Single-Tenant NNN Dairy
398 Lancaster Dr NE Salem, OR 97301
398 Lancaster Dr NE, Salem, OR, 97301
$1,745,000
For Sale
$1,745,000
2,409 SF corner Dairy Queen on an absolute NNN long-term lease with 32 parking spaces.
Property Size2,409 SF
Lot Size0.54 Acres
Price / SF$724.37
Days on Market110
Property Features for 398 Lancaster Dr NE
General Information
- Standard status
- Active
- Size
- 2,409 SF
- Lot size
- 0.54 Acres
- Property subtype
- Restaurant
Listing agency
Encino Office
(818) 212-2793
Listed by
Steven Schechter · License #CA: 01089464
(818) 212-2793
Source
Marcusmillichap
Added: Apr 3 Updated: Jul 20 at 4:57PM Checked: Jul 21 at 2:57AM
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Investment Insights
Based on property information with market context.
Marcus & Millichap presents a 2,409 SF single-tenant Dairy Queen located on a corner site along Lancaster Dr NE. The property is structured as an absolute NNN investment on a long-term lease. The lease term runs for twenty (20) years, expiring 3/31/2037, with two (2) additional options to extend the term ten (10) years. The tenant currently pays $8,068.58 per month on an absolute NNN basis, with rent including base rent and a deferred rent obligation paid over twenty-four (24) months from 3/1/2025 through 2/28/2027. The lease includes 10% increases every five years, with the next increase on 4/1/2027 to $8,192.71 per month.
The site is positioned on a corner of Lancaster Dr NE and Monroe Ave, less than 0.5 miles from Willamette Town Center in the heart of Salem. Lancaster Dr NE is described as a major north/south corridor with traffic counts exceeding 30,000 VPD, and the site is near the I-5 freeway with an offramp less than 1.5 miles away via Market St NE. The property provides multiple points of ingress and egress and includes 32 parking spaces.
The asset totals 0.54 acres and is configured to support quick-service restaurant operations with dedicated parking and convenient site access.
The site is positioned on a corner of Lancaster Dr NE and Monroe Ave, less than 0.5 miles from Willamette Town Center in the heart of Salem. Lancaster Dr NE is described as a major north/south corridor with traffic counts exceeding 30,000 VPD, and the site is near the I-5 freeway with an offramp less than 1.5 miles away via Market St NE. The property provides multiple points of ingress and egress and includes 32 parking spaces.
The asset totals 0.54 acres and is configured to support quick-service restaurant operations with dedicated parking and convenient site access.
Key Highlights
- 2,409 SF single‑tenant Dairy Queen on a long‑term absolute NNN lease
- 20‑year lease expires 3/31/2037 with approx. 11.6 years remaining; tenant also has two 10‑year extension options
- Lease rent is $8,068.58/month ($3.35/SF) on an absolute NNN structure
Property Analytics
Location Intelligence
Current Use by Public Records
Dairy Queen
Restaurant
Similar For Sale Nearby
Similar Off Market Nearby
- Chang's Mongolian Grill — 3928 Center St NE, Salem, OR 97301
- Miyoko Buffet — 636 Lancaster Dr NE, Salem, OR 97301
FAQs
What type of property is this?
Conventional restaurant - 2,409 SF corner Dairy Queen on an absolute NNN long-term lease with 32 parking spaces.
Where is this conventional restaurant located?
The property is located at 398 Lancaster Dr NE Salem, OR.
What is the asking price?
The asking price for this property is $1,745,000.
What are key features of this property?
This property features: 2,409 SF single‑tenant Dairy Queen on a long‑term absolute NNN lease; 20‑year lease expires 3/31/2037 with approx. 11.6 years remaining; tenant also has two 10‑year extension options; Lease rent is $8,068.58/month ($3.35/SF) on an absolute NNN structure
