Building Details

Building Size 14,400 SF

Year Built 1991

Tenancy Multi

Listing Agency: Capacity Commercial Group

Listed By: Curt Arthur, SIOR · License ##910200259 Show Phone

Source: Thebrokerlist

Added: Jul 22 Changed: Oct 25 Last Checked: Oct 28 at 4:38AM

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Investment Insights

Based on property information with market context.

This offering includes two light industrial buildings presented as a fully leased investment. The properties are described as fully fenced and are currently occupied by three tenants: Lefty's Plumbing, BW Customs, and Razborka.

The asset is located at 2608–2618 Cherry Avenue Northeast in Salem, Oregon, and is marketed as a sought-after, fully leased light industrial investment.

Buyers should note the multi-tenant configuration across two buildings and the fully fenced site condition as key characteristics of this industrial package.

Key Highlights

• Two light industrial buildings offered for sale with 3 in‑place tenants.
• Both buildings are fully fenced.
• Property includes two buildings and was built in 1991.

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$137,894

Cap Rate

7.24%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,757,880 $2.8M

Cap Rate 7%

$1,969,914 $2.0M

Cap Rate 9%

$1,532,156 $1.5M

Is this asking price fair?

Market Conditions

NOI Build-Up for 14,400 SF

Gross rent

$207.4K $14.40/SF

− Vacancy

−$10.4K −$0.72/SF

EGI

$197.0K $13.68/SF

− OpEx

−$59.1K −$4.10/SF

NOI

$137.9K $9.58/SF

Area

Salem, OR

Vacancy

5.00%

Lease Rate

$14.40 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,757,880

Cap Rate 7%

$1,969,914

Cap Rate 9%

$1,532,156

Alternative Uses

Best Use

Industrial

$1.97M

$1.72M – $2.30M (±1% cap)

NOI $137,894 @ 7.0% cap · market cap 7.24%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$3.82M

$3.35M – $4.46M (±1% cap)

NOI $267,633 @ 7.0% cap · market cap 14.05%

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

Property Analytics

Current Use

Manufacturing properties

Suggested Use

Top Pick Dental Office Real Estate Agency (Bike/Boat/Book/etc) Store Skin Care Clinic Bakery HVAC Service

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

100%

Occupancy

Multi-tenant

Tenancy

Yes

Fenced yard

Location Intelligence

Trade Area within ½ mile

738

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 Industrial in West region

3.7% 2019

4.3% 2020

2.6% 2021

2.5% 2022

4.8% 2023

6.9% 2024

7.9% 2025

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Frequently Asked Questions

What type of property is this?

Manufacturing property - Two fully fenced light industrial buildings are offered for sale with three in-place tenants.

Where is this manufacturing property located?

The property is located at 2608-2618 Cherry Avenue Northeast Salem, OR.

What is the asking price?

The asking price for this property is $1,905,000.

What are key features of this property?

This property features: Two light industrial buildings offered for sale with 3 in‑place tenants.; Both buildings are fully fenced.; Property includes two buildings and was built in 1991.