Freestanding Two-Tenant
For Sale
Contact for pricing
3695 Rich Dr NE, Salem, OR 97305
Fully leased retail building with established occupants and on-site parking near major retailers and residential neighborhoods.
Property Size3,125 SF
Lot Size0.25 Acres
Price / SF$273.60
Days on Market46
Property Features for 3695 Rich Dr NE
General Information
Standard status
Active
Size
3,125 SF
Total Parking Spaces
17
Lot size
0.25 Acres
Property subtype
RETAIL
Occupancy
100%
Additional Details
Cap Rate
7%
Building Details
Buildings
1
Tenancy
Multi
Listing Agency:
Macadam Forbes
(503) 972-7297
Listed By:
Zach Reichle
Source:
Moodyscre
Added: Jul 17
Changed: Aug 30
Last Checked: Aug 31 at 2:31AM
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 Macadam Forbes
Investment Insights
Based on property information with market context.
This freestanding storefront property contains 3,125 square feet on a 0.25-acre parcel and is occupied by two tenants: Odd Moe's Pizza and Jackson Hewitt Tax Service. Both businesses have operated at the property for more than two decades, providing a documented history of tenant longevity. The building includes 17 striped parking spaces and is described as low maintenance, with no immediate capital or leasing work identified in the property information.
The site is located just off Lancaster Drive NE in Salem, near Willamette Town Center and national retailers including Target, Dick's Sporting Goods, and Walgreens. Dense residential neighborhoods surround the Lancaster Drive corridor, supporting access to an established customer base. The property is fully leased and offered as a retail investment with a stated 7% return.
The site is located just off Lancaster Drive NE in Salem, near Willamette Town Center and national retailers including Target, Dick's Sporting Goods, and Walgreens. Dense residential neighborhoods surround the Lancaster Drive corridor, supporting access to an established customer base. The property is fully leased and offered as a retail investment with a stated 7% return.
Key Highlights
- 3,125‑square‑foot freestanding retail building on 0.25 acres
- Fully leased to two tenants with more than 20 years of operating history
- Odd Moe's Pizza and Jackson Hewitt Tax Service occupy the property
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
$37,603
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
4.40%
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%
$752,060
$752.1K
Cap Rate 7%
$537,186
$537.2K
Cap Rate 9%
$417,811
$417.8K
Market Conditions
NOI Build-Up for 3,125 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
$56.3K $18.00/SF
− Vacancy
−$2.5K −$0.81/SF
EGI
$53.7K $17.19/SF
− OpEx
−$16.1K −$5.16/SF
NOI
$37.6K $12.03/SF
Area
Salem, OR
Vacancy
4.50%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
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%
$752,060
Cap Rate 7%
$537,186
Cap Rate 9%
$417,811
Alternative Uses
Best Use
Retail
$537.2K
$470.0K – $626.7K
NOI $37,603 @ 7.0% cap · market cap 4.40%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$829.7K
$726.0K – $968.0K
NOI $58,080 @ 7.0% cap · market cap 6.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
655
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 97305, OR
44,535
Population
15,219
Households
2.9
Avg Household Size
33
Median Age
16%
College-Educated
77%
High-School Grad
47.2 sq mi
ZIP Area
944
Density / Sq Mi
$64,581
Median Household Income
$32,554
Median Earnings
$1,386
Median Rent
$339,100
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Similar Off Market Nearby
- Aunt Tilly's Flower Barn — 2415 Fisher Rd NE, Salem, OR 97305
Frequently Asked Questions
What type of property is this?
Storefront property - Fully leased retail building with established occupants and on-site parking near major retailers and residential neighborhoods.
Where is this storefront property located?
The property is located at 3695 Rich Dr NE Salem, OR.
What is the asking price?
The asking price for this property is $855,000.
What are key features of this property?
This property features: 3,125‑square‑foot freestanding retail building on 0.25 acres; Fully leased to two tenants with more than 20 years of operating history; Odd Moe's Pizza and Jackson Hewitt Tax Service occupy the property
