Fenced Flex Space
For Sale
$1,730,000
3620 Mainline Dr NE, Salem, OR 97301
IG-zoned flex property combines industrial space, a detached office, residential units, and secured outdoor areas.
Property Size4,250 SF
Price / SF$407.06
Days on Market25
Property Features for 3620 Mainline Dr NE
General Information
Standard status
Active
Size
4,250 SF
Zoning
IG
Additional Details
Fenced Yard
Yes
Three-Phase Power
Yes
Building Details
Year Built
1986
Listing Agency:
Real Broker
(855) 450-0442
Listed By:
Christine Folz · License #201204657
Source:
Christiesrealestateevg
Added: Aug 5
Changed: Aug 28
Last Checked: Aug 29 at 11:50AM
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 Real Broker
Investment Insights
Based on property information with market context.
Located at 3620 Mainline Dr NE in Salem, Oregon, this 4,250-square-foot flex property was built in 1986 and carries IG zoning. The improvements include an industrial building, a detached office, and several residential units comprising a duplex and a house. Industrial features include forced-air heat, 3-phase power, and air piping. The separate office has a mini-split system and a bathroom.
The site is fully fenced with a rolling gate. An adjacent .21-acre paved lot with a transfer loading dock is also identified with the property. The combination of industrial, office, and residential improvements creates a mixed-use physical configuration for an owner-user or investor.
The site is fully fenced with a rolling gate. An adjacent .21-acre paved lot with a transfer loading dock is also identified with the property. The combination of industrial, office, and residential improvements creates a mixed-use physical configuration for an owner-user or investor.
Key Highlights
- 4,250‑square‑foot flex property on 3620 Mainline Dr NE
- IG zoning with industrial, office, and residential improvements
- Industrial building includes forced‑air heat, 3‑phase power, and air piping
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
$58,523
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
3.38%
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%
$1,170,460
$1.2M
Cap Rate 7%
$836,043
$836.0K
Cap Rate 9%
$650,256
$650.3K
Market Conditions
NOI Build-Up for 4,250 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
$91.8K $21.60/SF
− Vacancy
−$13.8K −$3.24/SF
EGI
$78.0K $18.36/SF
− OpEx
−$19.5K −$4.59/SF
NOI
$58.5K $13.77/SF
Area
Salem, OR
Vacancy
15.00%
Lease Rate
$21.60 /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%
$1,170,460
Cap Rate 7%
$836,043
Cap Rate 9%
$650,256
Alternative Uses
Best Use
Office B
$836.0K
$731.5K – $975.4K
NOI $58,523 @ 7.0% cap · market cap 3.38%
Second Best
Multifamily LT 5
$729.2K
$638.0K – $850.7K
NOI $51,043 @ 7.0% cap · market cap 2.95%
Theoretical Best
Office A
$1.13M
$987.4K – $1.32M
NOI $78,989 @ 7.0% cap · market cap 4.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
465
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 Office in West region
Questions? Ask Rey
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Similar Off Market Nearby
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Frequently Asked Questions
What type of property is this?
Flex space - IG-zoned flex property combines industrial space, a detached office, residential units, and secured outdoor areas.
Where is this flex space located?
The property is located at 3620 Mainline Dr NE Salem, OR.
What is the asking price?
The asking price for this property is $1,730,000.
What are key features of this property?
This property features: 4,250‑square‑foot flex property on 3620 Mainline Dr NE; IG zoning with industrial, office, and residential improvements; Industrial building includes forced‑air heat, 3‑phase power, and air piping
