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198 N Main St 3,600 SF 100% Leased Retail Building Salem, NY 12865 $249,777 ($69.38/SF)
Executive Summary
Right in the heart of Salem village -- and working hard already. This well-maintained mixed-use building offers the kind of versatility that's
increasingly rare at this price point in Washington County. Four apartments -- one 2-bedroom and three 1-bedrooms -- sit above two vacant commercial
spaces on the first floor, generating $3,200 per month in residential rental income with additional upside potential from the two retail spaces ready for a new
tenant or owner-operator. The apartments are updated, functional, and consistently occupied. The 2-bedroom unit rents at $1,000/month, the main floor 1
bedroom at $800/month, and both third floor units at $700/month each. Appliances and mechanicals have been methodically refreshed throughout --
refrigerators and stoves replaced within the last 1-5 years across all units, hot water tanks ranging from 1-5 years old, and the commercial spaces feature a
2-year old furnace. Separate electric heat in the apartments. The building has seen significant capital improvements including new electric, windows, and
roof replacements on both the main and lower sections. Live here, work here, and collect rent while you do it -- or hold it purely as an income-producing
asset in a village that draws visitors year-round. Salem sits at the crossroads of some of the region's most desirable destinations -- Saratoga Springs,
Granville, Greenwich, and Manchester VT are all within easy reach. A detached garage and barn at the rear offer additional storage and long-term potential
for the right buyer. Retail spaces are vacant and available for showings. The four apartment units may be viewed by virtual showing only. Please do not
disturb the tenants. In person showing(s) may be made contingent upon an in-person viewing after a signed offer is in place.
increasingly rare at this price point in Washington County. Four apartments -- one 2-bedroom and three 1-bedrooms -- sit above two vacant commercial
spaces on the first floor, generating $3,200 per month in residential rental income with additional upside potential from the two retail spaces ready for a new
tenant or owner-operator. The apartments are updated, functional, and consistently occupied. The 2-bedroom unit rents at $1,000/month, the main floor 1
bedroom at $800/month, and both third floor units at $700/month each. Appliances and mechanicals have been methodically refreshed throughout --
refrigerators and stoves replaced within the last 1-5 years across all units, hot water tanks ranging from 1-5 years old, and the commercial spaces feature a
2-year old furnace. Separate electric heat in the apartments. The building has seen significant capital improvements including new electric, windows, and
roof replacements on both the main and lower sections. Live here, work here, and collect rent while you do it -- or hold it purely as an income-producing
asset in a village that draws visitors year-round. Salem sits at the crossroads of some of the region's most desirable destinations -- Saratoga Springs,
Granville, Greenwich, and Manchester VT are all within easy reach. A detached garage and barn at the rear offer additional storage and long-term potential
for the right buyer. Retail spaces are vacant and available for showings. The four apartment units may be viewed by virtual showing only. Please do not
disturb the tenants. In person showing(s) may be made contingent upon an in-person viewing after a signed offer is in place.
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Storefront Retail/Residential
Building Size
3,600 SF
Building Class
C
Year Built
1902
Price
$249,777
Price Per SF
$69.38
Percent Leased
100%
Tenancy
Multiple
Building Height
3 Stories
Building FAR
0.55
Lot Size
0.15 AC
Zoning
mixed - mixed
Frontage
Somewhat walkable
20/100
Exceptionally drivable
100/100
Somewhat bikeable
20/100
Property Taxes
| Parcel Number | 534800-209-009-0001-033-000-0000 | Improvements Assessment | $111,000 |
| Land Assessment | $9,000 | Total Assessment | $120,000 |
Property Taxes
Parcel Number
534800-209-009-0001-033-000-0000
Land Assessment
$9,000
Improvements Assessment
$111,000
Total Assessment
$120,000
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198 N Main St