296 & 288 Highland Avenue
Salem, MA, 01950 $ 3,495,000
Bedrooms-- Baths-- Sq 4,488 Monthly Estimate*
$ 21,519
Listed by Doug Martin, Keller Williams Realty Metro-Londonderry, 603-232-8282, dougmartin@kw.com
for $3,495,000. This 4,488 square foot building was built in 1950 on a lot size of 12.25.
Exceptional investment and redevelopment opportunity with outstanding visibility on busy Highland Avenue. The property is approved for AUTO BODY USE â a highly sought-after and difficult-to-obtain approval â 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, managerâs 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.
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FeaturesGeneralRoad Frontage Yes
Sewer Public
Utilities Telephone at Site
Roof Flat Membrane
Zoning Commercial/Residential
Year Built 1950
Business Type Retail
Auction No
Tax Year 2026
Status Detail 0
Construction Materials Steel Frame
City Salem
DOM 7
Price Per Sq Ft Total AG 778.74
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ExteriorLot Features Near Shopping Major Road Frontage
Lot Size Area 12.25
Water Source Public
Parking Features On-Site Parking Spaces 21+ Paved
Foundation Concrete
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* Excluded FeaturesList ByKeller Williams Realty Metro-LondonderryBroker
Affordability Calculator
- Monthly Principal & Interest
- $21,519
- Monthly Property Taxes
- --
- Monthly Home Insurance
- --
Default based on a 30-year fixed rate of 6.25% with 20% down. The estimated payment is offered for convenience and is not an offer of credit. Due to market fluctuations, interest rates are subject to change at any time and without notice. Your individual rate may vary. Rates may differ for FHA, VA or jumbo loans.
Learn more about how to save NearbyCommerical listings in Salem, MA
Average List Price $969,848
Percent of Sale Price 72%
About Salem, MA 44,026 Population
9% Since 2002
$ 64,141 Median Income
39.51 Median Age
23% Households with Children
Trends Information provided by ATTOM Data Solutions.
451920 Elementary School
452237 Middle School
Unknown High School High School
Pricing History| Date | Price | Price Change | Description |
|---|
| 5/12/2026 | $3,495,000 | | Listed Price |