507 W Innes St - Office FOR SALE


Salisbury, NC 28144
$2,750,000 USD
336-501-8928
507 W Innes St, Salisbury, NC for Sale
$2,750,000 USD
Office - FOR SALE
1/12
null | Request Cap Rate

507 W Innes St
Salisbury, NC 28144


HIGHLIGHTS

  • Extensive 2025 interior renovations include architectural "cloud" ceilings, premium LVT flooring, and energy-efficient LED upgrades
  • While the building is nearing stabilization, a final 1,942 SF vacancy remains. Leasing this remaining space is projected to be completed by 2027
  • Anchored by "Essential Service" users including Medical, Education (Charter School), and Financial services, providing a needed in-office workforce.
  • The offering includes a 19,424 SF professional hub and a rare 2,525 SF stand-alone annex (529 W Innes), offering great flexibility
  • Strategically located on Salisbury’s "Main-and-Main" thoroughfare with prominent monument signage and high daily traffic counts.

OVERVIEW

507 W Innes St represents a premier investment opportunity featuring a ±21,949 SF professional campus in the heart of Salisbury’s primary commercial corridor. Following a strategic transition year in 2025—during which ownership executed a comprehensive interior modernization program—the asset has been successfully repositioned and is now on an accelerated path to full stabilization. With a projected NOI of $192,905 in 2026 and a surge in 2027, this campus offers a defensive acquisition basis significantly below current replacement costs. There is also room to add additional TICAM reimbursements to increase the NOI further. 2025 served as a pivotal year for the asset, where significant capital was deployed to modernize the tenant experience. During a period of intentional vacancy, ownership installed new flooring, fresh professional paint, and LED lighting retrofit. This investment has already paid dividends; the campus has experienced rapid leasing momentum, successfully transitioning from a period of higher vacancy to a robust, essential-service tenant roster.

FOR SALE DETAILS

PRICE

$2,750,000 USD

PRICE/SF

$125 USD /SF

CAP RATE

Request Cap Rate

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Office

ADD'L SUBTYPES

Medical

TOTAL BUILDING SIZE

-

STORIES

2

BUILDING CLASS

B

YEAR BUILT

1960

SPRINKLERS

-

PARKING SPACES

84

LAND DETAILS

LAND ACRES

1.64 AC

LAND SF

71,438 SF

ZONING

RMX

APN/PARCEL ID

010-461

ASK ABOUT THIS PROPERTY

Scott MooreDeLille | Field Commercial Real EstateMore Info
336-501-8928

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Scott MooreDeLille | Field Commercial Real EstateMore Info
336-501-8928

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.