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Property profile & analytics
OFF-MARKET
Estimated value
$2,050,000
Retail space
2035 Lancaster NE Dr Salem, OR 97305
Entity Owned
14-yr Hold
Free & Clear
Property ID
US71-0416645
Property profile
Verified
Property type
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Year built
1983
Total area
10,000 SF
Lot
0.69 ac (30,056 SF)
Zoning code
CR
APN
072W19BB00102
UPID
US71-0416645
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
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$2.28M
Blend (final)
Blend
$2.05M
Owner & transaction history
Gray Salem Properties LLC · 14 yrs held
Gray Salem Properties LLC
since 2012
7 recorded transactions
Zoning & alternative use
CR · Salem, OR
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Medical building
$3.4M
+37.2%
Office building
$2.8M
+12.7%
Commercial (general)
$2.6M
+6.5%
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
$2,465,000
Current use
MEDICAL BUILDING
$3,380,000
Change: +37% · Conversion: Difficult
OFFICE BUILDING
$2,775,000
Change: +13% · Conversion: Easy
COMMERCIAL (GENERAL)
$2,620,000
Change: +6% · Conversion: Easy
Blend value · Realmo final
$2.05M
Range $1.85M – $2.26M · ±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
$205 / 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
$20,214
Tax year 2023
Assessed value
$1,029,930
Assessed 2023
Previous assessed
$999,940
+3.0% YoY
Effective rate
1.96%
On assessed value
Land market value
$409,790
Improvement market value
$845,710
Total market value
$1,255,500
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
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Status
Off-Market
Year built
1983
Heating
NONE
Stories
1
Total area
10,000 SF
Lot
0.69 ac (30,056 SF)
Zoning code
CR
APN
072W19BB00102
UPID
US71-0416645
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
$2.5M
MEDICAL BUILDING
Est. value
$3.4M
OFFICE BUILDING
Est. value
$2.8M
COMMERCIAL (GENERAL)
Est. value
$2.6M
RETAIL STORES Current
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
1983
Heating
NONE
Stories
1
Lot
0.69 ac
Current owner
From public records · entity-resolved
Gray Salem Properties LLC
Entity
Free & Clear · 14 yrs held
Mailing address
82 MOSAIC PARK AVE, ST AUGUSTINE, FL 32092-7663
Ownership since
2012
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
13 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Oct 19, 2016
—
Gray Salem Properties LLC
—
Deed
related
$392,500 · Bank Of The West
Jun 26, 2012
—
Gray Salem Properties LLC
Gray,douglas
Quit Claim Deed
related
—
May 1, 2012
—
Douglas Gray
Dmp Investments LLC
Warranty Deed
related
—
Oct 31, 2011
$875,000
Dmp Investments LLC
Anarion LLC
Warranty Deed
$946,000 · Sterling Savings Bank
Sep 26, 2011
—
Anarion LLC
Gorin,allen H & Leslie S
Warranty Deed
related
—
Jul 26, 2010
—
Allen H Gorin
—
Trustees Deed
related
$600,000 · Us Bank NA
Jul 17, 2007
—
Allen H Gorin
—
Deed Of Trust
related
$1,300,000 · Us Bank NA
—
—
Gray Salem Properties LLC
—
Deed Of Trust
related
$350,000 · Bank Of The West
—
—
Allen H Gorin
—
Deed Of Trust
related
$600,000 · Us Bank NA
—
—
Allen H Gorin
—
Deed Of Trust
related
$283,403 · Us Bank NA
—
—
Allen H Gorin
—
Deed Of Trust
related
—
—
—
Gray Salem Properties LLC
—
Deed Of Trust
related
$392,500 · Bank Of The West
—
—
Allen H Gorin
—
Deed Of Trust
related
$283,403 · Us Bank NA
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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