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Listing Agency: First Commercial Real Estate Show Phone

Listed By: Josh Kay Show Phone

Source: Moodyscre

Added: Jan 9 Changed: Oct 10 Last Checked: Oct 15 at 2:45AM

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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

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.

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 / Yr

$320,966

Cap Rate

7.13%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$6,419,320 $6.4M

Cap Rate 7%

$4,585,229 $4.6M

Cap Rate 9%

$3,566,289 $3.6M

Is this asking price fair?

Market Conditions

NOI Build-Up for 23,218 SF

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 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 (±1% cap)

NOI $320,966 @ 7.0% cap · market cap 7.13%

Second Best

Retail

$3.99M

$3.49M – $4.66M (±1% cap)

NOI $279,382 @ 7.0% cap · market cap 6.21%

Theoretical Best

Office A

$6.16M

$5.39M – $7.19M (±1% cap)

NOI $431,520 @ 7.0% cap · market cap 9.59%

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

Property Analytics

Current Use

Grocery and convenience stores

Suggested Use

Top Pick Auto Parts Store HVAC Service Electrical Service Plumbing Service Pet Grooming Service Hotel & Motel

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

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

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?

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