1420 Lancaster Dr NE Salem, OR

Listing Agency First Commercial Real Estate Show Phone

Listed by Ruth Dana · License #900300123

Source Moodyscre

Added: Aug 14, 2025 Updated: Jul 10 at 11:41 am Checked: Jul 20 at 4:13 am

Report an Issue

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 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.

Key Highlights

• 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.

Property Analytics

Property Profile Location Intelligence

Similar For Sale Nearby

• 

  $1,100,000

  6,212 SF

  Flex Industrial Property with Two Buildings

  For sale as-is with two buildings totaling 6,212 SF and flexible zoning supporting multiple commercial uses.

  3125 - 3157 Portland Road NE, Salem, OR 97301

  View Details
• 

  $995,000

  9,420 SF

  Aviation Hangar Office Building

  Freestanding hangar-office with mezzanine and private offices, plus training/assembly space and private parking.

  2545 Aerial Way SE, Salem, OR 97302

  View Details
• 

  $1,745,000

  2,409 SF

  Single-Tenant NNN Dairy Queen

  2,409 SF corner Dairy Queen on an absolute NNN long-term lease with 32 parking spaces.

  398 Lancaster Dr NE, Salem, OR 97301

  View Details
• 

  $3,199,999

  21,851 SF

  Single-Level Downtown Office Building

  Single-level office building with prominent Commercial Street frontage and ADA amenities, suited for owner-occupied or investment use.

  435 COMMERCIAL St Unit 435, Salem, OR 97301

  View Details
• 

  $569,000

  2,170 SF

  Two-Unit Residential Income Property

  Turnkey two-unit income property with two 2-bedroom, 1-bath units and included laundry appliances.

  1941 Turnage St NW, Salem, OR 97304

  View Details
• 

  $729,000

  2,400 SF

  Well-Maintained Duplex Investment

  Well maintained duplex with two units, quartz countertops, LVP flooring, recent interior paint, and included appliances.

  1014-1016 Arthur Wy NW, Salem, OR 97304

  View Details
• 

  $3,199,999

  21,851 SF

  One-Level Office Building with Road Frontage

  One-level office building with ADA amenities and about 330 feet of frontage, offering high-visibility signage.

  435 435 Commercial St NE, Salem, OR 97301

  View Details
• 

  $1,400,000

  9,299 SF

  Commercial Portfolio with Highway Frontage

  Two-parcel commercial/industrial portfolio with showroom, office, and warehouse space.

  1994 Commercial St NE, Salem, OR 97301

  View Details
• 

  $1,875,000

  5,697 SF

  NNN Retail Center with Storefronts

  NNN-structured retail center positioned within MU-III zoning, supporting a mix of retail, office, and related uses.

  1120-1130 Royvonne Ave SE, Salem, OR 97302

  View Details
• 

  $545,000

  2,336 SF

  Well-Maintained Duplex with Garages

  A maintained duplex in a cul-de-sac with fireplaces and two separate garage configurations for each unit.

  3624 HERMOSA Ct NE, Salem, OR 97305

  View Details
• 

  $2,450,000

  19,600 SF

  NNN Grocery Convenience Store

  NNN investment offering due diligence materials, including original lease details, amendments, and a renewal option beginning September 2026.

  1355 Salem Industrial Drive Northeast, Salem, OR 97301

  View Details
• 

  $12,800,000

  38,348 SF

  Two-Story Medical Office NNN

  Class A medical office leased to a regional hospital group through February 2030, with robust parking and loading.

  3260 State St, Salem, OR 97301

  View Details

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 $6,500,000.

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.