Your AI Navigator in Commercial Real Estate
Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    Property profile & analytics

    2002 Lancaster NE Dr Salem, OR 97305-1231

    • Grocery and convenience stores
    • 2,613 SF
    • 0.29 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US71-0640144
    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

    • Western Union / Money Transfer Service
    • 7-Eleven / Convenience Store
    • Amazon Locker - Parapet / Mailing Service / E-Commerce Service
    • Amazon Hub Locker - Parapet / Mailing Service / E-Commerce Service
    • Circle K / Convenience Store / Coffee Shop

    Property Details for 2002 Lancaster NE Dr

    Year built
    1969
    Lot size
    0.29 lot acres
    Property size
    2,613 SF
    Zone code
    CR
    Property type
    Grocery and convenience stores
    APN
    072W19BA04000
    APU
    072W19BA04000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Salem
    County
    Marion
    State
    Oregon
    Longitude
    -122.983
    Latitude
    44.9542
    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
    $8,932
    $0.00
    $0.00
    $455,070
    -
    $242,560
    $291,420
    $533,980

    Comparable in this City

    • Value Estimation by Request
      53,287 SF

      3380 Lancaster NE Dr

      GROCERY, SUPERMARKET • 53,287 SF
      3380 Lancaster NE Dr, Salem, OR 97305-1354
      View Details
    • Value Estimation by Request
      2,613 SF

      4602 Silverton NE Rd

      CONVENIENCE STORE • 2,613 SF
      4602 Silverton NE Rd, Salem, OR 97305-2939
      View Details
    • Value Estimation by Request
      1,932 SF

      4422 Lancaster NE Dr

      CONVENIENCE STORE • 1,932 SF
      4422 Lancaster NE Dr, Salem, OR 97305-1551
      View Details
    • Value Estimation by Request
      5,286 SF

      5504 Hazelgreen NE Rd

      CONVENIENCE STORE • 5,286 SF
      5504 Hazelgreen NE Rd, Salem, OR 97305-9502
      View Details
    • Value Estimation by Request
      3,862 SF

      4592 Silverton NE Rd

      CONVENIENCE STORE • 3,862 SF
      4592 Silverton NE Rd, Salem, OR 97305-2937
      View Details
    • Value Estimation
      $630,000
      2,044 SF

      4601 Silverton NE Rd

      CONVENIENCE STORE • 2,044 SF
      4601 Silverton NE Rd, Salem, OR 97305-2940
      View Details

    Similar Nearby for Sale

    • $4,360,000
      37,870 SF

      Retail Property Near Interstate 5

      Retail property with value-add opportunity in North Salem.
      4746 Portland Rd NE, Salem, OR 97305
      View Details
    • $177,000

      Luxury Apartments with Private Pools

      Sophisticated apartments with terraces and private swimming pools.
      3C3F M8 D-224, Salem, OR 97305
      View Details
    • $675,000
      4,192 SF

      Spacious Duplex on Large Lot

      Two well-maintained homes on a 0.58-acre lot, perfect for families.
      4455 Blueberry -4445 Ln NE, Salem, OR 97305
      View Details
    • Contact for pricing
      1.39 Acres

      4707 Silverton Rd NE

      Land • 10,059 SF
      4707 Silverton Rd, Salem, OR 97305
      View Details
    • Contact for pricing

      Commercial Land on Lancaster Drive

      High-exposure commercial/retail development lot on Lancaster Drive NE.
      3271 Lancaster Dr NE, Salem, OR 97305
      View Details
    • Contact for pricing

      Freestanding Office Building with Land

      Two-story office building with land in North Salem.
      Salem, OR 97305
      View Details

    Similar Nearby for Lease

    • $1.70 SF/Yr
      22,351 SF

      Prime Retail Space in Salem

      High-traffic retail space in SunnyLan Retail Center, Salem, OR.
      2118 Lancaster Dr Northeast, Salem, OR 97305
      View Details
    • $6,100,000
      1,868 SF

      Retail Space on Lancaster Drive

      Retail space available in high-traffic Salem location.
      2025-2423 Lancaster Dr NE, Salem, OR 97305
      View Details
    • $1.42 SF/Yr
      1,920 SF

      Retail Space in Salem, Oregon

      Retail space available with high traffic and good parking.
      1955 Lancaster Dr NE, Salem, OR 97305
      View Details
    • $1.83 SF/Yr
      3,010 SF

      Retail Space Available For Rent

      Retail space available for lease in Salem, Oregon.
      3815 Devonshire Ave NE, Salem, OR 97305
      View Details
    • $24 SF/Yr
      1,553 SF

      Retail Space in Oak Park Plaza

      Retail space available in high-volume, Safeway-anchored shopping center.
      3278-3380 Lancaster Dr NE, Salem, OR 97305
      View Details
    • $2 SF/Yr
      470 SF

      Retail Space with Roll-Up Door

      470 SF retail space with high visibility and parking.
      4747 Lancaster Dr NE, Salem, OR 97305
      View Details
    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.
    2002 Lancaster NE Dr
    Salem, OR 97305-1231
    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.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.