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    560 21St St Salem, OR 97301

    For Sale
    $7,300,000

    High-yield Oregon manufacturing investment

    Property size:
    65,597 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    368
    This 65,597 square foot manufacturing facility in Salem, Oregon, presents a compelling investment opportunity with an 8% cap rate and a strong NOI of $580,181. Built in 1955 and situated on 3.1 acres, the property boasts significant recent upgrades, including a new membrane roof, paved parking, enhanced stormwater management, and upgraded access control systems. The facility includes heavy electrical infrastructure and is fully compliant with all relevant city and state regulations. Currently housing a diverse roster of long-term cannabis industry tenants operating under NNN leases with sub-metered electrical usage, the property also includes an additional building leased for storage and a gravel lot used for fleet parking, generating supplemental income. The property's location in the Willamette Valley provides easy access to major highways (I-5, Hwy 22, and Hwy 99 West), and its IG zoning is favorable for cannabis-related businesses. The tenants have invested in significant tenant improvements, demonstrating their commitment to the property. This asset offers substantial growth potential within the expanding cannabis market, making it an attractive investment for those seeking a high return. The asking price is $7,300,000, resulting in a price per square foot of $111.29.

    Property Features for 560 21St St

    General Information

    Property type
    Manufacturing properties
    Square Feet
    65,597 SF
    Lot Size
    135,036 SF

    Building Details

    Year Built
    1955

    HighLights

    • 65,597 SF manufacturing facility in Salem, OR, on 3.1 acres.
    • 8% cap rate, $580,181 NOI, $7,300,000 asking price ($111.29/SF).
    • Recent upgrades include new membrane roof, paved parking, improved stormwater management, and upgraded access control.
    • Heavy electrical infrastructure.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Pharmers Market Salem Wholesale Market The American Dumpster Rental ... Dumpster Rental Service

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Salem
    County
    Marion
    State
    Oregon
    Longitude
    -123.0177298
    Latitude
    44.9296157

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    FAQs

    What type of property is this?
    Manufacturing property - High-yield Oregon manufacturing investment
    Where is this manufacturing property located?
    The property is located at 560 21St St Salem, OR.
    What is the asking price?
    The asking price for this property is $7,300,000.
    What are key features of this property?
    This property features: 65,597 SF manufacturing facility in Salem, OR, on 3.1 acres.; 8% cap rate, $580,181 NOI, $7,300,000 asking price ($111.29/SF).; Recent upgrades include new membrane roof, paved parking, improved stormwater management, and upgraded access control.
    Request Owner's contact information
    560 21St St Salem, OR 97301
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    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
    560 21St St Salem, OR 97301
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