Renovated Multi-Tenant Retail
For Sale
Contact for pricing
1111-1117 Edgewater St NW, Salem, OR 97304
Retail property with three leased spaces, restaurant infrastructure, and recent building improvements.
Property Size7,940 SF
Price / SF$175.69
Days on Market644
Property Features for 1111-1117 Edgewater St NW
General Information
Standard status
Active
Size
7,940 SF
Property subtype
RETAIL
Listing Agency:
First Commercial Real Estate
(503) 364-7400
Listed By:
Ruth Dana · License #900300123
(503) 428-0243
Source:
Moodyscre
Added: Jan 13, 2025
Changed: Oct 3
Last Checked: Oct 19 at 6:54AM
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 First Commercial Real Estate
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
The Sloper Building is a 7,940-square-foot retail property along the Edgewater Street corridor in Salem. The building is configured as three separately leased spaces, including Max & Ro Hair Design and The Vault. Max & Ro received a major renovation in 2016, while The Vault and the former Old Zen Wine Bar were renovated in 2020.
The Vault includes a full kitchen with hood, supporting food-service use within that space. Building improvements include a new roof completed in 2024.
The Vault includes a full kitchen with hood, supporting food-service use within that space. Building improvements include a new roof completed in 2024.
Key Highlights
- 7,940‑square‑foot retail building along the Edgewater Street corridor
- Three separately leased spaces within the building
- Max & Ro Hair Design renovation completed in 2016
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$95,542
Cap Rate
6.85%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,910,840
$1.9M
Cap Rate 7%
$1,364,886
$1.4M
Cap Rate 9%
$1,061,578
$1.1M
Market Conditions
NOI Build-Up for 7,940 SF
Gross rent
$142.9K $18.00/SF
− Vacancy
−$6.4K −$0.81/SF
EGI
$136.5K $17.19/SF
− OpEx
−$40.9K −$5.16/SF
NOI
$95.5K $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%
$1,910,840
Cap Rate 7%
$1,364,886
Cap Rate 9%
$1,061,578
Alternative Uses
Best Use
Retail
$1.36M
$1.19M – $1.59M
NOI $95,542 @ 7.0% cap · market cap 6.85%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.11M
$1.84M – $2.46M
NOI $147,570 @ 7.0% cap · market cap 10.58%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
587
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 97304, OR
34,102
Population
14,547
Households
2.3
Avg Household Size
40
Median Age
39%
College-Educated
93%
High-School Grad
56.8 sq mi
ZIP Area
600
Density / Sq Mi
$91,731
Median Household Income
$53,370
Median Earnings
$1,441
Median Rent
$469,500
Median Home Value
Market
Vacancy Rate% for Retail in West region
Similar Off Market Nearby
- Flowers & Gifts at Roth's — 1130 Wallace Rd NW, Salem, OR 97304
Frequently Asked Questions
What type of property is this?
Storefront property - Retail property with three leased spaces, restaurant infrastructure, and recent building improvements.
Where is this storefront property located?
The property is located at 1111-1117 Edgewater St NW Salem, OR.
What is the asking price?
The asking price for this property is $1,395,000.
What are key features of this property?
This property features: 7,940‑square‑foot retail building along the Edgewater Street corridor; Three separately leased spaces within the building; Max & Ro Hair Design renovation completed in 2016
