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    1302 Lancaster Dr Salem, OR 97301

    Sponsored
    For Sale
    $1,100,000

    Prime Salem location, 36,590 sq ft commercial pad.

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This exceptional 36,590 square foot commercial land parcel presents a compelling investment opportunity in Salem, Oregon. Located at 1302 Lancaster Dr NE, this highly visible pad sits adjacent to a thriving Olive Garden restaurant, ensuring significant exposure to a substantial customer base. The property's strategic location offers easy access to major thoroughfares, including Interstate 5 via Market Street, maximizing convenience for both businesses and customers. Its proximity to established retail anchors like Fred Meyer and Willamette Town Center further enhances its desirability and potential for strong returns. The asking price for this prime commercial land is $1,100,000. This represents a rare chance to acquire a well-situated property in a bustling area of Salem, ideal for a variety of commercial developments. The property is zoned for commercial use (verification of zoning with local authorities is recommended). The large lot size provides ample space for a substantial building or development, catering to a wide range of business needs. Don't miss this opportunity to secure a prominent location in a thriving commercial corridor. Broker co-op is available.

    Property Features for 1302 Lancaster Dr

    General Information

    Property type
    Land

    HighLights

    • $1,100,000 asking price.
    • 36,590 square foot commercial land parcel.
    • Located at 1302 Lancaster Dr NE, Salem, OR 97301.
    • Adjacent to Olive Garden, near Fred Meyer and Willamette Town Center.
    • Excellent Interstate 5 access via Market Street.
    • Broker co‑op available.
    Property Profile Location Intelligence

    Current Use by Public Records

    Olive Garden Italian ... Italian Restaurant

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Salem
    County
    Marion
    State
    Oregon
    Longitude
    -122.98368374
    Latitude
    44.946753

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    FAQs

    What type of property is this?
    Land - Prime Salem location, 36,590 sq ft commercial pad.
    Where is this land located?
    The property is located at 1302 Lancaster Dr Salem, OR.
    What is the asking price?
    The asking price for this property is $1,100,000.
    What are key features of this property?
    This property features: $1,100,000 asking price.; 36,590 square foot commercial land parcel.; Located at 1302 Lancaster Dr NE, Salem, OR 97301.
    Request Owner's contact information
    1302 Lancaster Dr Salem, OR 97301
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1302 Lancaster Dr Salem, OR 97301
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