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Property profile & analytics
OFF-MARKET
Estimated value
$10,825,000
Commercial real estate
4500 Commercial SE St, Salem, OR 97302-3918
Entity Owned
42-yr Hold
Free & Clear
Property ID
US71-0448844
Property profile
Verified
Property type
Commercial real estate
Use group
COMMERCIAL (GENERAL)
Year built
1984
Total area
30,714 SF
Lot
2.33 ac (101,495 SF)
Zoning code
CR
APN
083W10DA01500
UPID
US71-0448844
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Rite Aid Photo (Bike/Boat/Book/etc) Store
-
Rite Aid Pharmacy Pharmacy
-
William R. Croco, RPH Pharmacy
-
Indradevi Swaminathan, RPH Pharmacy
-
Amazon Locker - Ihab Courier Service Postal Service
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$10.83M
Blend (final)
Blend
$10.83M
Owner & transaction history
Payless Drug Stores Nw INC · 42 yrs held
Payless Drug Stores Nw INC
since 1984
5 recorded transactions
Zoning & alternative use
CR · Salem, OR
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$13.5M
+83.3%
Auto repair, garage
$11.0M
+48.4%
Medical building
$10.4M
+40.5%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Salem submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Salem submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$7,390,000
Current use
RESTAURANT
$13,540,000
Change: +83% · Conversion: Difficult
AUTO REPAIR, GARAGE
$10,965,000
Change: +48% · Conversion: Difficult
MEDICAL BUILDING
$10,380,000
Change: +40% · Conversion: Easy
OFFICE BUILDING
$9,750,000
Change: +32% · Conversion: Easy
RETAIL STORES
$7,565,000
Change: +2% · Conversion: Easy
WAREHOUSE, STORAGE
$7,455,000
Change: +1% · Conversion: Difficult
Blend value · Realmo final
$10.83M
Range $9.74M – $11.91M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$352 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$57,155
Tax year 2023
Assessed value
$2,912,070
Assessed 2023
Previous assessed
$2,827,260
+3.0% YoY
Effective rate
1.96%
On assessed value
Land market value
$1,753,830
Improvement market value
$1,572,500
Total market value
$3,326,330
Applied tax rate
24,010.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Commercial real estate
Use group
COMMERCIAL (GENERAL)
Status
Off-Market
Year built
1984
Heating
NONE
Stories
1
Total area
30,714 SF
Lot
2.33 ac (101,495 SF)
Zoning code
CR
APN
083W10DA01500
UPID
US71-0448844
Jurisdiction
MARION
Zoning & alternative use
CR · Salem, OR
Zoning CR · permitted uses
CR · Salem, OR
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Salem. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
COMMERCIAL (GENERAL) Current
Est. value
$7.4M
RESTAURANT
Est. value
$13.5M
AUTO REPAIR, GARAGE
Est. value
$11.0M
MEDICAL BUILDING
Est. value
$10.4M
OFFICE BUILDING
Est. value
$9.8M
RETAIL STORES
Est. value
$7.6M
WAREHOUSE, STORAGE
Est. value
$7.5M
COMMERCIAL (GENERAL) Current
RESTAURANT
AUTO REPAIR, GARAGE
MEDICAL BUILDING
OFFICE BUILDING
RETAIL STORES
WAREHOUSE, STORAGE
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1984
Heating
NONE
Stories
1
Lot
2.33 ac
Current owner
From public records · entity-resolved
Payless Drug Stores Nw INC
Entity
Free & Clear · 42 yrs held
Mailing address
PO BOX 3165, HARRISBURG, PA 17105-3165
Ownership since
1984
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Oct 28, 2025
—
Partners Equity Group LLC
—
Deed
related
$2,400,000 · Pioneer Trust Bank NA
Nov 1, 2024
—
Thrifty Payless INC
—
Deed
related
$2,550,000 · Bank Of America NA
Mar 21, 1984
$445,000
Payless Drug Stores Nw INC
Unknown
Grant Deed
—
—
—
Thrifty Payless INC
—
Deed Of Trust
related
$34,000 · Citicorp USA Corp
—
—
Thrifty Payless INC
—
Deed Of Trust
related
$214,000 · Wilmington Trust Co
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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