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    Property profile & analytics

    2118 Lancaster Dr Northeast Salem, OR 97305

    • Retail space
    • 22,351 SF
    • 1.58 lot acres
    For Lease
    View listing
    $1.70 SF/Yr
    Last Sale
    Feb 19, 2020
    $41,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US71-0733009
    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

    • Joes Deli / Food Market / Restaurant
    • Foto & Video Firme Photography / Photography Service / (Bike/Boat/Book/etc) Store

    Property Details for 2118 Lancaster Dr Northeast

    Year built
    2005
    Lot size
    1.58 lot acres
    Property size
    22,351 SF
    Zone code
    CR
    Property type
    Retail space
    APN
    072W19BA03300
    APU
    072W19BA03300

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $4,485,000
      6.5%
      $4,140,000
      7%
      $3,840,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $6,559,000
      Market price range: $4.00M - $7.85M
      AI Estimate
      $5,222,000
      Market price range: $1.69M - $7.29M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $5,505,000
      Current use
      AUTO REPAIR, GARAGE
      $7,980,000
      Change: +45% Conversion: Difficult
      MEDICAL BUILDING
      $7,555,000
      Change: +37% Conversion: Difficult
      OFFICE BUILDING
      $6,205,000
      Change: +13% Conversion: Easy
      COMMERCIAL (GENERAL)
      $5,860,000
      Change: +6% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Salem
    County
    Marion
    State
    Oregon
    Longitude
    -122.983
    Latitude
    44.9547
    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
    $56,734
    $0.00
    $0.00
    $2,962,060
    -
    $769,870
    $2,192,190
    $2,962,060

    Comparable in this City

    • Value Estimation
      $3,300,000
      18,306 SF

      3200 Lancaster NE Dr

      RETAIL STORES (PERSONAL SERVICES) • 18,306 SF
      3200 Lancaster NE Dr, Salem, OR 97305-1352
      View Details
    • Value Estimation
      $3,195,000
      14,560 SF

      1865 Lancaster NE Dr

      RETAIL STORES (PERSONAL SERVICES) • 14,560 SF
      1865 Lancaster NE Dr, Salem, OR 97305-1001
      View Details
    • Value Estimation
      $1,340,000
      3,960 SF

      1840 Lancaster NE Dr

      RETAIL STORES (PERSONAL SERVICES) • 3,960 SF
      1840 Lancaster NE Dr, Salem, OR 97305-1023
      View Details
    • Value Estimation by Request
      0.80 Acres

      Salem, OR 97305

      RETAIL STORES (PERSONAL SERVICES) • 0.80 Acres
      Salem, OR 97305
      View Details
    • Value Estimation
      $1,600,000
      0.30 Acres

      1741 Lancaster NE Dr

      RETAIL STORES (PERSONAL SERVICES) • 0.30 Acres
      1741 Lancaster NE Dr, Salem, OR 97305-1024
      View Details
    • Value Estimation
      $1,720,000
      5,085 SF

      3314 Lancaster NE Dr

      RETAIL STORES (PERSONAL SERVICES) • 5,085 SF
      3314 Lancaster NE Dr, Salem, OR 97305-1354
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      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
    • $6,100,000

      Anchor Tenant Space For Sale

      Anchor tenant space for sale at busy signalized intersection.
      2025 Lancaster Dr NE, Salem, OR 97305
      View Details
    • $650,000
      4,192 SF

      Spacious Duplex on Large Lot

      Two well-maintained homes on 0.58 acres, ideal for multi-generational living.
      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
    • New
      $1,500,000
      6,900 SF

      Well-Maintained Multifamily Investment Opportunity

      Three duplexes in Salem, OR, fully occupied and professionally managed.
      4212 47Th Ave NE, Salem, OR 97305
      View Details
    • $1,069,225

      Residential Lots in Mérida

      Residential lots with amenities in Cholul, Mérida.
      Alma Residencial, Salem, OR 97305
      View Details

    Similar Nearby for Lease

    • $1.70 SF/Yr

      Prime Retail Space in Salem

      High-traffic retail space in SunnyLan Retail Center, Salem, OR.
      2118 Lancaster Dr Northeast, Salem, OR 97305
      View Details
    • Contact for pricing
      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
    • Contact for pricing
      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
    • Contact for pricing
      4,500 SF

      Retail Space on Lancaster Drive

      Retail space available in high-traffic Salem location.
      2265 Lancaster Dr NE, Salem, OR 97305
      View Details
    • Contact for pricing
      2,538 SF

      Retail Space on Lancaster Drive

      Retail space in a high-traffic shopping center location.
      2319 Lancaster Dr NE, Salem, OR 97305
      View Details
    • Contact for pricing
      13,296 SF

      Lancaster Center Retail Spaces Available

      Retail spaces for lease with high visibility and traffic.
      1865 Lancaster Dr NE, Salem, OR 97305
      View Details
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    2118 Lancaster Dr Northeast
    Salem, OR 97305
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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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