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Property profile & analytics
OFF-MARKET
Estimated value
$9,725,000
Office buildings
2450 Lancaster NE Dr, Salem, OR 97305-1130
Entity Owned
Free & Clear
Property ID
US71-0551885
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1988
Total area
36,312 SF
Lot
1.86 ac (81,022 SF)
Zoning code
CO
APN
072W18CD00300
UPID
US71-0551885
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
-
Elementary Education High School
-
FLO Charging Station Electric Vehicle Charging Station
-
Global Aid Initiative Charitable Organization
-
Salem-Keizer School District School District Office
-
Student Threat Assessment High School Vocational School
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$10.08M
Blend (final)
Blend
$9.73M
Owner & transaction history
SALEMKEIZER SCHOOL DIST 24J
SALEMKEIZER SCHOOL DIST 24J
Zoning & alternative use
CO · Salem, OR
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$16.0M
+58.8%
Auto repair, garage
$13.0M
+28.6%
Medical building
$12.3M
+21.8%
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
OFFICE BUILDING
$10,080,000
Current use
RESTAURANT
$16,010,000
Change: +59% · Conversion: Moderate
AUTO REPAIR, GARAGE
$12,965,000
Change: +29% · Conversion: Difficult
MEDICAL BUILDING
$12,275,000
Change: +22% · Conversion: Easy
COMMERCIAL (GENERAL)
$9,520,000
Change: -6% · Conversion: Easy
RETAIL STORES
$8,945,000
Change: -11% · Conversion: Moderate
Blend value · Realmo final
$9.73M
Range $8.75M – $10.70M · ±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
$268 / 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
Land market value
$1,298,240
Improvement market value
$6,228,420
Total market value
$7,526,660
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
Office buildings
Use group
OFFICE BUILDING
Status
Off-Market
Year built
1988
Heating
NONE
Stories
1
Total area
36,312 SF
Lot
1.86 ac (81,022 SF)
Zoning code
CO
APN
072W18CD00300
UPID
US71-0551885
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
OFFICE BUILDING Current
Est. value
$10.1M
RESTAURANT
Est. value
$16.0M
AUTO REPAIR, GARAGE
Est. value
$13.0M
MEDICAL BUILDING
Est. value
$12.3M
COMMERCIAL (GENERAL)
Est. value
$9.5M
RETAIL STORES
Est. value
$8.9M
OFFICE BUILDING Current
RESTAURANT
AUTO REPAIR, GARAGE
MEDICAL BUILDING
COMMERCIAL (GENERAL)
RETAIL STORES
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
1988
Heating
NONE
Stories
1
Lot
1.86 ac
Current owner
From public records · entity-resolved
SALEMKEIZER SCHOOL DIST 24J
Individual
Free & Clear · 0 yrs held
Mailing address
PO BOX 12024, SALEM, OR 97309-0024
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
—
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
No recorded transactions
No recorded transactions found for this property.
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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