Building Details

Year Built 1920

Buildings 1

Stories 1

Tenancy Single

Listing Agency: First Commercial Real Estate Services

Listed By: Ruth Dana · License #OR 900300123 Show Phone

Source: Crexi

Added: Jul 31 Changed: Oct 1 Last Checked: Oct 15 at 12:03AM

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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 Services

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Investment Insights

Based on property information with market context.

This single-story commercial building contains 3,123 square feet and was constructed in 1920. The property serves a retail and automotive-parts function and is currently occupied by Baxter Auto Parts. The existing tenancy is in holdover status following lease expiration.

Located at 2320 Fairgrounds Rd NE in Salem, the property sits near the Oregon State Fairgrounds and within the North Gateway Urban Renewal Area. Mixed Use-I zoning accompanies the existing commercial configuration.

Key Highlights

• 3,123‑square‑foot single‑story retail and automotive‑parts building
• Occupied by Baxter Auto Parts under holdover tenancy after lease expiration
• Mixed Use‑I zoning

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$37,579

Cap Rate

7.75%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$751,580 $751.6K

Cap Rate 7%

$536,843 $536.8K

Cap Rate 9%

$417,544 $417.5K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,123 SF

Gross rent

$56.2K $18.00/SF

− Vacancy

−$2.5K −$0.81/SF

EGI

$53.7K $17.19/SF

− OpEx

−$16.1K −$5.16/SF

NOI

$37.6K $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%

$751,580

Cap Rate 7%

$536,843

Cap Rate 9%

$417,544

Alternative Uses

Best Use

Retail

$536.8K

$469.7K – $626.3K (±1% cap)

NOI $37,579 @ 7.0% cap · market cap 7.75%

Second Best

Industrial

$427.2K

$373.8K – $498.4K (±1% cap)

NOI $29,906 @ 7.0% cap · market cap 6.17%

Theoretical Best

Office A

$829.2K

$725.5K – $967.4K (±1% cap)

NOI $58,043 @ 7.0% cap · market cap 11.97%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Baxter Auto Parts ... Auto Parts Store Carquest Auto Parts ... Auto Parts Store Interstate Auto Parts ... Auto Parts Store

Suggested Use

Top Pick Real Estate Agency Dental Office Law Firm HVAC Service Skin Care Clinic Nail Salon

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

842

Businesses Nearby

Under-served

Demand for This Use

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

7% 2020

6.3% 2021

5.5% 2022

5.3% 2023

5.5% 2024

5.8% 2025

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Frequently Asked Questions

What type of property is this?

Automotive property - Retail and automotive-parts facility occupied by Baxter Auto Parts in a mixed-use setting.

Where is this automotive property located?

The property is located at 2320 Fairgrounds Rd NE Salem, OR.

What is the asking price?

The asking price for this property is $485,000.

What are key features of this property?

This property features: 3,123‑square‑foot single‑story retail and automotive‑parts building; Occupied by Baxter Auto Parts under holdover tenancy after lease expiration; Mixed Use‑I zoning