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Property profile & analytics
FOR LEASE
Medical Office Space
1251 Lancaster Dr NE, Salem, OR 97301
Individually Owned
3-yr Hold
~
Est. High Equity
Property ID
US71-0271230
For Lease
1 / 2
$1.55 SF/Yr
1251 Lancaster Dr NE, Salem, OR 97301
View Listing →
Property profile
Verified
Property type
Medical Office Space
Use group
MEDICAL CLINIC
Year built
1978
Total area
6,950 SF
Lot
0.65 ac (28,314 SF)
Zoning code
CO
APN
072W19CB04700
UPID
US71-0271230
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
-
Dr. Richard Teel, DDS Dental Office
-
Family Dental Group Dental Office
-
Drop-Dead Gorgeous Dentures Dental Office
-
Bright View Family Dental Dental Office
-
Sellers Bruce a DDS Dental Office
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$1.43M
Comparable Approach
Comparable
$1.69M
Blend (final)
Blend
$1.29M
Owner & transaction history
Travis Lynn Mcfee · 3 yrs held
Travis Lynn Mcfee
since 2023
Last sale
$810,941
7 recorded transactions
Zoning & alternative use
CO · Salem, OR
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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
$915,000
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$1,550,000
6.5%
$1,430,000
7%
$1,330,000
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$1,965,000
Change: -16% · Conversion: Easy
Blend value · Realmo final
$1.29M
Range $1.16M – $1.42M · ±10% · vs last sale $811k (Mar 7 2023)
Last sale anchor
$811k
Mar 7 2023
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
$186 / 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
$17,767
Tax year 2023
Assessed value
$927,610
Assessed 2023
Previous assessed
$910,350
+1.9% YoY
Effective rate
1.92%
On assessed value
Land market value
$446,110
Improvement market value
$481,500
Total market value
$927,610
Applied tax rate
24,013.0000
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
Medical Office Space
Use group
MEDICAL CLINIC
Status
For Lease
Year built
1978
Heating
NONE
Stories
1
Total area
6,950 SF
Lot
0.65 ac (28,314 SF)
Zoning code
CO
APN
072W19CB04700
UPID
US71-0271230
Jurisdiction
MARION
Zoning & alternative use
CO · Salem, OR
Zoning CO · permitted uses
CO · 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
COMMERCIAL (GENERAL)
Est. value
$2.0M
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
1978
Heating
NONE
Stories
1
Lot
0.65 ac
Current owner
From public records · entity-resolved
Travis Lynn Mcfee
Individual
Mailing address
1251 LANCASTER DR NE, SALEM, OR 97301-1994
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2023
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
7 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Mar 7, 2023
—
Travis Lynn Mcfee
Travis Mcfee
Intrafamily Transfer
related
$720,000 · Us Bank NA
Mar 8, 2018
—
Travis Mcfee
—
Deed
related
$787,500 · Bank Of The Pacific
Jul 14, 2016
—
Travis Mcfee
—
Deed
related
—
Feb 11, 2008
$810,941
Mcfee,travis & Marleen D
Butler G M & Marilyn Trust
Warranty Deed
$810,941 · Butler G M & Marilyn Tr (tr)
Feb 11, 2008
$575,000
Travis L Mcfee
Bright,dudley M & Carolyn L
Warranty Deed
—
—
—
Travis Mcfee
—
Loan Modification
related
—
—
—
Travis Mcfee
—
Deed Of Trust
related
$787,500 · Bank Of The Pacific
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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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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