Flex Space with Truck
For Sale
$1,300,000
3650 Mainline Dr NE, Salem, OR 97301
COMMERCIAL - Salem, OR
Property Size7,246 SF
Lot Size3.09 Acres
Price / SF$179.41
Days on Market1122
Property Features for 3650 Mainline Dr NE
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
IG
View
Territorial
Directions
99E TO MAINLINE DR
Standard status
Active
Size
7,246 SF
Lot size
3.09 Acres
Taxes and HOA fees
Tax Annual Amount
6862
Utilities
Water source
Well
Amenities
truck washing station
automotive lift
3 phase power
secure tool room
office space
separate bathrooms
upstairs storage
brick court yard
paved parking area
high ceiling rear structure
Building Details
Roof type
Aluminum
Listing Agency:
EXP REALTY, LLC
(888) 814-9613
Listed By:
SHANE SCHUSTER* · License #201220302
(503) 382-7860
Added: Jul 27, 2023
Changed: Aug 18
Last Checked: Aug 21 at 11:06PM
MLS# 807788
Copyright © 2026 Willamette Valley Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 3.09-acre flex property includes 7,246 square feet of existing improvements, with level ground surfaced in a combination of compacted gravel and asphalt. The buildings include a primary shop with office space, bathrooms, a secure tool room, upstairs storage, and an automotive lift, plus additional shop areas and a rear structure with high clearance for truck and equipment access. Three-phase power supports industrial and fabrication uses. A concrete truck-washing area includes an oil and water separator, and a former fueling island remains adjacent to the paved area. The buildings are usable but vary in condition and require consideration of deferred maintenance. An adjacent mobile home is used for parts storage.
The property is zoned IG and located at 3650 Mainline Dr NE in Salem, Oregon. Its position near the MLK Parkway provides access toward Interstate 5 and the Oregon coast, while a railroad spur line parallels the site toward a switch yard. Water is supplied by a well, and the buildings have aluminum roofing. Level 1 and 2 environmental studies have been completed without findings requiring Level 3 action.
The property is zoned IG and located at 3650 Mainline Dr NE in Salem, Oregon. Its position near the MLK Parkway provides access toward Interstate 5 and the Oregon coast, while a railroad spur line parallels the site toward a switch yard. Water is supplied by a well, and the buildings have aluminum roofing. Level 1 and 2 environmental studies have been completed without findings requiring Level 3 action.
Key Highlights
- 3.09‑acre level industrial site with compacted gravel and asphalt surfaces
- 7,246 square feet of existing improvements across multiple shop structures
- IG zoning with three‑phase power
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$87,191
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.71%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,743,820
$1.7M
Cap Rate 7%
$1,245,586
$1.2M
Cap Rate 9%
$968,789
$968.8K
Market Conditions
NOI Build-Up for 7,246 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$130.4K $18.00/SF
− Vacancy
−$5.9K −$0.81/SF
EGI
$124.6K $17.19/SF
− OpEx
−$37.4K −$5.16/SF
NOI
$87.2K $12.03/SF
Area
Salem, OR
Vacancy
4.50%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,743,820
Cap Rate 7%
$1,245,586
Cap Rate 9%
$968,789
Alternative Uses
Best Use
Retail
$1.25M
$1.09M – $1.45M
NOI $87,191 @ 7.0% cap · market cap 6.71%
Second Best
Warehouse
$1.10M
$965.4K – $1.29M
NOI $77,235 @ 7.0% cap · market cap 5.94%
Theoretical Best
Office A
$1.92M
$1.68M – $2.24M
NOI $134,671 @ 7.0% cap · market cap 10.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Service bays
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
465
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 97301, OR
56,393
Population
21,419
Households
2.6
Avg Household Size
34
Median Age
18%
College-Educated
81%
High-School Grad
11.3 sq mi
ZIP Area
4,991
Density / Sq Mi
$57,497
Median Household Income
$33,220
Median Earnings
$1,197
Median Rent
$310,800
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
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- Mayrene's Catering — 2025 Carleton Way NE, Salem, OR 97301
Frequently Asked Questions
What type of property is this?
Flex space - Industrial property with paved and gravel yard areas, multiple shop structures, and three-phase power for heavy-duty operations.
Where is this flex space located?
The property is located at 3650 Mainline Dr NE Salem, OR.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: 3.09‑acre level industrial site with compacted gravel and asphalt surfaces; 7,246 square feet of existing improvements across multiple shop structures; IG zoning with three‑phase power
