Multi-Building Retail Shopping
407 Lancaster Dr NE Salem, OR 97301
407 Lancaster Dr NE, Salem, OR, 97301
Contact for pricing
For Sale
Contact for pricing
42,033 SF shopping center with 11 suites across six buildings and eight parcels, anchored by established national and regional tenants.
Property Size42,033 SF
Lot Size4.48 Acres
Price / SF$262.29
Days on Market104
Property Features for 407 Lancaster Dr NE
General Information
- Standard status
- Active
- Size
- 42,033 SF
- Lot size
- 4.48 Acres
- Property subtype
- Retail
Building Details
- Year Built
- 1988
Listing agency
Marcus & Millichap - Portland
(503) 200-2031
Listed by
Eric Garske · License #OR 201235586
Source
Crexi
Added: Apr 10 Updated: Jul 22 at 4:59AM Checked: Jul 22 at 4:59AM
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 - Portland
Investment Insights
Based on property information with market context.
Salem Valley Shopping Center is a 42,033-square-foot retail center on 4.48 acres featuring eight parcels with 11 suites across six buildings. The property is offered for sale either as a complete portfolio or as individual parcels, with broker details available upon inquiry.
Anchors include IHOP, Original Roadhouse Grill, Domino’s Pizza, and DaVita. The center is located along Lancaster Drive NE in Salem and benefits from proximity to Willamette Town Center, which includes retailers such as Regal Cinemas, Dollar Tree, Barnes & Noble, and Ulta Beauty, along with nearby national retailers including Rite Aid, Target, Dick’s Sporting Goods, and Walgreens.
With multiple buildings and a tenant mix that includes established dining, healthcare, and restaurant brands, the center is designed to support a steady flow of everyday shopping activity for its surrounding residential and apartment communities.
Anchors include IHOP, Original Roadhouse Grill, Domino’s Pizza, and DaVita. The center is located along Lancaster Drive NE in Salem and benefits from proximity to Willamette Town Center, which includes retailers such as Regal Cinemas, Dollar Tree, Barnes & Noble, and Ulta Beauty, along with nearby national retailers including Rite Aid, Target, Dick’s Sporting Goods, and Walgreens.
With multiple buildings and a tenant mix that includes established dining, healthcare, and restaurant brands, the center is designed to support a steady flow of everyday shopping activity for its surrounding residential and apartment communities.
Key Highlights
- 42,033‑square‑foot Salem Valley Shopping Center on 4.48 acres along Lancaster Drive NE
- 11 retail suites across six buildings on eight parcels
- Anchored by established tenants including IHOP, Original Roadhouse Grill, Domino's Pizza, and DaVita
Local 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 | $756.6k | $18.00 |
| − Vacancy | −$34.0k | −$0.81 |
| EGI | $722.5k | $17.19 |
| − OpEx | −$216.8k | −$5.16 |
| NOI | $505.8k | $12.03 |
42,033 SF · lease $18.00/SF/yr · vacancy 4.50% · expense 30.00%
Alternative Uses
Best Use
Retail
$7.23M
$6.32M – $8.43M
NOI $505,783 @ 7.0% cap · market cap 4.59%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$11.16M
$9.77M – $13.02M
NOI $781,209 @ 7.0% cap · market cap 7.09%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
IHOP
Restaurant
Pardon My Cheesesteak
Restaurant
Salem Valley Shopping ...
Shopping Center & Mall
TenderFix by Noah ...
Restaurant
Similar For Sale Nearby
Similar Off Market Nearby
- Evergreen Plaza — 3842 Center St NE, Salem, OR 97301
- fi.d.o — Petco, 3811 Center St NE, Salem, OR 97301
- Salem Valley Shopping Center — 407 Lancaster Dr NE, Salem, OR 97301
- State Street Crossing — 140 Lancaster Dr SE, Salem, OR 97317
- Auburn Center — 474-498 Lancaster Dr NE, Salem, OR 97301
FAQs
What type of property is this?
Shopping center - 42,033 SF shopping center with 11 suites across six buildings and eight parcels, anchored by established national and regional tenants.
Where is this shopping center located?
The property is located at 407 Lancaster Dr NE Salem, OR.
What is the asking price?
The asking price for this property is $11,025,000.
What are key features of this property?
This property features: 42,033‑square‑foot Salem Valley Shopping Center on 4.48 acres along Lancaster Drive NE; 11 retail suites across six buildings on eight parcels; Anchored by established tenants including IHOP, Original Roadhouse Grill, Domino's Pizza, and DaVita
