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    1420 Lancaster Dr NE Salem, OR 97317

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    For Sale
    $6,950,000

    Two-building retail strip center with vacancy, remodeled in 2019.

    Property size:
    4,200 SF
    Lot size:
    1.65 Acres

    Property Features for 1420 Lancaster Dr NE

    General Information

    Size
    4,200 SF
    Lot size
    1.65 Acres

    Source: First Commercial Real Estate Agent Jennifer Martin

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Retail Strip Center For Sale

    This is a two-building retail strip center featuring seven tenants and a 4,200-square-foot vacancy. The property is located across the street from Fred Meyer and less than half a mile from the Market Street Interchange on Interstate 5. The exterior of the building was completely remodeled in 2019, which included new landscaping, facade, and pylon signage.
    Location Intelligence

    Current Use by Public Records

    Strip malls

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Salem
    County
    Marion
    State
    Oregon
    Longitude
    -122.9829087
    Latitude
    44.9471722

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    FAQs

    What type of property is this?
    Strip mall - Two-building retail strip center with vacancy, remodeled in 2019.
    Where is this strip mall located?
    The property is located at 1420 Lancaster Dr NE Salem, OR.
    What is the asking price?
    The asking price for this property is $6,950,000.
    What are key features of this property?
    This property features: - Prime location across from Fred Meyer and near the Market Street Interchange on Interstate 5.; - Retail strip center with seven existing tenants providing immediate income.; - Opportunity to increase revenue by leasing the 4,200SF vacancy.
    (503) 364-7400
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    1420 Lancaster Dr NE Salem, OR 97317
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    Realmo Value Estimation

    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.

    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.

    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
    1420 Lancaster Dr NE Salem, OR 97317
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