Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    NNN Retail Center with Storefronts Title is generated by Realmo AI

    1120-1130 Royvonne Ave SE, Salem, OR 97302

    View on Map
    Claim this Listing
    New
    For Sale
    Contact for pricing

    NNN-structured retail center positioned within MU-III zoning, supporting a mix of retail, office, and related uses.

    Type:Retail
    Property size:
    5,697 SF
    Price / SF:
    $329/SF
    Added:
    Jun 2, 2026
    Days on Market:
    5
    Last Refresh:
    Jun 6 at 3:42 am

    Property Features for 1120-1130 Royvonne Ave SE

    General Information

    Standard status
    Active
    Size
    5,697 SF
    Property subtype
    Retail

    We can help!

    Listing Contact
    Harlan Mayer

    Listing agent Harlan Mayer License #OR 200305257

    Listing office Real estate PDX

    Listing date Jun 2, 2026

    Source Crexi

    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

    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
    • One large vacancy offers potential for additional rental income
    • NNN lease structure helps offset operating expenses and protect returns
    • MU‑III zone generally allows retail/office uses, commercial services, and multiple family residential uses

    Overview

    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.
    Location Intelligence

    Current Use by Public Records

    Shopping centers

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places 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

    Location Insight

    • Map
    • Local Demand
    City
    Salem
    County
    Marion
    State
    Oregon
    Longitude
    -123.0319612
    Latitude
    44.8857059

    Nearby Similar for Sale

    • $549,900
      2,272 SF

      Dual Living Opportunity in Salem

      Two homes on a 10,000+ sq ft lot.
      3392 Sunnyview Rd NE, Salem, OR 97301
      View Details
    • $749,900
      2,704 SF

      Six-Unit Multifamily Property

      Six-unit converted home with separate water and electric meters supporting tenant-by-tenant utility billing.
      1196 Chemeketa St NE, Salem, OR 97301
      View Details
    • $899,900
      5,278 SF

      Multifamily Apartment Building with Laundry

      Two-bedroom, one-bath units with off-street parking, on-site laundry, and electric heat with separate meters.
      1341 Saginaw St S, Salem, OR 97317
      View Details
    • $550,000
      2,282 SF

      Detached 4-Unit Multifamily Property

      Detached fourplex with private entrances, fenced courtyard, off-street parking, and on-site coin laundry.
      771 21st St SE, Salem, OR 97301
      View Details
    • $850,000
      3,907 SF

      Six-Unit Multifamily Building

      Six well-kept residential units on a 0.42-acre lot with covered porches and carport parking for five cars.
      2245-2285 Breyman St NE, Salem, OR 97301
      View Details
    • $1,500,000
      6,900 SF

      Well-Maintained Multifamily Investment Opportunity

      Three duplexes in Salem, OR, fully occupied and professionally managed.
      4212 47TH Ave NE, Salem, OR 97305
      View Details
    • $675,000
      4,192 SF

      Two Manufactured Homes with Garages

      Two well-maintained manufactured homes on a large lot offer open layouts, updated interiors, and room to expand.
      4455 Blueberry (-4445) Ln NE, Salem, OR 97305
      View Details
    • $450,000
      2,000 SF

      Duplex with Attached Garages

      Two 2-bedroom, 1-bath units each with an attached 1-car garage and private backyard space.
      3441 Livingston St NE, Salem, OR 97301
      View Details
    • $495,000
      2,880 SF

      Triplex with Private Yards

      Well-maintained triplex featuring two oversized bedrooms per unit, private fenced yards, and tenant-occupied stability.
      174 NW STONEWAY Dr, Salem, OR 97304
      View Details
    • $440,000
      2,118 SF

      Salem Duplex on Corner Lot

      Duplex with assumable loan option in Four Corners neighborhood.
      836 ELDIN Ave, Salem, OR 97317
      View Details
    • $450,000
      2,000 SF

      Salem Duplex with Garages

      Duplex in Salem with garages and private backyards.
      3441 LIVINGSTON St, Salem, OR 97301
      View Details
    • $799,000
      4,262 SF

      Duplex with Income Potential

      Duplex with ADU and Airbnb potential in Salem, Oregon.
      1525 SE LEE St, Salem, OR 97302
      View Details

    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
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Harlan Mayer
    Real Estate License ID: OR 200305257
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    1120-1130 Royvonne Ave SE, Salem, OR 97302
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!