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    3380 Lancaster Dr Salem, OR 97305

    Sponsored
    For Lease
    $20 SF/Yr

    Salem, OR: Prime Retail Opportunity

    Lot size:
    53,284 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    404
    Oak Park Plaza, located at 3380 Lancaster Dr NE in Salem, Oregon (97305), presents a compelling retail investment opportunity. This Safeway-anchored neighborhood center boasts 53,284 square feet on an 8.76-acre lot in Marion County's thriving Northeast Salem trade area. The property underwent extensive remodeling in 2012, including a new multi-tenant pad building completed in 2014, ensuring modern and attractive facilities. Currently, there are three available retail spaces ranging from 1,186 to 2,000 square feet, with a minimum divisible space of 1,553 square feet and a maximum contiguous space of 2,000 square feet. A total of 3,553 square feet is currently vacant. The center features a strong tenant mix of national and regional retailers, restaurants, and service providers, including Safeway, Ace Hardware, Starbucks, AutoZone, CSL Plasma, Jimmy John's, Little Caesars, T-Mobile, Papa Murphy's, Mariner Finance, and H&R Block. This high-volume center is situated along busy Lancaster Dr NE at Silverton Rd NE, offering excellent visibility and accessibility for businesses. The property's location within a growing area and its established tenant base make it an ideal investment for businesses seeking a strong foothold in the Salem market.

    Property Features for 3380 Lancaster Dr

    General Information

    Property type
    Restaurants
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    53,284 SF
    Total Rate
    88806.67

    Unit(s) available at that property

    Space
    Suite 3304
    Size
    1,553 SF
    Rate per SF
    $20
    Space
    Suite 3316
    Size
    1,186 SF
    Rate per SF
    $28
    Space
    Suite 3306
    Size
    1,210 SF
    Rate per SF
    $20

    We can help!

    Listing Contact
    Jeff Corner
    Jeff Corner

    Learn more

    Property Insight Report

    HighLights

    • High‑visibility retail center in Salem's busiest trade corridors.
    • Safeway‑anchored center with Ace Hardware, driving high daily traffic.
    • Strong national retailer presence ensures consistent customer traffic.
    • Multiple access points on Lancaster Dr. and Silverton Rd. provide excellent ingress/egress.
    Property Profile Location Intelligence

    Current Use by Public Records

    Wells Fargo Bank Bank Safeway Grocery Store Wells Fargo ATM Atm KeyMe Locksmiths Key Duplication Service Safeway Bakery Bakery

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Spa & Massage Dental Office Wholesale Shop Auto Repair Shop Hair Salon Clothing Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Salem
    County
    Marion
    State
    Oregon
    Longitude
    -122.9818622
    Latitude
    44.9686877

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    FAQs

    What type of property is this?
    Restaurant - Salem, OR: Prime Retail Opportunity
    Where is this restaurant located?
    The property is located at 3380 Lancaster Dr Salem, OR.
    What is the lease rate?
    The lease rate is $20-$28 SF/Yr.
    What are key features of this property?
    This property features: High-visibility retail center in Salem's busiest trade corridors.; Safeway-anchored center with Ace Hardware, driving high daily traffic.; Strong national retailer presence ensures consistent customer traffic.
    Request Owner's contact information
    3380 Lancaster Dr Salem, OR 97305
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    Realmo Value Estimations

    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.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
    3380 Lancaster Dr Salem, OR 97305
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    We can help!
    Listing Contact
    Jeff Corner
    Jeff Corner
    Real Estate License ID: OR 970700065
    Learn more
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