Freestanding Retail
New
For Sale
$945,000
1695 Market St NE, Salem, OR 97301
Signalized corner property with showroom, office, open-room, and kitchen areas inside a fully fenced commercial site.
Property Size4,554 SF
Price / SF$207.51
Days on Market2
Property Features for 1695 Market St NE
General Information
Standard status
Active
Size
4,554 SF
Property subtype
Free Standing Building
Site & Location
Corner Location
Yes
Traffic Count
18,700 vehicles/day
Highway Access
Yes
Road Access
Yes
Building Details
Building Size
4,554 SF
Year Built
1940
Buildings
1
Properties For Sale
at 1695 Market St NE Contact us- Size
- 4,554 SF
- Lease Type
- NNN
Freestanding Commercial Building - 4,554 SF
Listing Agency:
Legacy Real Estate Commercial
Listed By:
AJ Nash · License #201208908
(503) 390-1375
Source:
Thebrokerlist
Added: Sep 4
Last Checked: Sep 4 at 2:50PM
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 Legacy Real Estate Commercial
Investment Insights
Based on property information with market context.
This freestanding retail property contains 4,554 SF and was built in 1940. The interior includes a showroom, private office, multiple open rooms, and a kitchen area, creating a varied layout for retail, showroom, office, or service-oriented operations. The site is fully fenced, and the building’s prior configuration as a fireplace and stove showroom adds established retail functionality.
The property occupies the signalized intersection of Market Street and 17th Street NE in Salem, with reported traffic of approximately 17,000–18,700 vehicles per day. It is near Interstate 5 and downtown Salem, with access to surrounding neighborhoods, commercial corridors, and employment centers. The address is 1695 Market St NE, Salem, OR 97301.
The property occupies the signalized intersection of Market Street and 17th Street NE in Salem, with reported traffic of approximately 17,000–18,700 vehicles per day. It is near Interstate 5 and downtown Salem, with access to surrounding neighborhoods, commercial corridors, and employment centers. The address is 1695 Market St NE, Salem, OR 97301.
Key Highlights
- 4,554 SF freestanding retail building built in 1940
- Signalized corner at Market Street and 17th Street NE
- Approximately 17,000–18,700 vehicles per day
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$54,798
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.80%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,095,960
$1.1M
Cap Rate 7%
$782,829
$782.8K
Cap Rate 9%
$608,867
$608.9K
Market Conditions
NOI Build-Up for 4,554 SF
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.
Gross rent
$82.0K $18.00/SF
− Vacancy
−$3.7K −$0.81/SF
EGI
$78.3K $17.19/SF
− OpEx
−$23.5K −$5.16/SF
NOI
$54.8K $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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,095,960
Cap Rate 7%
$782,829
Cap Rate 9%
$608,867
Alternative Uses
Best Use
Retail
$782.8K
$685.0K – $913.3K
NOI $54,798 @ 7.0% cap · market cap 5.80%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.21M
$1.06M – $1.41M
NOI $84,639 @ 7.0% cap · market cap 8.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
18,700 VPD
Traffic count
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
872
Businesses Nearby
Explore this area
Business Placement
Demographics for 97301, OR
56,393
Population
21,419
Households
2.6
Avg Household Size
34
Median Age
18%
College-Educated
81%
High-School Grad
11.3 sq mi
ZIP Area
4,991
Density / Sq Mi
$57,497
Median Household Income
$33,220
Median Earnings
$1,197
Median Rent
$310,800
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Signalized corner property with showroom, office, open-room, and kitchen areas inside a fully fenced commercial site.
Where is this retail space located?
The property is located at 1695 Market St NE Salem, OR.
What is the asking price?
The asking price for this property is $945,000.
What are key features of this property?
This property features: 4,554 SF freestanding retail building built in 1940; Signalized corner at Market Street and 17th Street NE; Approximately 17,000–18,700 vehicles per day
