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Adam Dow

| The Dow Group | #1 Real Estate Team in New Hampshire

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296 & 288 Highland Ave , Salem, MA 01950
$2,795,000
Est. Payment: $6,211.11/mo
0 Bed
0 Bath
4488 Sqft
Status: Active | Days on site: 72
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House Description

Exceptional investment and redevelopment opportunity with outstanding visibility on busy Highland Avenue. The property is approved for AUTO BODY USE, a highly sought after and difficult to obtain approval and is ideal for auto sales, service, repair, or collision operations.This unique offering includes two commercial lots with over 200 feet of frontage in a high-traffic retail corridor. The primary retail parcel features a 4,261 SF automotive facility equipped with 6 service bays, 4 lifts, showroom space, manager’s office, title office, parts and stock rooms, customer waiting area, break room, ADA-compliant restroom, and security system. Also included are approximately 12 acres of residential land located behind the main commercial site, offering significant future development potential. The second parcel includes a small residential structure situated on commercially zoned land, presenting excellent redevelopment possibilities for additional parking, expanded commercial use, or potential multifamily development of up to 5 residential units. Strategically located alongside major national retailers and traffic generators including Walmart, Target, The Home Depot, Planet Fitness, McDonald's, and Burger King. A signalized intersection stops traffic directly in front of the property, enhancing visibility, accessibility, and overall traffic flow, with more than 35,000 vehicles passing the site per day. Rare opportunity with multiple permitted uses and strong upside potential for investors, owner-users, or developers.

Highlights

Listed by Doug Martin , 603-232-8282 Keller Williams Realty Metro-Londonderry , 603-232-8282.

Property Type

Commercial Sale

Lot/Acreage
12.25

Year Built

1950

County

Essex

Listing ID

5088383

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Interior Features

Bedrooms and Bathrooms
  • Bedrooms:0
  • Bathrooms:0
  • Full Bathrooms:
Basement:No

Exterior Features

Lot:Near Shopping,Major Road Frontage
Zoning:Commercial/Residential
Roof:Flat,Membrane
Sewer:Public
Parking Features:On-Site,Parking Spaces 21+,Paved
Principal Interest
$6,211
Taxes
$3,308

Home Price

$2,795,000

Loan Details

30 yrs
%

Down Payment

20%
$559,000
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Monthly Price:
$6,211.11

Principal

Taxes

Principal Taxes HOA Total
Monthly $6,211.11 $3,307.79 $0.00 $9,518.90
Yearly $74,533.33 $39,693.43 $0.00 $114,226.76
Total $2,236,000.00 $1,190,802.90 $0.00 $3,426,802.90

Today's Rates

30 Year

0%

20 Year

0%

15 Year

0%

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Market insight data is pulled from the same city as the listing being viewed (Salem, MA).

The schools listed are within a 2-mile radius of the property; however, attendance is not guaranteed. Please contact the local school district to confirm zoning and enrollment options.