Theater Ground Lease
New
For Sale
$2,999,000
365 Lancaster Dr SE, Salem, OR 97317
A national cinema operator leases the land and covers property taxes, insurance, and maintenance.
Property SizeContact for details
Lot Size6.37 Acres
Days on Market3
Property Features for 365 Lancaster Dr SE
General Information
Standard status
Active
Lot size
6.37 Acres
Property subtype
Retail
Occupancy
100%
Net Operating Income
$223,944
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Gross Income
$223,944
Building Details
Tenancy
Single
Listing Agency:
Portland
Listed By:
Scott Logan · License #201206413
(503) 542-5480
Source:
Colliers
Added: Oct 12
Changed: Oct 13
Last Checked: Oct 13 at 2:21AM
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 Portland
Investment Insights
Based on property information with market context.
The offering comprises the fee simple interest in approximately 6.37 acres beneath the Regal Santiam 11, an 11-screen theater totaling approximately 40,069 square feet. The ground lease tenant is New RCI Holdings, Inc., operating as Regal Cinemas. The theater has operated at this site since 1999, and the lease places responsibility for property taxes, insurance, and maintenance of the leased premises with the tenant. Building and site improvements revert to the landlord when the tenancy ends.
The property is located on Lancaster Drive SE in Salem, Oregon, along a primary retail corridor. Interstate 5 is accessible from the area, and traffic counts exceed 17,000 vehicles per day. Nearby national retailers include Home Depot, Walmart, WinCo Foods, Dick’s Sporting Goods, and Lowe’s; the property shares an access road with CarMax.
The lease provides three five-year extension options, with the stated option periods carrying through 2045. Rental increases of 15% apply at each option. The tenant confirmed a renewal in writing in July 2025.
The property is located on Lancaster Drive SE in Salem, Oregon, along a primary retail corridor. Interstate 5 is accessible from the area, and traffic counts exceed 17,000 vehicles per day. Nearby national retailers include Home Depot, Walmart, WinCo Foods, Dick’s Sporting Goods, and Lowe’s; the property shares an access road with CarMax.
The lease provides three five-year extension options, with the stated option periods carrying through 2045. Rental increases of 15% apply at each option. The tenant confirmed a renewal in writing in July 2025.
Key Highlights
- Fee simple interest in approximately 6.37 acres beneath the theater
- Regal Santiam 11 is an 11‑screen, approximately 40,069‑square‑foot cinema
- Regal Cinemas has operated at this location since 1999
Property Analytics
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Current Use
Lease Details
100%
Occupancy
Single-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
714
Businesses Nearby
Explore this area
Business Placement
Demographics for 97317, OR
25,852
Population
9,024
Households
2.9
Avg Household Size
38
Median Age
22%
College-Educated
86%
High-School Grad
55.2 sq mi
ZIP Area
468
Density / Sq Mi
$81,208
Median Household Income
$39,794
Median Earnings
$1,370
Median Rent
$382,500
Median Home Value
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Frequently Asked Questions
What type of property is this?
NNN property - A national cinema operator leases the land and covers property taxes, insurance, and maintenance.
Where is this nnn property located?
The property is located at 365 Lancaster Dr SE Salem, OR.
What is the asking price?
The asking price for this property is $2,999,000.
What are key features of this property?
This property features: Fee simple interest in approximately 6.37 acres beneath the theater; Regal Santiam 11 is an 11‑screen, approximately 40,069‑square‑foot cinema; Regal Cinemas has operated at this location since 1999
