Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    3297 River Rd N Salem, OR 97303

    Loading data...
    Loading data...
    Loading data...
    For Sale
    $599,900

    Commercial land for retail or office redevelopment with high traffic counts.

    Lot size:
    0.70 Acres

    Property Features for 3297 River Rd N

    General Information

    Lot size
    0.70 Acres

    Building Details

    Year built
    1939

    We can help!

    Listing Contact
    Toran Schmidgall
    Source: Corfac

    Listing Agent: Toran Schmidgall

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

    Learn more

    Overview

    Redevelopment Opportunity on River Road

    This property presents a redevelopment opportunity at a signalized intersection on the south end of River Road N, situated where Salem and Keizer meet, just blocks north of the Salem Parkway. The site, formerly home to a local upholstery business, is best suited for commercial retail or office redevelopment. Located on the west side of River Road, it benefits from high morning traffic counts as commuters travel from Keizer to Salem. The location provides convenient access to both River Road/Commercial Street NE into Salem and Broadway St NE to the Salem Parkway. Nearly 30,000 vehicles per day pass by this location. The area surrounding 3297 River Rd N is a vibrant and developing part of town, ideal for land or retail-pad investors. The property has easy access to Salem Parkway and Interstate 5. Nearby points of interest include the Willamette River, local shops and restaurants, and transportation hubs. The property is situated within a business-friendly municipality and is zoned Salem-MU-III, encompassing a plethora of uses.
    Location Intelligence

    Current Use by Public Records

    A-1 Fritz & Son ... Upholstery Shop

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply 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
    -123.0285392
    Latitude
    44.9737389

    Nearby Similar for Sale

    • $675,000
      4,192 SF

      Spacious Duplex on Large Lot

      Two well-maintained homes on a 0.58-acre lot, perfect for families.
      4455 Blueberry -4445 Ln NE, Salem, OR 97305
      View Details
    • New
      $675,000
      25,265 SF

      Spacious Multi-Family Property in Salem

      Two homes on 0.58 acres, ideal for multi-generational living.
      4445 Blueberry Ln NE, Salem, OR 97305
      View Details
    • $719,900
      2,754 SF

      Salem Office Building with Apartment

      Two-story office building with studio apartment in South Salem.
      1705 Commercial St SE, Salem, OR 97302
      View Details
    • New
      $850,000
      3,907 SF

      Salem Multi-Unit Investment Opportunity

      Well-maintained six-unit property near downtown Salem with strong rental potential.
      2245-2285 Breyman St NE, Salem, OR 97301
      View Details
    • $1,500,000
      7,246 SF

      Versatile Salem Property with Development Potential

      3.09 acres with shop, storage, and development opportunities.
      3650 Mainline Dr NE, Salem, OR 97301
      View Details
    • $1,500,000
      3.09 Acres

      Salem Commercial Land For Sale

      3.09 acres of commercial land ready for development.
      3650 Mainline Dr NE, Salem, OR 97301
      View Details
    • New
      $1,500,000
      3.09 Acres

      Versatile Commercial Property in Salem

      3.09 acres with shop, office, and truck wash.
      3650 Mainline Dr NE, Salem, OR 97301
      View Details
    • $469,000
      2,362 SF

      Updated Duplex in Salem, Oregon

      Spacious duplex with permitted addition, updated features, and fenced backyard.
      4086 Judy Ave NE, Salem, OR 97305
      View Details
    • $508,000
      2,474 SF

      Salem Duplex on Corner Lot

      Duplex on large corner lot with updated interior/exterior remodel.
      2808-2806 Livingston St NE, Salem, OR 97301
      View Details
    • $575,000
      2,282 SF

      Salem 4-Plex Investor Opportunity

      Four 1-bedroom units with potential to assume FHA mortgage!
      771 21St St SE, Salem, OR 97301
      View Details
    • New
      $575,000
      2,282 SF

      Salem Multifamily Property Near Downtown

      Charming 4-unit property near downtown Salem with recent updates.
      771 21St St SE, Salem, OR 97301
      View Details
    • New
      $300,000

      Established Marijuana Retail Business Opportunity

      Profitable marijuana retail business in Salem, Oregon. Business opportunity only.
      SE Commercial St, Salem, OR 97302
      View Details

    FAQs

    What type of property is this?
    Commercial land - Commercial land for retail or office redevelopment with high traffic counts.
    Where is this commercial land located?
    The property is located at 3297 River Rd N Salem, OR.
    What is the asking price?
    The asking price for this property is $599,900.
    What are key features of this property?
    This property features: - Prime redevelopment opportunity at a signalized intersection in a high-traffic location.; - High daily traffic count (nearly 30,000 vehicles) on the "going to work" side of River Road.; - Excellent access to Salem Parkway and Interstate 5.
    (503) 932-1969
    Request Owner's contact information
    3297 River Rd N Salem, OR 97303
    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.
    3297 River Rd N
    Salem, OR 97303
    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
    3297 River Rd N Salem, OR 97303
    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

    We can help!
    Listing Contact
    Toran Schmidgall
    (503) 932-1969
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.