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Property profile & analytics
OFF-MARKET
Estimated value
$11,585,000
Commercial real estate
2025 Lancaster NE Dr Salem, OR 97305-1230
Entity Owned
~
Est. High Equity
Property ID
US71-0244504
Property summary
AI-generated overview
This expansive 49,192 square-foot retail property, located at 2025 Lancaster Dr NE in Salem, Oregon, presents a remarkable opportunity for businesses seeking a prominent location in a bustling retail area. Previously occupied by Big Lots, the single-tenant building boasts an open floor plan, high ceilings, and a well-maintained exterior ensuring excellent visibility from Lancaster Drive. Built in 1986, the property is situated in Marion County, Oregon, and features ample parking to accommodate high customer traffic volume. A significant advantage is the spacious rear loading area, designed for efficient inventory management and streamlined deliveries. The property's size and location make it ideal for a variety of retail uses, offering significant potential for growth and success. The entire 49,192 square feet is currently vacant, providing a blank canvas for a new tenant to customize the space to their specific needs. This prime retail space offers a unique chance to establish a strong presence in a thriving Salem commercial corridor. The zip code is 97305.
Property profile
Verified
Property type
Commercial real estate
Use group
COMMERCIAL (GENERAL)
Year built
1983
Total area
51,823 SF
Lot
3.84 ac (167,270 SF)
Zoning code
CR
APN
072W19BB00400
UPID
US71-0244504
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
TNT Fireworks Discount Store Party Supply Store
-
Big Lots Discount Store
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$11.80M
Blend (final)
Blend
$11.59M
Owner & transaction history
Fitness Ventures Salem LLC
Fitness Ventures Salem LLC
since 2026
7 recorded transactions
Zoning & alternative use
CR · Salem, OR
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$18.5M
+36.2%
Medical building
$17.5M
+28.9%
Office building
$14.4M
+5.9%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Salem submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Salem submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$13,590,000
Current use
AUTO REPAIR, GARAGE
$18,500,000
Change: +36% · Conversion: Difficult
MEDICAL BUILDING
$17,515,000
Change: +29% · Conversion: Easy
OFFICE BUILDING
$14,385,000
Change: +6% · Conversion: Easy
RETAIL STORES
$12,765,000
Change: -6% · Conversion: Easy
Blend value · Realmo final
$11.59M
Range $10.43M – $12.74M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$224 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$71,619
Tax year 2023
Assessed value
$3,739,150
Assessed 2023
Previous assessed
$3,739,140
+0.0% YoY
Effective rate
1.92%
On assessed value
Land market value
$2,673,010
Improvement market value
$1,066,140
Total market value
$3,739,150
Applied tax rate
24,013.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Commercial real estate
Use group
COMMERCIAL (GENERAL)
Status
Off-Market
Year built
1983
Heating
NONE
Stories
1
Total area
51,823 SF
Lot
3.84 ac (167,270 SF)
Zoning code
CR
APN
072W19BB00400
UPID
US71-0244504
Jurisdiction
MARION
Zoning & alternative use
CR · Salem, OR
Zoning CR · permitted uses
CR · Salem, OR
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Salem. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
COMMERCIAL (GENERAL) Current
Est. value
$13.6M
AUTO REPAIR, GARAGE
Est. value
$18.5M
MEDICAL BUILDING
Est. value
$17.5M
OFFICE BUILDING
Est. value
$14.4M
RETAIL STORES
Est. value
$12.8M
COMMERCIAL (GENERAL) Current
AUTO REPAIR, GARAGE
MEDICAL BUILDING
OFFICE BUILDING
RETAIL STORES
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1983
Heating
NONE
Stories
1
Lot
3.84 ac
Current owner
From public records · entity-resolved
Fitness Ventures Salem LLC
Entity
Mailing address
18485 SW SCHOLLS FRY RD, BEAVERTON, OR 97007-8860
Ownership since
2026
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
8 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Mar 31, 2026
—
Fitness Ventures Salem LLC
Zags 26 LLC
Deed
—
Sep 8, 2016
$1,950,000
Kinton Land & Bison LLC
Brnk Salem LLC
Grant Deed
$1,200,000 · Bank Of The West
May 3, 2016
—
Brnk Salem LLC
—
Deed
related
$15,292,552 · Wells Fargo Bk
Jul 31, 2013
$1,765,689
Brnk Salem LLC
Comm 2006-fl12 Oregon Spe LLC
Grant Deed
related
$74,000,000 · Wells Fargo Bank
Oct 15, 2012
—
Comm 2006-fl12 Oregon Spe LLC
Abnk Properties LLC
Deed In Lieu Of Foreclosure
related
—
Jul 25, 2006
$3,389,933
Abnk Properties LLC
Newkirk Midlem
Grant Deed
$150,000,000 · Barclays Capital R E INC
Feb 1, 1984
—
Midlem Associates Dba
Unknown
Grant Deed
related
—
—
—
Brnk Salem LLC
—
Loan Modification
related
$15,292,552 · Wells Fargo Bk
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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