NNN Retail Center with
For Sale
Contact for pricing
1130 ROYVONNE AVE, Salem, OR 97302
NNN-structured retail center positioned within MU-III zoning, supporting a mix of retail, office, and related uses.
Property Size5,697 SF
Price / SF$289.63
Days on Market141
Property Features for 1130 ROYVONNE AVE
General Information
Standard status
Active
Size
5,697 SF
Total Parking Spaces
38
Property subtype
Retail
Zoning
MU-III
Occupancy
67%
Lease Type
NNN
Investment Type
Value Add
Building Details
Year Built
2007
Buildings
2
Stories
1
Units
6
Tenancy
Multi
Listing Agency:
Real estate PDX
Listed By:
Harlan Mayer · License #OR 200305257
Source:
Crexi
Added: Jun 2
Changed: Oct 13
Last Checked: Oct 20 at 6:22PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Real estate PDX
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Investment Insights
Based on property information with market context.
Highlands Gardens Retail Center is a multi-tenant retail investment offering with NNN lease structure. The property includes storefront retail spaces at 1120-1130 Royvonne Ave SE and is presented with a tenant mix designed for longer-term occupancy. As an NNN property, operating expenses are intended to be offset through the lease structure.
The center is located in Salem, Oregon, within the MU-III zoning district. The Mixed Use-III (MU-III) zone is intended to guide allowed uses and establish development standards that encourage infill development and redevelopment along mixed-use corridors and centers, including promotion of pedestrian access.
From a leasing and ownership standpoint, the MU-III framework generally supports a range of commercial activity, including retail and office uses, commercial services, and multiple family residential uses. For prospective buyers or tenants, this zoning compatibility can support future space planning and tenant diversification within a retail-oriented setting.
The center is located in Salem, Oregon, within the MU-III zoning district. The Mixed Use-III (MU-III) zone is intended to guide allowed uses and establish development standards that encourage infill development and redevelopment along mixed-use corridors and centers, including promotion of pedestrian access.
From a leasing and ownership standpoint, the MU-III framework generally supports a range of commercial activity, including retail and office uses, commercial services, and multiple family residential uses. For prospective buyers or tenants, this zoning compatibility can support future space planning and tenant diversification within a retail-oriented setting.
Key Highlights
- NNN‑structured retail center located at 1120‑1130 Royvonne Ave SE in Salem, OR
- Mixed Use‑III (MU‑III) zoning with development standards for mixed‑use corridors and centers
- Tenant mix includes retail and other allowed uses under MU‑III zoning, with long‑term lease potential
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$68,552
Cap Rate
4.15%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,371,040
$1.4M
Cap Rate 7%
$979,314
$979.3K
Cap Rate 9%
$761,689
$761.7K
Market Conditions
NOI Build-Up for 5,697 SF
Gross rent
$102.5K $18.00/SF
− Vacancy
−$4.6K −$0.81/SF
EGI
$97.9K $17.19/SF
− OpEx
−$29.4K −$5.16/SF
NOI
$68.6K $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 Rate 5%
$1,371,040
Cap Rate 7%
$979,314
Cap Rate 9%
$761,689
Alternative Uses
Best Use
Retail
$979.3K
$856.9K – $1.14M
NOI $68,552 @ 7.0% cap · market cap 4.15%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.51M
$1.32M – $1.76M
NOI $105,882 @ 7.0% cap · market cap 6.42%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
638
Businesses Nearby
Balanced
Demand for This Use
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Business Placement
Demographics for 97302, OR
39,776
Population
17,888
Households
2.2
Avg Household Size
41
Median Age
43%
College-Educated
95%
High-School Grad
23.5 sq mi
ZIP Area
1,693
Density / Sq Mi
$83,697
Median Household Income
$44,623
Median Earnings
$1,230
Median Rent
$415,200
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in West region
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Frequently Asked Questions
What type of property is this?
Shopping center - NNN-structured retail center positioned within MU-III zoning, supporting a mix of retail, office, and related uses.
Where is this shopping center located?
The property is located at 1130 ROYVONNE AVE Salem, OR.
What is the asking price?
The asking price for this property is $1,650,000.
What are key features of this property?
This property features: NNN‑structured retail center located at 1120‑1130 Royvonne Ave SE in Salem, OR; Mixed Use‑III (MU‑III) zoning with development standards for mixed‑use corridors and centers; Tenant mix includes retail and other allowed uses under MU‑III zoning, with long‑term lease potential
