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    Property profile & analytics

    1251 Lancaster Dr NE Salem, OR 97317

    • Medical Office Space
    • 6,950 SF
    • 0.65 lot acres
    For Lease
    View listing
    $1.95 SF/Yr
    Last Sale
    Mar 07, 2023
    $810,941
    Value Estimations
    $1,290,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US71-0271230
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by 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

    Property Details for 1251 Lancaster Dr NE

    Year built
    1978
    Lot size
    0.65 lot acres
    Property size
    6,950 SF
    Zone code
    CO
    Property type
    Medical Office Space
    Property subtype
    Medical centers
    APN
    072W19CB04700
    APU
    072W19CB04700

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $915,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,550,000
      6.5%
      $1,430,000
      7%
      $1,330,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,687,000
      Market price range: $853k - $3.07M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $1,965,000

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Salem
    County
    Marion
    State
    Oregon
    Longitude
    -122.984
    Latitude
    44.946
    CBSA code
    41420
    CBSA name
    SALEM, OR METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $17,767
    $0.00
    $0.00
    $927,610
    -
    $446,110
    $481,500
    $927,610

    Comparable in this City

    • Value Estimation by Request
      0.08 Acres

      431 Lancaster NE Dr

      MEDICAL CLINIC • 0.08 Acres
      431 Lancaster NE Dr, Salem, OR 97301-4729
      View Details
    • Value Estimation
      $4,870,000
      24,591 SF

      1055 Erixon NE St

      MEDICAL CLINIC • 24,591 SF
      1055 Erixon NE St, Salem, OR 97301
      View Details
    • Value Estimation
      $9,350,000
      38,820 SF

      700 Bellevue SE St

      MEDICAL CLINIC • 38,820 SF
      700 Bellevue SE St, Salem, OR 97301-3819
      View Details
    • Value Estimation
      $810,000
      5,200 SF

      2010 Mccoy NE Ave

      MEDICAL CLINIC • 5,200 SF
      2010 Mccoy NE Ave, Salem, OR 97301
      View Details
    • Value Estimation
      $1,600,000
      4,011 SF

      875 Oak St Se4b

      MEDICAL BUILDING • 4,011 SF
      875 Oak St Se4b, Salem, OR 97301-3975
      View Details
    • Value Estimation
      $630,000
      2,057 SF

      875 Oak St Se5c

      MEDICAL BUILDING • 2,057 SF
      875 Oak St Se5c, Salem, OR 97301-3975
      View Details

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      Charming 1928 building suitable for office or medical use.
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      39,935 SF

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      Two-building property with retail, office, and warehouse space.
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      Premier office building in Salem's business and government hub.
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      51,384 SF

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      Multi-tenant office building in Salem's Central Business District.
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    Similar Nearby for Lease

    • Contact for pricing
      5,099 SF

      Medical Office Space Available

      Turn-key medical office with exceptional views and natural light.
      500 Liberty St SE, Salem, OR 97301
      View Details
    • $1.85 SF/Yr

      Professional Office Building Near Downtown

      Conveniently located office building near Oregon State Capitol and Salem Hospital.
      698 12Th St SE, Salem, OR 97301
      View Details
    • $23 SF/Yr
      14,235 SF

      Prime Salem Office Building

      14,235 SF Class A Office Space
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      View Details
    • Contact for pricing

      Downtown Salem Tri-Level Office Space

      Iconic, modern office space in Salem's Central Business District.
      447 State St, Salem, OR 97301
      View Details
    • Contact for pricing

      Downtown Salem Office Suites Available

      Customizable office suites in high-traffic downtown Salem location.
      245 Commercial St SE, Salem, OR 97301
      View Details
    • Contact for pricing

      Downtown Salem Office Space Available

      Two-story office building in Salem's central business district.
      200 High St SE, Salem, OR 97301
      View Details
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    1251 Lancaster Dr NE
    Salem, OR 97317
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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
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