Freestanding Retail Building with
For Sale
$855,000
3965-3985 Rich Dr NE, Salem, OR 97305
Freestanding retail building is fully leased to two tenants and includes 17 striped parking spaces.
Property Size3,125 SF
Lot Size0.25 Acres
Price / SF$273.60
Days on Market118
Property Features for 3965-3985 Rich Dr NE
General Information
Standard status
Active
Size
3,125 SF
Total Parking Spaces
17
Lot size
0.25 Acres
Property subtype
Retail
Zoning
CR
Site & Location
Neighborhood
North Lancaster Neighborhood Association (Nola)
Additional Details
Cap Rate
7%
Building Details
Building Size
3,125 SF
Year Built
1998
Tenancy
Multi
Listed By:
Zach Reichle · License #OR #201246634
(503) 706-0562
Source:
Macadamforbes
Added: Jul 4
Changed: Oct 26
Last Checked: Oct 28 at 6:40AM
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 Zach Reichle
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Investment Insights
Based on property information with market context.
The property is a 3,125-square-foot freestanding retail building situated on 0.25 acres and presented in a clean, low-maintenance profile. It is fully leased to two long-tenured tenants, Odd Moe's Pizza and Jackson Hewitt Tax Service, both operating at the location for over two decades. The offering is structured as a turnkey investment, supported by on-site striped parking with 17 dedicated spaces.
Located at 3965-3985 Rich Dr NE in Salem, Oregon’s capital city, the building sits just off Lancaster Drive NE and is positioned for straightforward customer access with on-site parking.
Located at 3965-3985 Rich Dr NE in Salem, Oregon’s capital city, the building sits just off Lancaster Drive NE and is positioned for straightforward customer access with on-site parking.
Key Highlights
- 3,125‑SF freestanding retail building built in 1998
- Fully leased to two tenants: Odd Moe's Pizza and Jackson Hewitt Tax Service
- Both tenants have operated at this location for over two decades
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$37,603
Cap Rate
4.40%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
655
Businesses Nearby
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
Frequently Asked Questions
What type of property is this?
Retail space - Freestanding retail building is fully leased to two tenants and includes 17 striped parking spaces.
Where is this retail space located?
The property is located at 3965-3985 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‑SF freestanding retail building built in 1998; Fully leased to two tenants: Odd Moe's Pizza and Jackson Hewitt Tax Service; Both tenants have operated at this location for over two decades
