Flex Retail/Warehouse
390 Lancaster Dr NE Salem, OR 97301
For Sale
Contact for pricing
Vacant 6,545 SF flex building with retail, warehouse, and second-floor mezzanine/office space and 9 parking stalls.
Property Size6,545 SF
Lot Size0.31 Acres
Price / SF$174.94
Days on Market23
Property Features for 390 Lancaster Dr NE
General Information
Standard status
Active
Size
6,545 SF
Lot size
0.31 Acres
Property subtype
RETAIL
Listing Agency:
Marcus & Millichap, Inc.
(206) 826-5787
Listed By:
Clayton Brown · License #WA:123258,ID:SP56979
Source:
Moodyscre
Added: Jul 8
Changed: Jul 27
Last Checked: Jul 29 at 2:13PM
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 Marcus & Millichap, Inc.
Investment Insights
Based on property information with market context.
Former Miller Paint property offered for sale as a flexible owner-user or redevelopment opportunity. The 6,545 SF commercial building sits on 0.31 acres and features an open layout with space configured for retail, warehouse, and second-floor mezzanine/office use, creating multiple on-site operating options. The property is currently vacant and includes 9 parking stalls for employee and customer use.
The building has prominent frontage along Lancaster Drive NE and is supported by a protected turning lane for access from both directions. It is positioned within a retail and medical corridor with national and regional tenants nearby, offering consistent consumer traffic. The property is in flexible Commercial General zoning, which permits a broad range of uses including retail, health services, general commercial, warehouse/wholesale sales and services, outdoor storage, and hospitality uses.
The building has prominent frontage along Lancaster Drive NE and is supported by a protected turning lane for access from both directions. It is positioned within a retail and medical corridor with national and regional tenants nearby, offering consistent consumer traffic. The property is in flexible Commercial General zoning, which permits a broad range of uses including retail, health services, general commercial, warehouse/wholesale sales and services, outdoor storage, and hospitality uses.
Key Highlights
- Vacant 6,545 SF commercial building on 0.31 acres with flexible retail, warehouse, and second‑floor mezzanine/office space.
- Prominent Lancaster Dr NE frontage with a protected turning lane for easy access from both traffic directions.
- 9 parking stalls for employee and customer parking.
Financial Insights For 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 | $117.8k | $18.00 |
| − Vacancy | −$5.3k | −$0.81 |
| EGI | $112.5k | $17.19 |
| − OpEx | −$33.8k | −$5.16 |
| NOI | $78.8k | $12.03 |
6,545 SF · lease $18.00/SF/yr · vacancy 4.50% · expense 30.00%
Alternative Uses
Best Use
Retail
$1.13M
$984.5K – $1.31M
NOI $78,756 @ 7.0% cap · market cap 6.88%
Second Best
Warehouse
$996.6K
$872.0K – $1.16M
NOI $69,763 @ 7.0% cap · market cap 6.09%
Theoretical Best
Office A
$1.74M
$1.52M – $2.03M
NOI $121,643 @ 7.0% cap · market cap 10.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Location Intelligence
Current Use
Similar Off Market Nearby
- Dalias Catering Service — 322 Pansy Way NE, Salem, OR 97301
Frequently Asked Questions
What type of property is this?
Flex space - Vacant 6,545 SF flex building with retail, warehouse, and second-floor mezzanine/office space and 9 parking stalls.
Where is this flex space located?
The property is located at 390 Lancaster Dr NE Salem, OR.
What is the asking price?
The asking price for this property is $1,145,000.
What are key features of this property?
This property features: Vacant 6,545 SF commercial building on 0.31 acres with flexible retail, warehouse, and second‑floor mezzanine/office space.; Prominent Lancaster Dr NE frontage with a protected turning lane for easy access from both traffic directions.; 9 parking stalls for employee and customer parking.
