Two-Building Retail Strip
1420 Lancaster Dr NE Salem, OR 97301
For Sale
Contact for pricing
Two-building retail strip center with seven tenants and one available retail space, recently remodeled exterior and signage improvements.
Property Size26,965 SF
Price / SF$220.66
Days on Market351
Property Features for 1420 Lancaster Dr NE
General Information
Standard status
Active
Size
26,965 SF
Property subtype
RETAIL
Listing Agency:
First Commercial Real Estate
(503) 364-7400
Listed By:
Jennifer Martin · License #900300123
Source:
Moodyscre
Added: Aug 14, 2025
Changed: Jul 28
Last Checked: Jul 29 at 1:36PM
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
Investment Insights
Based on property information with market context.
This two-building retail strip center features seven tenants and one currently available retail space. The property’s exterior was completely remodeled in 2019, including new landscaping, facade updates, and pylon signage.
The center is located across the street from Fred Meyer and is less than a half-mile from Market Street in Salem, Oregon. The remarks also note an Interstate 5 interchange in the area that is being offered for sale for the first time in 20 years.
The combination of refreshed exterior improvements and an in-place tenant mix is designed to support ongoing neighborhood retail use within a straightforward strip-center configuration.
The center is located across the street from Fred Meyer and is less than a half-mile from Market Street in Salem, Oregon. The remarks also note an Interstate 5 interchange in the area that is being offered for sale for the first time in 20 years.
The combination of refreshed exterior improvements and an in-place tenant mix is designed to support ongoing neighborhood retail use within a straightforward strip-center configuration.
Key Highlights
- Two‑building retail strip center with seven tenants and one 4,200 SF vacancy
- Located across the street from Fred Meyer and less than 1/2 mile from the Market Street interchange
- Exterior completely remodeled in 2019 with new landscaping, facade, and pylon signage
Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $485.4k | $18.00 |
| − Vacancy | −$21.8k | −$0.81 |
| EGI | $463.5k | $17.19 |
| − OpEx | −$139.1k | −$5.16 |
| NOI | $324.5k | $12.03 |
26,965 SF · lease $18.00/SF/yr · vacancy 4.50% · expense 30.00%
Alternative Uses
Best Use
Retail
$4.64M
$4.06M – $5.41M
NOI $324,470 @ 7.0% cap · market cap 5.45%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.16M
$6.26M – $8.35M
NOI $501,161 @ 7.0% cap · market cap 8.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Strip mall - Two-building retail strip center with seven tenants and one available retail space, recently remodeled exterior and signage improvements.
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 $5,950,000.
What are key features of this property?
This property features: Two‑building retail strip center with seven tenants and one 4,200 SF vacancy; Located across the street from Fred Meyer and less than 1/2 mile from the Market Street interchange; Exterior completely remodeled in 2019 with new landscaping, facade, and pylon signage
