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    2591 Wallace NW Rd Salem, OR 97304-1413
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    Property profile & analytics

    2591 Wallace NW Rd Salem, OR 97304-1413

    View on Map
    • Grocery and convenience stores
    • 3,036 SF
    • 1.10 lot acres
    Off-Market
    Last Sale Dec 8, 2023
    $4,400,000
    Property ID
    US71-1641759
    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
    $4,650,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • 76 / Gas Station
    • Plaid Pantry / Grocery & Convenience Store / Food Market
    • ATM (Plaid Pantry) / Atm / Food Store
    • Amazon Locker - Vista / Postal Service / Courier Service
    • Bitcoin Depot - Bitcoin ATM / Atm / Crypto Atm

    Property Details for 2591 Wallace NW Rd

    Year built
    2002
    Lot size
    1.10 lot acres
    Property size
    3,036 SF
    Zone code
    CR
    Property type
    Grocery and convenience stores
    APN
    07309-CD-00400
    APU
    07309CD00400

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $4,965,000
      ML approach
      $4,840,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Salem
    County
    Polk
    State
    Oregon
    Longitude
    -123.065
    Latitude
    44.9711
    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
    $17,727
    $205,750
    $734,800
    $940,550
    -
    $1,235,070
    $902,960
    $2,138,030

    Comparable in this City

    • Value Estimation
      $690,000
      3,182 SF

      585 Wallace NW Rd

      CONVENIENCE STORE (W/FUEL PUMP) • 3,182 SF
      585 Wallace NW Rd, Salem, OR 97304-3833
      View Details
    • Value Estimation by Request
      2,050 SF

      5322 Salem Dallas NW Hwy

      CONVENIENCE STORE (W/FUEL PUMP) • 2,050 SF
      5322 Salem Dallas NW Hwy, Salem, OR 97304-3216
      View Details
    • Value Estimation
      $4,950,000
      42,745 SF

      1455 Edgewater NW St

      GROCERY, SUPERMARKET • 42,745 SF
      1455 Edgewater NW St, Salem, OR 97304-4633
      View Details
    • Value Estimation
      $595,000
      2,916 SF

      1218 Wallace NW Rd

      CONVENIENCE STORE • 2,916 SF
      1218 Wallace NW Rd, Salem, OR 97304-3008
      View Details
    • Value Estimation by Request
      1,344 SF

      22460 Hopewell NW Rd

      CONVENIENCE STORE • 1,344 SF
      22460 Hopewell NW Rd, Salem, OR 97304-9619
      View Details
    • Value Estimation
      $625,000
      3,850 SF

      5925 Wallace NW Rd

      CONVENIENCE STORE • 3,850 SF
      5925 Wallace NW Rd, Salem, OR 97304-9742
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      7,940 SF

      Retail Building on Edgewater Street

      Retail building with three leased spaces and recent renovations.
      1111-1117 Edgewater St NW, Salem, OR 97304
      View Details
    • Contact for pricing

      Redevelopment Site in West Salem

      Flat, rectangular site primed for redevelopment in West Salem.
      740 Bassett St NW, Salem, OR 97304
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    • Contact for pricing

      Willamette Riverfront Farm Opportunity

      Productive 445-acre farm with development potential near Salem.
      3372 River Bend Rd NW, Salem, OR 97304
      View Details
    • $175,000
      0.24 Acres

      Residential Land in Salem, Oregon

      0.24 acre lot, close to city services.
      NW Doaks Ferry Rd, Salem, OR 97304
      View Details
    • $5,000,000

      Development Opportunity in Salem, Oregon

      Land with development potential, multiple uses, and existing infrastructure.
      1990 Wallace Rd NW, Salem, OR 97304
      View Details
    • $955,000

      Salem Land Parcel For Sale

      Approximately 18 acres of land near apartment complexes in Salem.
      2170 Wallace Rd NW, Salem, OR 97304
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      8,945 SF

      Retail Space in Salem, Oregon

      Retail space available for lease in Salem, Oregon.
      576 Patterson St NW, Salem, OR 97304
      View Details
    • Contact for pricing
      1,650 SF

      Retail Space in Salem Center

      Walgreens-anchored shopping center with high traffic and multiple access.
      525 Taggart Dr, Salem, OR 97304
      View Details
    • Contact for pricing

      Retail Space in Salem Center

      Walgreen-anchored shopping center with high visibility and multiple access points.
      515 Taggart Dr, Salem, OR 97304
      View Details
    • $1.50 SF/Yr

      West Salem Retail/Office Space

      Bright, versatile retail/office space in West Salem's active corridor.
      1109 Edgewater St Northwest, Salem, OR 97304
      View Details
    • $2 SF/Yr

      Retail Suite in High-Traffic Center

      Turnkey retail suite in established shopping center, available November 2025.
      1140 Wallace Rd NW, Salem, OR 97304
      View Details
    • Contact for pricing

      Remodeled Retail Space with Bar

      Recently remodeled retail space with bar, office, and storage.
      1115 Edgewater St NW, Salem, OR 97304
      View Details
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    2591 Wallace NW Rd
    Salem, OR 97304-1413
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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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    2591 Wallace NW Rd, Salem, OR, 97304
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