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224 Colorado St
Salem, VA 24153
224 S Colorado St, Salem, VA · Industrial Property For Sale
Investment Highlights
- Strong 7.5% Capitalization Rate at the asking price
- Modified Gross lease structure minimizing landlord management complexities
- Stable income-producing commercial asset with an active lease through July 31, 2030
Executive Summary
Property Highlights
- Stable income-producing commercial asset with an active lease through July 31, 2030
- Strong 7.5% Capitalization Rate at the asking price
- Modified Gross lease structure minimizing landlord management complexities
- Favorable Transitional Business District (TBD) zoning offering versatile future uses
- Conveniently located in the 4th Street Area neighborhood near major school districts
- Land Area: 0.113 Acres (4,922 SF)
- Current Zoning: Transitional Business District (TBD)
- Building Size: 3,762 Gross SF
- Primary Use: Commercial / Industrial (Fitness Center)
- Total Current Assessment (2026): $400,800
- Gross Annual Revenue: $50,080.44
- Yearly Property Taxes: $4,809.60
- Yearly Insurance Expense: $3,156.00
- Management & Maintenance Reserves: $2,500.00
- Net Operating Income (NOI): $39,614.84
- Stable income-producing commercial asset with an active lease through July 31, 2030
- Strong 7.5% Capitalization Rate at the asking price
- Modified Gross lease structure minimizing landlord management complexities
- Favorable Transitional Business District (TBD) zoning offering versatile future uses
- Conveniently located in the 4th Street Area neighborhood near major school districts
- Land Area: 0.113 Acres (4,922 SF)
- Current Zoning: Transitional Business District (TBD)
- Building Size: 3,762 Gross SF
- Primary Use: Commercial / Industrial (Fitness Center)
- Total Current Assessment (2026): $400,800
- Gross Annual Revenue: $50,080.44
- Yearly Property Taxes: $4,809.60
- Yearly Insurance Expense: $3,156.00
- Management & Maintenance Reserves: $2,500.00
- Net Operating Income (NOI): $39,614.84
Property Facts
| Sale Type | Investment | Rentable Building Area | 3,762 SF |
| Cap Rate | 7.55% | No. Stories | 1 |
| Property Type | Year Built | 1900 | |
| Building Class | C | Tenancy | Single |
| Lot Size | 0.65 AC | ||
| Zoning | TBD | ||
| Sale Type | Investment |
| Cap Rate | 7.55% |
| Property Type | |
| Building Class | C |
| Lot Size | 0.65 AC |
| Rentable Building Area | 3,762 SF |
| No. Stories | 1 |
| Year Built | 1900 |
| Tenancy | Single |
| Zoning | TBD |
Property Taxes
| Parcel Number | 121-9-4 | Improvements Assessment | $407,000 |
| Land Assessment | $173,800 | Total Assessment | $580,800 |
Property Taxes
Parcel Number
121-9-4
Land Assessment
$173,800
Improvements Assessment
$407,000
Total Assessment
$580,800
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