piedmont Builders created an estimate for further rehab work. For more information regarding estimated costs for further rehabilitation, or for a customized estimate to meet your individual business needs, contact Greg Rapp at 704.213.6846.

The building is a 4,300-4,400 square foot space in a mixed-use zone at 113 S. Lee Street in downtown Salisbury, mere minutes from the Interstate-86 junction. The Old Salisbury Firehouse building is listed on the National Register of Historic Places, making it a property that qualifies for N.C. & Federal Historic Tax Credits, and potential city grants. (N.C. historic preservation tax credits available for this property are scheduled to sunset Jan. 1, 2015.)  This special opportunity to own this landmark building in historic Salisbury North Carolina is available for the unbelievably attractive price of $125,000!

 

The listing agent for The Old Salisbury Firehouse is Marie Leonard-Hampton of Wallace Realty. You can contact Marie at 704.636.2021 or contact Greg Rapp as your buyers agent at 704.213.6846. 

Greg Rapp is the premiere mover of historic properties in Salisbury and Rowan County, NC!  His record speaks for itself, and no one knows these historic 'diamonds-in-the-rough' like Greg!  Call Greg Rapp to see for yourself the completely unique characteristics of The Old Salisbury Firehouse and learn more about opportunities to live and work in downtown Salisbury, North Carolina!