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    2475 Lancaster Dr NE Salem, OR 97305
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    Property profile & analytics

    2475 Lancaster Dr NE Salem, OR 97305

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    • Office buildings
    • 7,520 SF
    • 1.07 lot acres
    For Lease
    $1.50 SF/Yr
    View Listing →
    Lancaster Drive Office Space Available For Lease
    $1.50 SF/Yr
    5,787 SF

    Lancaster Drive Office Space Available

    Professionally maintained office park with move-in ready suites.

    2475 Lancaster Dr NE, Salem, OR
    View Listing
    Property ID
    US71-0296068
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Edison Electricians of Salem / Electrical Service / General Contractor
    • Cora Slowikowski - State Farm Insurance Agent / Insurance Agency
    • Morse Polygraph Services / Law Firm / Security Service
    • Vicki J. O'Dea, LMT / Physician
    • Brighten Restoration / Hardware & Home Improvement / Construction Company

    Property Details for 2475 Lancaster Dr NE

    Year built
    1973
    Lot size
    1.07 lot acres
    Property size
    7,520 SF
    Zone code
    CO
    Property type
    Office buildings
    APN
    072W18CC00100
    APU
    072W18CC00100

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,761,000
      Market price range: $1.38M - $2.84M
      AI Estimate
      $1,638,000
      Market price range: $1.11M - $2.70M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $2,085,000
      Current use
      AUTO REPAIR, GARAGE
      $2,685,000
      Change: +29% Conversion: Difficult
      MEDICAL BUILDING
      $2,540,000
      Change: +22% Conversion: Easy
      COMMERCIAL (GENERAL)
      $1,970,000
      Change: -6% Conversion: Easy
      RETAIL STORES
      $1,850,000
      Change: -11% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Salem
    County
    Marion
    State
    Oregon
    Longitude
    -122.984
    Latitude
    44.9587
    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
    $15,014
    $0.00
    $0.00
    $764,990
    -
    $671,160
    $880,370
    $1,551,530

    Comparable in this City

    • Value Estimation
      $1,175,000
      5,515 SF

      4895 Indian School NE Rd

      OFFICE BUILDING • 5,515 SF
      4895 Indian School NE Rd, Salem, OR 97305-1126
      View Details
    • Value Estimation
      $545,000
      1,792 SF

      6805 Umpqua NE St

      OFFICE BUILDING • 1,792 SF
      6805 Umpqua NE St, Salem, OR 97305-9730
      View Details
    • Value Estimation
      $7,680,000
      26,316 SF

      4760 Portland NE Rd

      OFFICE BUILDING • 26,316 SF
      4760 Portland NE Rd, Salem, OR 97305-1760
      View Details
    • Value Estimation
      $2,315,000
      8,640 SF

      3876 Beverly NE Ave

      OFFICE BUILDING • 8,640 SF
      3876 Beverly NE Ave, Salem, OR 97305-1319
      View Details
    • Value Estimation
      $9,725,000
      36,312 SF

      2450 Lancaster NE Dr

      OFFICE BUILDING • 36,312 SF
      2450 Lancaster NE Dr, Salem, OR 97305-1130
      View Details
    • Value Estimation
      $1,560,000
      5,824 SF

      1880 Fisher NE Rd

      OFFICE BUILDING • 5,824 SF
      1880 Fisher NE Rd, Salem, OR 97305-1029
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      Pending

      Freestanding Office Building with Land

      Two-story office building with adjacent CR-zoned land for sale.
      4707 Silverton Rd NE, Salem, OR 97305
      View Details
    • $10,000,000
      43,626 SF

      47-Unit Multifamily Property in Salem

      47-unit multifamily property with strong occupancy and ample parking.
      4169 Campus Lp NE, Salem, OR 97305
      View Details
    • Contact for pricing

      Phoenix RV Park & Storage

      Well-maintained RV park and storage in Salem, Oregon.
      4130 Silverton Rd NE, Salem, OR 97305
      View Details
    • $675,000
      4,192 SF

      Spacious Duplex on Large Lot

      Two well-maintained homes on 0.58 acres, ideal for investment.
      4455 Blueberry -4445 Ln NE, Salem, OR 97305
      View Details
    • 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

    Similar Nearby for Lease

    • Contact for pricing

      Freestanding Office Building with Land

      Two-story office building with land in North Salem.
      4707 Silverton Rd NE, Salem, OR 97305
      View Details
    • $1.05 SF/Yr

      Office Space Near I-5

      Office space in industrial park, close to I-5 and central Salem.
      4937 Indian School Rd, Salem, OR 97305
      View Details
    • $1.00 SF/Yr
      12,006 SF

      Industrial Flex Building with Yard

      Modern industrial flex building with office space and spacious yard.
      3124 Blossom Dr NE, Salem, OR 97305
      View Details
    • $12 SF/Yr

      Office Space with Meeting Rooms

      Office space featuring cubicles, open area, and meeting rooms.
      4937 Indian School Rd NE, Salem, OR 97305
      View Details
    • Contact for pricing
      5,787 SF

      Lancaster Drive Office Space Available

      Professionally maintained office park with move-in ready suites.
      2475 Lancaster Dr NE, Salem, OR 97305
      View Details
    • Contact for pricing
      4,000 SF

      Pioneer Square Commercial Space

      Versatile commercial space in Pioneer Square Shopping Center.
      3170-3190 Lancaster Dr NE, Salem, OR 97305
      View Details
    View Listing
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    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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