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Peacock Laundry Building 231 S Colorado St 18,998 SF 100% Leased Retail Building Salem, VA 24153 $380,000 ($20.00/SF)
Investment Highlights
- Redevelopment opportunity with multifamily and mixed-use potential
- Additional economic incentives may be available through the City of Salem
- Prominent historic landmark building in Downtown Salem recognized on both the Virginia Landmarks Register and the National Register of Historic Places
Executive Summary
Originally constructed in 1916, the Peacock-Salem Laundry facility operated continuously for nearly a century and played a significant role in Salem’s commercial and industrial history. Today, the property presents a unique redevelopment opportunity within one of the Roanoke Valley’s most vibrant and growing communities. The building contains approximately 18,998 sqft and is situated on +/-0.65 acres with access along two major thoroughfares. Independently listed on the National Register of Historic Places, the property offers strong potential for adaptive reuse including multifamily, mixed use, office, retail, or hospitality redevelopment.
Located in a college town at the center of Virginia’s Blue Ridge Mountains, Salem benefits from a growing regional economy driven by healthcare and higher education. The City of Salem maintains a strong pro-business environment, and depending on the proposed redevelopment plans, additional incentives may be available through the municipality.
Located in a college town at the center of Virginia’s Blue Ridge Mountains, Salem benefits from a growing regional economy driven by healthcare and higher education. The City of Salem maintains a strong pro-business environment, and depending on the proposed redevelopment plans, additional incentives may be available through the municipality.
Property Facts
Sale Type
Investment
Sale Condition
Redevelopment Project
Property Type
Retail
Property Subtype
Freestanding
Building Size
18,998 SF
Building Class
C
Year Built
1900
Price
$380,000
Price Per SF
$20.00
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Loading Docks
1 Exterior
Building FAR
0.62
Lot Size
0.70 AC
Zoning
TBD - Transitional Business District
Parking
5 Spaces (0.26 Spaces per 1,000 SF Leased)
Frontage
76’ on Colorado St
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease End
- Peacock Cleaners
- Services
- -
- -
- -
| Tenant | Industry | SF Occupied | Rent/SF | Lease End | ||
| Peacock Cleaners | Services | - | - | - |
Moderately walkable
60/100
Very drivable
80/100
Limited public transit
30/100
Fairly bikeable
40/100
Nearby Major Retailers
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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Peacock Laundry Building | 231 S Colorado St
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