408 Lancaster NE Dr Salem, OR 97301-4728

Property Details for 408 Lancaster NE Dr

Year built

1976

Lot size

0.81 lot acres

Property size

8,120 SF

Zone code

CO

Property type

Medical offices

Property subtype

Medical space

APN

072W30BD07600

APU

072W30BD07600

Description

This exceptional investment opportunity presents a fully leased, 8,120 square foot medical and commercial office complex situated on a 0.81-acre lot in Salem, Oregon. The property, comprised of three buildings, boasts a strong 100% occupancy rate and a stabilized net operating income (NOI) of $133,218, yielding a 7.30% cap rate. Building 1 houses a dental group, while Building 2 accommodates a diverse tenant mix including a hair salon, driving school, and accountant's office. Building 3 is occupied by a church. Recent capital improvements include new roofs and HVAC units in several spaces, along with interior remodels, ensuring long-term value and reduced maintenance costs. The property is offered at $1,825,000, translating to a price per square foot of $225. This Class B property operates under a triple net (NNN) lease structure with rent bumps in place, providing a secure and predictable income stream. The prime Lancaster Drive location, within a cluster of medical and dental offices, further enhances its appeal and potential for future growth. This is a rare opportunity to acquire a high-performing, multi-tenant commercial property in a desirable Salem location. The property's strong tenant base, recent renovations, and excellent location make it an ideal investment for discerning buyers seeking stable returns and long-term appreciation.