405 S Main St
Salem, IN 47167
9.85% CAP | Salem Shopping Center · Retail Property For Sale

Marcus & Millichap, on behalf of ownership as its exclusive advisor, is pleased to present Salem Shopping Center located in Salem, Indiana. The subject property is a 46,700-square-foot, 100 percent occupied community shopping center built in 2008 situated on 7.95 acres. Salem Shopping Center is anchored by Goody’s and Dollar Tree, who comprise 47 percent of the leasable area and are responsible for 37 percent of rental revenue. Other sizable tenants include Schneck Family Care, American Rental, and El Caminos Mexican Restaurant, who each occupy units ranging from 4,800 to 5,850-square feet, and together comprise 33 percent of the gross leasable area. Rounding out the tenant base are small-shop tenants Sun Tan City, Subway, Star Nails, and World Finance, who each occupy units ranging from 1,625 to 2,275-square feet and are all leased to triple-net terms. Six of the ten current tenants, totaling 79 percent of the occupied gross leasable area, have been in place since 2010 or longer. The prospective purchaser benefits from ease of management with only 10 units, and all but two of the ten current tenants subject to triple-net leases, providing approximately 73 percent recovery of real estate tax, insurance, and common area maintenance expenses. Salem Shopping Center is located along South Main Street, the main north-south thoroughfare for Salem, which sees strong traffic counts of 18,577 cars per day. The subject property is less than one-quarter mile south of “The Square,” Salem’s vibrant town center that is home to dozens of local retailers and professional offices. Demographics are stable and mature, with 7,760 residents within three miles, 10,252 residents within five miles, and 20,068 residents within ten miles. Prominent retailers in the immediate vicinity include JayC Food Stores, Tractor Supply, Ruler Foods, Rite Aid, Dollar General, Anytime Fitness, AutoZone, McDonald’s, Wendy’s, KFC, Goodwill, and Family Dollar to name a few. Salem is located in southern Indiana approximately 30 miles northwest of Louisville, Kentucky, and is the county seat of Washington County.