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Property profile & analytics
OFF-MARKET
Estimated value
$16,840,000
Grocery and convenience stores
1240 Lancaster SE Dr, Salem, OR 97317-5800
Entity Owned
22-yr Hold
Free & Clear
Property ID
US71-0669056
Property profile
Verified
Property type
Grocery and convenience stores
Use group
GROCERY, SUPERMARKET
Year built
1992
Total area
78,180 SF
Lot
8.01 ac (348,916 SF)
Zoning code
CR
APN
072W31D 00800
UPID
US71-0669056
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
WinCo Foods Specialty Food Shop Supermarket
-
Redbox Cinema (Bike/Boat/Book/etc) Store
-
KeyMe Locksmiths Locksmith (Bike/Boat/Book/etc) Store
-
Western Union Bank Credit Union
-
Coinstar Kiosk | Bitcoin ATM Currency Exchange Service Kiosk
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$18.75M
Blend (final)
Blend
$16.84M
Owner & transaction history
Waremart INC · 22 yrs held
Waremart INC
since 2004
2 recorded transactions
Zoning & alternative use
CR · Salem, OR
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$27.9M
+44.9%
Medical building
$26.4M
+37.2%
Office building
$21.7M
+12.7%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Salem submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Salem submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
RETAIL STORES
$19,260,000
Current use
AUTO REPAIR, GARAGE
$27,915,000
Change: +45% · Conversion: Difficult
MEDICAL BUILDING
$26,425,000
Change: +37% · Conversion: Difficult
OFFICE BUILDING
$21,700,000
Change: +13% · Conversion: Easy
COMMERCIAL (GENERAL)
$20,500,000
Change: +6% · Conversion: Easy
Blend value · Realmo final
$16.84M
Range $15.16M – $18.52M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$215 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$162,172
Tax year 2023
Assessed value
$8,466,890
Assessed 2023
Previous assessed
$8,466,890
+0.0% YoY
Effective rate
1.92%
On assessed value
Land market value
$3,907,010
Improvement market value
$4,559,880
Total market value
$8,466,890
Applied tax rate
24,010.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Grocery and convenience stores
Use group
GROCERY, SUPERMARKET
Status
Off-Market
Year built
1992
Heating
NONE
Stories
1
Total area
78,180 SF
Lot
8.01 ac (348,916 SF)
Zoning code
CR
APN
072W31D 00800
UPID
US71-0669056
Jurisdiction
MARION
Zoning & alternative use
CR · Salem, OR
Zoning CR · permitted uses
CR · Salem, OR
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Salem. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
RETAIL STORES Current
Est. value
$19.3M
AUTO REPAIR, GARAGE
Est. value
$27.9M
MEDICAL BUILDING
Est. value
$26.4M
OFFICE BUILDING
Est. value
$21.7M
COMMERCIAL (GENERAL)
Est. value
$20.5M
RETAIL STORES Current
AUTO REPAIR, GARAGE
MEDICAL BUILDING
OFFICE BUILDING
COMMERCIAL (GENERAL)
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1992
Heating
NONE
Stories
1
Lot
8.01 ac
Current owner
From public records · entity-resolved
Waremart INC
Entity
Free & Clear · 22 yrs held
Mailing address
PO BOX 5756, BOISE, ID 83705-0756
Ownership since
2004
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Apr 1, 2004
—
Waremart INC
Winco Foods INC
Grant Deed
related
—
Apr 5, 1991
—
Waremart INC
Unknown
Grant Deed
related
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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