Clear-Span Grocery Store
For Sale
Contact for pricing
299-313 D St NE, Salem, OR 97301
CBD-zoned street-level facility includes a loading dock and truck maneuvering area.
Property Size23,218 SF
Price / SF$193.82
Days on Market234
Property Features for 299-313 D St NE
General Information
Standard status
Active
Size
23,218 SF
Property subtype
RETAIL
Listing Agency:
First Commercial Real Estate
(503) 931-3521
Listed By:
Josh Kay · License #900300123
(503) 931-3521
Source:
Moodyscre
Added: Jan 9
Changed: Aug 30
Last Checked: Aug 30 at 12:55AM
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
Investment Insights
Based on property information with market context.
The property is a 23,218-square-foot, street-level commercial building on a 2-acre site in Salem, Oregon. Its clear-span interior, full loading dock, and dedicated truck turnaround area support efficient movement of goods and adaptable floor planning. The building is classified within the Central Business District (CBD), with space suitable for grocery, retail, entertainment, fitness, and other community-serving uses identified for the property.
Located at 299-313 D St NE, the building sits within Salem’s Downtown Riverfront Urban Renewal area. Grocery Outlet currently occupies the premises and is scheduled to vacate on 02.28.2026, creating a defined transition point for future occupancy.
Located at 299-313 D St NE, the building sits within Salem’s Downtown Riverfront Urban Renewal area. Grocery Outlet currently occupies the premises and is scheduled to vacate on 02.28.2026, creating a defined transition point for future occupancy.
Key Highlights
- 23,218 SF street‑level commercial building
- Situated on a 2‑acre site
- Clear‑span interior supports flexible floor planning
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
$320,966
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
7.13%
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%
$6,419,320
$6.4M
Cap Rate 7%
$4,585,229
$4.6M
Cap Rate 9%
$3,566,289
$3.6M
Market Conditions
NOI Build-Up for 23,218 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
$445.8K $19.20/SF
− Vacancy
−$17.8K −$0.77/SF
EGI
$428.0K $18.43/SF
− OpEx
−$107.0K −$4.61/SF
NOI
$321.0K $13.82/SF
Area
Salem, OR
Vacancy
4.00%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
25.00%
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%
$6,419,320
Cap Rate 7%
$4,585,229
Cap Rate 9%
$3,566,289
Alternative Uses
Best Use
Specialty Retail
$4.59M
$4.01M – $5.35M
NOI $320,966 @ 7.0% cap · market cap 7.13%
Second Best
Retail
$3.99M
$3.49M – $4.66M
NOI $279,382 @ 7.0% cap · market cap 6.21%
Theoretical Best
Office A
$6.16M
$5.39M – $7.19M
NOI $431,520 @ 7.0% cap · market cap 9.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,272
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
- Safeway — 1265 Center St NE, Salem, OR 97301
- Grocery Outlet — 299 D St NE, Salem, OR 97301
Frequently Asked Questions
What type of property is this?
Grocery and convenience store - CBD-zoned street-level facility includes a loading dock and truck maneuvering area.
Where is this grocery and convenience store located?
The property is located at 299-313 D St NE Salem, OR.
What is the asking price?
The asking price for this property is $4,500,000.
What are key features of this property?
This property features: 23,218 SF street‑level commercial building; Situated on a 2‑acre site; Clear‑span interior supports flexible floor planning
