425-501 S Colorado St | 151 3rd St | 500 S Market St
425-501 S Colorado St, Salem, VA 63755-1371
Marketing description
Cushman & Wakefield | Thalhimer is pleased to present a unique repositioning or redevelopment opportunity in the City of Salem, Virginia. The offering consists of four contiguous parcels totaling three buildings, which has been continuously operated Mini-World Child Care Center, located at 425 S. Colorado Street, 501 S. Colorado Street, 101 E 3rd Street, and 500 S. Market Street.
The property features a combined building footprint of approximately 11,800 SF, along with additional land area that includes fenced outdoor play areas, parking, and flexible open space. The existing improvements are well-suited for continued educational or community use, while also offering adaptability for office, medical, or alternative institutional users.
Positioned at the corner of Colorado Street and 3rd Street, the site benefits from strong visibility, convenient access, and a walkable location just minutes from downtown Salem. The surrounding area continues to experience steady demand driven by its character, accessibility, and proximity to key amenities and employers.
The layout and scale of the property provide a rare opportunity for a variety of uses, including owner occupants, investors, or developers seeking to reposition the asset. With multiple buildings and parcels, the site also offers optionality for phased occupancy, redevelopment, or potential subdivision.
Salem’s market fundamentals remain strong, supported by ongoing growth, a stable economic base, and increasing demand for flexible commercial and community-serving space.
This offering represents a compelling opportunity to acquire a well-located asset with immediate usability and long-term upside in one of the region’s most desirable submarkets
Investment highlights
- Prominent Corner Location - High visibility site in the heart of Salem with strong daily traffic along Colorado Street.
- Flexible Building Size & Layout - ±11,800 SF across multiple buildings including a 4,800 SF main building and 2,012 SF house, plus outdoor play areas.
- Large Site with Ample Parking - Generous lot with extensive on-site parking and additional land for expansion or reconfiguration.
- Walkable Urban Setting - Located just blocks from Downtown Salem, with easy access to Andrew Lewis Middle School and GW Carver Elementary school. Close to retail and restaurants in downtown Salem and W. Main Street (a high traffic retail corridor).
- Existing Infrastructure In-Place - Built out for high occupancy, service-based use, minimizing upfront capital needs.
- Ideal for Mission-Driven or Institutional Users - Well suited for education, office, medical, or community focused uses.
- Strong Market Fundamentals - Salem has demonstrated stable pricing, low inventory, and consistent buyer demand.
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