4380 Commercial SE St Salem, OR 97302-3914

Property Details for 4380 Commercial SE St

Year built

1997

Lot size

1.41 lot acres

Property size

13,367 SF

Zone code

CR

Property type

Commercial real estate

APN

083W10AD09800

APU

083W10AD09800

Description

Exceptional investment opportunity: This fee-simple, absolute NNN Walgreens property in Salem, Oregon, presents a compelling investment opportunity with a 14.3-year remaining lease term on a 15-year agreement. The property boasts a strong 6.00% cap rate and a substantial net operating income (NOI) of $277,400. Located at a signalized hard corner on Commercial Street and Hifiker Lane, this 13,367 square foot building benefits from high visibility and significant traffic volume (46,700+ vehicles daily). The lease includes attractive 5% rent bumps every five years, ensuring consistent income growth. The property is situated just three miles from Salem Hospital, the largest hospital in the region, serving a robust 5-mile trade area with over 163,000 residents and an average household income exceeding $85,000. Built in 1997, this single-story building sits on a 1.41-acre lot and benefits from a corporate guarantee from Walgreens Boots Alliance (NASDAQ: WBA), a Fortune 500 company with a BBB- S&P rating. The lease commenced February 22, 2024, and expires February 28, 2039, offering long-term stability and predictable cash flow. This is a rare opportunity to acquire a high-performing, investment-grade retail property with a blue-chip tenant and significant upside potential. The property's location, tenant strength, and lease terms combine to create a compelling investment proposition. The lease includes twelve 5-year options.

Location Insight

City

Salem

County

Marion

State

Oregon

Longitude

-123.034

Latitude

44.8907

CBSA code

41420

CBSA name

SALEM, OR METROPOLITAN STATISTICAL AREA

Property Tax & Assessments