Single-Story Auto Parts
For Sale
Contact for pricing
2320 Fairgrounds Rd NE, Salem, OR 97301
Retail and automotive-parts facility occupied by Baxter Auto Parts in a mixed-use setting.
Property Size3,123 SF
Price / SF$155.30
Days on Market32
Property Features for 2320 Fairgrounds Rd NE
General Information
Standard status
Active
Size
3,123 SF
Property subtype
Retail
Zoning
Mixed Use-I
Occupancy
100%
Lease Type
NNN
Additional Details
Road Access
Yes
Building Details
Year Built
1920
Buildings
1
Stories
1
Tenancy
Single
Listing Agency:
First Commercial Real Estate Services
(503) 364-7400
Listed By:
Ruth Dana · License #OR 900300123
Source:
Crexi
Added: Jul 31
Changed: Aug 30
Last Checked: Aug 30 at 8:26PM
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
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.
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 = 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
$37,579
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
7.75%
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%
$751,580
$751.6K
Cap Rate 7%
$536,843
$536.8K
Cap Rate 9%
$417,544
$417.5K
Market Conditions
NOI Build-Up for 3,123 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
$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 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%
$751,580
Cap Rate 7%
$536,843
Cap Rate 9%
$417,544
Alternative Uses
Best Use
Retail
$536.8K
$469.7K – $626.3K
NOI $37,579 @ 7.0% cap · market cap 7.75%
Second Best
Industrial
$427.2K
$373.8K – $498.4K
NOI $29,906 @ 7.0% cap · market cap 6.17%
Theoretical Best
Office A
$829.2K
$725.5K – $967.4K
NOI $58,043 @ 7.0% cap · market cap 11.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Dabler Auto Body — 1465 Sunnyview Rd NE, Salem, OR 97301
- U-Haul Neighborhood Dealer — 2680 Cherry Ave NE, Salem, OR 97301
- Northwest Self Storage — 1575 Hickory St NE, Salem, OR 97301
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
