NNN Retail Center with
1120-1130 Royvonne Ave SE Salem, OR 97302
1120-1130 Royvonne Ave SE, Salem, OR, 97302
Contact for pricing
For Sale
Contact for pricing
NNN-structured retail center positioned within MU-III zoning, supporting a mix of retail, office, and related uses.
Property Size5,697 SF
Price / SF$329.12
Days on Market51
Property Features for 1120-1130 Royvonne Ave SE
General Information
- Standard status
- Active
- Size
- 5,697 SF
- Property subtype
- Retail
Building Details
- Year Built
- 2007
Listing agency
Real estate PDX
Listed by
Harlan Mayer · License #OR 200305257
Source
Crexi
Added: Jun 2 Updated: Jul 10 at 3:59PM Checked: Jul 21 at 1:55PM
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
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
Local Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $102.5k | $18.00 |
| − Vacancy | −$4.6k | −$0.81 |
| EGI | $97.9k | $17.19 |
| − OpEx | −$29.4k | −$5.16 |
| NOI | $68.6k | $12.03 |
5,697 SF · lease $18.00/SF/yr · vacancy 4.50% · expense 30.00%
Alternative Uses
Best Use
Retail
$979.3K
$856.9K – $1.14M
NOI $68,552 @ 7.0% cap · market cap 3.66%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.51M
$1.32M – $1.76M
NOI $105,882 @ 7.0% cap · market cap 5.65%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Shopping centers
Similar For Sale Nearby
Similar Off Market Nearby
- Cherry City Center — Unnamed Road, Commercial St SE, Salem, OR 97302
- Hilfiker Shopping Center — 4450 Commercial St NE, Salem, OR 97302
- Coin Cloud Bitcoin ATM — 5395 Commercial St SE, Salem, OR 97306
- Firehouse Crossing — Salem, OR 97302
- Coin Cloud Bitcoin ATM — 4975 Commercial St SE, Salem, OR 97302
FAQs
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 1120-1130 Royvonne Ave SE Salem, OR.
What is the asking price?
The asking price for this property is $1,875,000.
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
