Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    3380 Lancaster Dr NE Salem, OR 97303

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    High-volume retail center with diverse tenant mix in Salem.

    Type:Retail
    Added:
    Mar 31, 2023
    Days on Market:
    1116
    Last Refresh:
    Mar 17 at 1:19 pm

    Property Features for 3380 Lancaster Dr NE

    General Information

    Standard status
    Active
    Property subtype
    Retail

    Spaces For Lease

    at 3380 Lancaster Dr NE Contact us

    Suite 3304 $20 /Mo

    Size
    1,553 SF
    Type
    Retail
    Contact us

    Suite 3306 $20 /Mo

    Size
    1,210 SF
    Type
    Retail
    1,210 SF, $20/SF/Yr., NNN. Finished open floor plan retail space with one (1) ADA...
    show more
    Contact us

    We can help!

    Listing Contact
    Peter Braunworth
    Peter Braunworth

    Listing agent Peter Braunworth License #OR 200603159

    Listing office Coho Commercial

    Listing date Mar 31, 2023

    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 Coho Commercial

    Overview

    Safeway-Anchored Retail Center For Rent

    Oak Park Plaza Shopping Center is a retail center anchored by Safeway, situated along Lancaster Dr NE at Silverton Rd NE in the northeast Salem trade area. The center was extensively remodeled in 2012, with a new multi-tenant pad building completed in 2014. The tenant mix includes national and regional retailers, restaurants, and service providers such as Ace Hardware, Starbucks, Autozone, CSL Plasma, Jimmy John's, Little Caesars, T-Mobile, Papa Murphy's, Mariner Finance, and H&R Block.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Wells Fargo Bank Bank Safeway Grocery & Convenience Store Wells Fargo ATM Atm KeyMe Locksmiths Locksmith Safeway Bakery Bakery

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Similar Places Nearby

    • Oak Park Plaza — 3000 block of, Lancaster Dr NE, Salem, OR 97305
    • TIG Tech care — 3090 lancaster dr ne, salem, or 97305
    • Pioneer Place II — Brooks, OR 97305
    • Coinstar Kiosk | Bitcoin ATM — Blake & Ellis, 3695 Devonshire Ave NE, Salem, OR 97305
    • Coin Cloud Bitcoin ATM — 3695 Devonshire Ave NE, Salem, OR 97305

    Location Insight

    • Map
    • Local Demand
    City
    Salem
    County
    Marion
    State
    Oregon
    Longitude
    -122.98274
    Latitude
    44.970289

    Nearby Similar for Lease

    • $38/mo

      Commercial Street Pad Site Available

      Freestanding pad site suitable for restaurant, bank, or retail.
      5785 Commercial Street, Salem, OR 97306
      View Details
    • $34/mo

      Prime Retail Space on Commercial

      Versatile spaces suitable for retail, restaurant, office, or fitness uses.
      4336-4340 Commercial St. SE , Salem, OR 97302
      View Details
    • $1.00/mo

      Industrial Flex Building with Yard

      Modern industrial flex building with office space and spacious yard.
      3124 Blossom Dr NE, Salem, OR 97305
      View Details
    • $1.50/mo

      West Salem Retail/Office Space

      Bright, versatile retail/office space in West Salem's active corridor.
      1109 Edgewater Street Northwest, Salem, OR 97304
      View Details
    • $1.80/mo

      Updated Creekside Office Space

      Two-story office with creek views, updated interior and exterior.
      4160 Commercial St SE, Salem, OR 97302
      View Details
    • Contact for pricing

      Warehouse with Fenced Yard

      Versatile industrial property with office, warehouse space, and fenced yard.
      5755 - 5765 State St, Salem, OR 97317
      View Details
    • Contact for pricing

      Salem Industrial Property with Fenced Yard

      Versatile industrial property with office, warehouse, and secure yard.
      5755 - 5765 State St, Salem, OR 97317
      View Details
    • $1.05/mo

      Office Space Near I-5

      Office space in industrial park, close to I-5 and central Salem.
      4937 Indian School Rd, Salem, OR 97305
      View Details
    • $1.80/mo

      Updated Creekside Office Space Available

      Two-story office with creek views, updated interior and exterior.
      4160 Commercial St SE, Salem, OR 97302
      View Details
    • $28/mo

      South Salem Mixed-Use Development

      Mixed-use development with space available in South Salem.
      5775 Commercial St SE, Salem, OR 97306
      View Details
    • $2/mo

      Premier Office Campus with Creek Frontage

      High-quality office space in Salem's finest business campus.
      650-680 Hawthorne Ave SE, Salem, OR 97301
      View Details
    • $24/mo

      Professional Office Space Near Capitol

      Office suite available in professional center near Oregon's Capitol Building.
      1201 Court St NE, Salem, OR 97301
      View Details

    FAQs

    What type of property is this?
    Shopping center - High-volume retail center with diverse tenant mix in Salem.
    Where is this shopping center located?
    The property is located at 3380 Lancaster Dr NE Salem, OR.
    What are key features of this property?
    This property features: Safeway‑anchored neighborhood retail center.; Located on busy Lancaster Dr. NE in the expanding Northeast Salem trade area.; Extensively remodeled in 2012 with a new multi‑tenant pad building completed in 2014.
    (971) 707-4646 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Peter Braunworth
    Peter Braunworth
    Real Estate License ID: OR 200603159
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!