Grocery Store with Ample
3695 Devonshire Ave NE Salem, OR 97305
3695 Devonshire Ave NE, Salem, OR, 97305
Contact for pricing
For Sale
Contact for pricing
Mega Foods grocery tenant operates at a 55,150 SF retail building with 340+ dedicated parking stalls on a 5.35-acre site.
Property Size55,150 SF
Lot Size5.35 Acres
Price / SF$153.40
Days on Market120
Property Features for 3695 Devonshire Ave NE
General Information
- Standard status
- Active
- Size
- 55,150 SF
- Lot size
- 5.35 Acres
- Property subtype
- RETAIL
Listing agency
Northmarq Commercial, LLC
(503) 998-6572
Listed by
Kevin Adatto
(503) 998-6572
Source
Moodyscre
Added: Mar 25 Updated: Jul 21 at 5:49PM Checked: Jul 21 at 5:49PM
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 Northmarq Commercial, LLC
Investment Insights
Based on property information with market context.
Mega Foods offers a for-sale opportunity to acquire a stable grocery tenant with more than thirty years of continuous operation at this Salem location. The property includes a 55,150-square-foot building constructed in 1992 and sits on an approximately 5.35-acre parcel with more than 340 dedicated parking stalls.
The site is noted for excellent visibility off Fisher Road NE, which runs perpendicular to Lancaster Drive, reported to carry more than 24,600 vehicles per day. The property is surrounded by a mature retail hub totaling more than one million square feet, including Walmart, Safeway, Dollar Tree, PetSmart, McDonald’s, and other regional anchors.
Mega Foods has occupied the site since construction and continues to serve its customer base from the broader Lancaster Drive corridor. Placer.ai reports over 476,000 visits from November 2024 through October 2025, supported by consistent weekly shopping patterns and a submarket vacancy rate of 4.2 percent.
The site is noted for excellent visibility off Fisher Road NE, which runs perpendicular to Lancaster Drive, reported to carry more than 24,600 vehicles per day. The property is surrounded by a mature retail hub totaling more than one million square feet, including Walmart, Safeway, Dollar Tree, PetSmart, McDonald’s, and other regional anchors.
Mega Foods has occupied the site since construction and continues to serve its customer base from the broader Lancaster Drive corridor. Placer.ai reports over 476,000 visits from November 2024 through October 2025, supported by consistent weekly shopping patterns and a submarket vacancy rate of 4.2 percent.
Key Highlights
- Mega Foods grocery tenant at a 55,150 SF retail building
- Tenant has operated continuously at this Salem location for 30+ years; occupied since the building was constructed in 1992
- Large 5.35‑acre parcel with excellent visibility off Fisher Road NE
Local Financial Insights For Specialty Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $1.06M | $19.20 |
| − Vacancy | −$42.4k | −$0.77 |
| EGI | $1.02M | $18.43 |
| − OpEx | −$254.1k | −$4.61 |
| NOI | $762.4k | $13.82 |
55,150 SF · lease $19.20/SF/yr · vacancy 4.00% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$10.89M
$9.53M – $12.71M
NOI $762,394 @ 7.0% cap · market cap 9.01%
Second Best
Retail
$9.48M
$8.30M – $11.06M
NOI $663,620 @ 7.0% cap · market cap 7.84%
Theoretical Best
Office A
$14.64M
$12.81M – $17.08M
NOI $1,024,996 @ 7.0% cap · market cap 12.12%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Tropical Paradise
Agricultural Supply
Mega Foods Salem
Grocery & Convenience Store
David's Jewelry
(Bike/Boat/Book/etc) Store
MoneyGram
Bank
Sabores Lulu
Restaurant
Similar For Sale Nearby
Similar Off Market Nearby
- Grocery Outlet — 2879 Lancaster Dr NE, Salem, OR 97305
- Safeway — 3380 Lancaster Dr NE, Salem, OR 97305
- Wing Wa Oriental Market — 3315 Lancaster Dr NE, Salem, OR 97305
- Que Huong Oriental Foods — 3352 Silverton Rd NE, Salem, OR 97301
FAQs
What type of property is this?
Grocery and convenience store - Mega Foods grocery tenant operates at a 55,150 SF retail building with 340+ dedicated parking stalls on a 5.35-acre site.
Where is this grocery and convenience store located?
The property is located at 3695 Devonshire Ave NE Salem, OR.
What is the asking price?
The asking price for this property is $8,460,000.
What are key features of this property?
This property features: Mega Foods grocery tenant at a 55,150 SF retail building; Tenant has operated continuously at this Salem location for 30+ years; occupied since the building was constructed in 1992; Large 5.35‑acre parcel with excellent visibility off Fisher Road NE
