Retail Shopping Center With Vacant
For Sale
$1,650,000
1130 Royvonne AVE, Salem, OR 97302
MU-III zoning supports retail, office, and commercial service uses.
Property Size6,822 SF
Price / SF$241.86
Days on Market48
Property Features for 1130 Royvonne AVE
General Information
Standard status
Active
Size
6,822 SF
Property subtype
Commercial
Zoning
MU-III
Site & Location
Neighborhood
Faye Wright Neighborhood Association
Building Details
Year Built
2007
Tenancy
Multi
Listing Agency:
Realestatepdx.com
Listed By:
Donna Roberts
(360) 844-3142
Source:
Donnarobertsgroup
Added: Sep 9
Changed: Oct 25
Last Checked: Oct 24 at 5:20PM
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 Realestatepdx.com
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Investment Insights
Based on property information with market context.
Highlands Gardens Retail Center is a 6,822-square-foot shopping center at 1130 Royvonne Ave SE in Salem, Oregon. Built in 2007, the property includes one vacant unit configured for convenient-mart use, with some equipment included. The center also features a tenant mix and NNN lease structure.
The property is located in a mixed-use corridor governed by MU-III zoning. Permitted uses generally include retail, office, commercial services, and multiple-family residential development, with standards intended to support infill and pedestrian access. The vacant space provides an additional operating component within the center.
The property is located in a mixed-use corridor governed by MU-III zoning. Permitted uses generally include retail, office, commercial services, and multiple-family residential development, with standards intended to support infill and pedestrian access. The vacant space provides an additional operating component within the center.
Key Highlights
- 6,822‑square‑foot shopping center
- One vacant unit configured for convenient‑mart use
- Some equipment included with the vacant unit
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$82,089
Cap Rate
4.98%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,641,780
$1.6M
Cap Rate 7%
$1,172,700
$1.2M
Cap Rate 9%
$912,100
$912.1K
Market Conditions
NOI Build-Up for 6,822 SF
Gross rent
$122.8K $18.00/SF
− Vacancy
−$5.5K −$0.81/SF
EGI
$117.3K $17.19/SF
− OpEx
−$35.2K −$5.16/SF
NOI
$82.1K $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%
$1,641,780
Cap Rate 7%
$1,172,700
Cap Rate 9%
$912,100
Alternative Uses
Best Use
Retail
$1.17M
$1.03M – $1.37M
NOI $82,089 @ 7.0% cap · market cap 4.98%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.81M
$1.58M – $2.11M
NOI $126,791 @ 7.0% cap · market cap 7.68%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
Multi-tenant
Tenancy
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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Market
Vacancy Rate% for Retail in West region
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Frequently Asked Questions
What type of property is this?
Shopping center - MU-III zoning supports retail, office, and commercial service 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: 6,822‑square‑foot shopping center; One vacant unit configured for convenient‑mart use; Some equipment included with the vacant unit
