Welcome to 515 N. Clay Street ~ the former location of the circa 1916 Rowan Canning Company: two spacious buildings on just under an acre on a corner lot with substantial parking!
Enter the 3312 square-foot white brick veneer and concrete block building (are you hearing low maintenance and heat/AC bills??) via an entrance vestibule that from there leads into a lobby area. One side of the building offers office space, two bathrooms, and three storage or additional office spaces. An impressive looking, approximately 1770 s.f. industrial-style open space with an attractive beamed ceiling with modern lighting and ceiling fans, and LOADS of natural daylight through an array of large double-insulated windows! The most recent owner utilized this area as showroom space. This building's interior is stunning, clean, and up-to-date.
A pleasant covered porch to the side of the building, formerly a loading dock, creates a welcome break area. The building offers a new gas pack/central AC. This building could be subdivided into residential units - the possibilities are endless!
A 2nd metal-clad, wood-frame building is approximately 30' x 150' (4500 sq ft) with miles of intact metal roof. This was the site of the circa 1916 canning company. The building has electric service but no water. For the most part, this building is a wide open interior, but the current owner framed out a 30 x 30 area with a raised platform floor. Near this building, three smaller utility sheds convey with the sale of the property.
515 N. Clay Street offers on-street parking as well as a substantial parking lot, and is entirely fenced-in. Both buildings can easily be divided to create even further opportunities.
The East Franklin Street railroad spur, a rail line that is mostly buried in this neighborhood, is representative of a time when rail shippers were located away from the railroad mainline right of way yet utilized or required rail service. These industries were constructed during an era when zoning laws were non-existent or in the least, somewhat relaxed. In spite of the passage of the years, remains of the old East Franklin district still exist. At 515 N. Clay Street and nearby, a piece of the past is still visible. The old Diamond Cotton Mills building still stands where remains of the railroad can be seen. Running parallel to the street is the track that served the Diamond Mills (someone is currently refurbishing this sprawling set of buildings!) and continued across the road, through the property at Rowan Canning Company, and on to the historic Kesler Mill (now demolished). The track is encased in the asphalt where the spur crossed the street and passed along the Rowan Canning Company building that existed in 1922. The circa 1922 Sanborn map below shows the rail line and the elongated red wood structure. The brick/block building had not yet been erected. (Adapted from West Virginia and North Carolina Rails, Lost Salisbury by Dan Robie / wvncrails.org)
Records show the Rowan Canning Company as the 1916 deed-holder, and soon after, there were several deed transfers. The Salisbury School system owned the buildings from 1953 until 2018 when the current owner purchased the property.
The City of Salisbury offers an array of incentives that may apply to this property! 515 N. Clay Street is located in one of the city's designated 'Opportunity Zones', a new program with the potential to attract investment capital into specific areas of North Carolina created by federal tax legislation known as The Tax Cuts and Jobs Act (H.R.1). North Carolina Opportunity Zones offer qualified investors certain tax benefits when they invest unrealized capital gains into these areas, such as:
- Temporary tax deferral for capital gains reinvested in an Opportunity Fund
- Step-up in basis for capital gains reinvested in an Opportunity Fund
- Permanent exclusion from taxable income of long-term capital gains
There is additionally the Park Avenue Housing Rehabilitation Program, where residents who own property located within the Phase 1 Eligibility Area (see map) of the City of Salisbury’s Kesler Mill/Park Avenue Housing Rehabilitation Program may be eligible for financial assistance for exterior repairs and improvements, such as painting, roofing, porches, foundations, doors and windows, minor landscaping, and similar improvements. The property at 515 N. Clay Street may be eligible if it were converted to residential dwellings. To explore this opportunity, interested parties should contact Nicky Brown / (704) 216-2738 / nibrow@salisburync.gov with City of Salisbury Planning Department.
515 N. Clay Street is just a stone's throw from the Interstate-85 exchange in Salisbury, and just blocks from the large commercial area found there with big name entities such as Walmart, Starbucks, Panera Bread, Outback Restaurant, and more...yet nestled in a small historic commercial development at the fringe of the Park Ave/Kesler Mill historic neighborhoods and the heart of the once-thriving rail spur district.
Here is your chance to do something really special with this dual opportunity in this mixed use zoned neighborhood. Realtor® Greg Rapp with Salisbury Real Estate LLC can tell you more about this fantastic set of double buildings on this prime corner! Call 704.213.6846 to learn more!
515 N Clay Street
Salisbury, NC 28144
CMLS#3861639
$545,000
Greg Rapp
Salisbury Real Estate LLC
704 213 6846 Mobile
GregRappRealtor@gmail.com
www.realestatesalisbury.net
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