560 21st St SE Salem, OR 97301
Modern, fully upgraded cannabis facility with long-term tenants in Salem.
Type:Industrial
Property size:
65,597 SFLot size:
3.10 AcresPrice / SF:
$111/SF- Added:
- Oct 10, 2024
- Days on Market:
- 560
- Last Refresh:
- Mar 17 at 1:13 pm
Property Features for 560 21st St SE
General Information
- Standard status
- Active
- Size
- 65,597 SF
- Lot size
- 3.10 Acres
- Property subtype
- Industrial
Building Details
- Year Built
- 1955
Listing agent Nathan Getty License #OR201256489
Listing office Macadam Forbes
Listing date Oct 10, 2024
Source Crexi
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 Macadam Forbes
Overview
Cannabis Facility Investment Opportunity
This commercial real estate asset offers an investment opportunity within the cannabis industry. The property spans 65,597 square feet and has been redeveloped over the past nine years into a modern, upgraded facility. It houses cannabis industry tenants committed long-term, with many having secured renewal options and contributed to tenant improvements. These tenants operate as NNN lessees and are sub-metered for electrical use. The property features paved parking, stormwater improvements, fencing, heavy electrical, lighting, membrane roofing, and access control. All tenants hold the required permits for cannabis production, processing, or distribution, and comply with state and city regulations. The property owners have maintained positive relationships with the neighborhood association, city planning, and building departments. Situated on 3.1 acres, the facility includes an additional building and a gravel lot. The accessory building is leased to a contractor on a month-to-month basis for storage, while a portion of the gravel lot is rented out for fleet parking, generating supplementary income and offering potential for further development. Located centrally in the Willamette Valley, the property benefits from easy access to I-5, Hwy 22, and Hwy 99 West. The zoning in Salem enhances its appeal for cannabis-related activities. With a 9.3% cap rate, this asset presents a compelling investment opportunity, offering growth potential and a return on investment for those looking to capitalize on the expanding cannabis market. The property provides close proximity to I-5, providing easy access for businesses seeking convenient transportation links.
Property Profile
Insight Report
Location Intelligence
Current Use by Public Records
Pharmers Market Salem
Big Box & Wholesale Store
The American Dumpster Rental ...
General Contractor
Location Insight
- Map
- Local Demand
- City
- Salem
- County
- Marion
- State
- Oregon
- Longitude
- -123.0127229
- Latitude
- 44.9387686
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FAQs
What type of property is this?
Cannabis property - Modern, fully upgraded cannabis facility with long-term tenants in Salem.
Where is this cannabis property located?
The property is located at 560 21st St SE 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: High 9.3% Cap Rate offering a strong return on investment.; Fully leased to cannabis industry tenants with long‑term commitments, renewal options, and NNN leases.; Extensively redeveloped and upgraded 65,597 SF facility with significant infrastructure improvements (heavy electrical, paved parking, roofing, access control, etc.).
