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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    3124 Blossom Dr NE Salem, OR 97305

    • Warehouses
    • 12,000 SF
    • 1.00 lot acres
    For Lease
    View listing
    $1.00 SF/Yr
    Last Sale
    Apr 30, 2024
    $1,860,000
    Value Estimations
    $1,860,000
    Cap Rate Potential
    6.9%
    Warehouses
    Location Intelligence
    Property ID
    US71-0903259
    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

    • Warehouses

    Property Details for 3124 Blossom Dr NE

    Year built
    2018
    Lot size
    1.00 lot acres
    Property size
    12,000 SF
    Zone code
    IG
    Property type
    Warehouses
    APN
    073W01A 02800
    APU
    073W01A02800

    Description

    This exceptional 12,000-square-foot flex space, built in 2018, is situated on a one-acre lot at 3124 Blossom Dr NE, Salem, OR 97305. The single-story building boasts a 17-foot ceiling height, ideal for various industrial and commercial uses. Currently, 8,985 square feet are available for lease in a multi-tenant building. The property features five drive-in doors for convenient loading and unloading, and is equipped with 3-phase, 120/208V 200-amp power. Its IG zoning allows for a wide range of permitted uses. Strategically located near Interstate 5, with easy access to both north and southbound ramps via Highway 99 and Chemawa Road, this property offers unparalleled access to the mid-Willamette Valley market. The property's versatile design makes it suitable for businesses of all sizes, from startups to established companies seeking expansion opportunities. This prime location and functional design combine to create a highly desirable commercial space. The address is 3124 Blossom Dr NE, Salem, OR 97305.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,860,000
      ML approach
      $1,860,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $2,130,000
      6.5%
      $1,970,000
      7%
      $1,825,000

    • Alternative Use

      Use
      Estimation
      WAREHOUSE, STORAGE
      $2,335,000
      Current use
      RETAIL STORES
      $2,955,000
      Change: +27% Conversion: Moderate
      INDUSTRIAL (GENERAL)
      $2,155,000
      Change: -8% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Salem
    County
    Marion
    State
    Oregon
    Longitude
    -122.994
    Latitude
    44.9932
    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
    $22,361
    $0.00
    $0.00
    $1,139,310
    -
    $164,140
    $1,535,270
    $1,699,410

    Comparable in this City

    • Value Estimation
      $675,000
      2,860 SF

      3510 48th Ave Nea-b

      WAREHOUSE, STORAGE • 2,860 SF
      3510 48th Ave Nea-b, Salem, OR 97305-3019
      View Details
    • Value Estimation
      $1,000,000
      3,276 SF

      4741 Lancaster NE Dr

      WAREHOUSE, STORAGE • 3,276 SF
      4741 Lancaster NE Dr, Salem, OR 97305-1737
      View Details
    • Value Estimation by Request
      984 SF

      4724 Niles NE Ave

      STORAGE YARD (JUNK, SALVAGE) • 984 SF
      4724 Niles NE Ave, Salem, OR 97305-1143
      View Details
    • Value Estimation
      $1,885,000
      7,488 SF

      8955 Pueblo NE Ave

      MINI-WAREHOUSE, STORAGE • 7,488 SF
      8955 Pueblo NE Ave, Brooks, OR 97305-0029
      View Details
    • Value Estimation
      $755,000
      3,540 SF

      4625 Silverton NE Rd

      MINI-WAREHOUSE, STORAGE • 3,540 SF
      4625 Silverton NE Rd, Salem, OR 97305-2945
      View Details
    • Value Estimation
      $725,000
      2,376 SF

      4625 Silverton NE Rd

      MINI-WAREHOUSE, STORAGE • 2,376 SF
      4625 Silverton NE Rd, Salem, OR 97305-2945
      View Details

    Similar Nearby for Sale

    • $4,360,000
      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
      49,192 SF

      Anchor Tenant Space For Sale

      Anchor tenant space for sale at busy signalized intersection.
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    • $177,000

      Luxury Apartments with Private Pools

      Sophisticated apartments with terraces and private swimming pools.
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    • New
      $675,000
      4,192 SF

      Spacious Duplex on Large Lot

      Two well-maintained homes on a 0.58-acre lot, perfect for families.
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    • Contact for pricing
      1.39 Acres

      4707 Silverton Rd NE

      Land • 10,059 SF
      4707 Silverton Rd, Salem, OR 97305
      View Details
    • Contact for pricing

      Commercial Land on Lancaster Drive

      High-exposure commercial/retail development lot on Lancaster Drive NE.
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    Similar Nearby for Lease

    • $1.13 SF/Yr
      3,308 SF

      Freestanding Flex Warehouse For Rent

      3,308 SF flex warehouse with roll-up doors and parking.
      4741 Lancaster Dr NE, 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
    • $0.10 SF/Yr
      11,200 SF

      Salem Warehouse Bay for Lease

      Warehouse bay with office, yard, and loading dock access.
      8685 Portland Rd NE, Salem, OR 97305
      View Details
    • $1.00 SF/Yr
      12,006 SF

      Industrial Flex Building with Yard

      Turn-key industrial flex building with fenced yard and office space.
      3124 Blossom Dr NE, Salem, OR 97305
      View Details
    • $0.75 SF/Yr
      10,200 SF

      Spacious Flex Space with Amenities

      10,200 SF flex space featuring grade and dock doors.
      3160 Blossom 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
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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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