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    3380 Lancaster NE Dr Salem, OR 97305-1354
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    Property profile & analytics

    3380 Lancaster NE Dr, Salem, OR 97305-1354

    View on Map
    • Grocery and convenience stores
    • 53,287 SF
    • 3.68 lot acres
    Off-Market
    Property ID
    US71-0738229
    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
    $13,030,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Wells Fargo Bank / Bank / Loan Service
    • Safeway / Grocery & Convenience Store / Food Market
    • Wells Fargo ATM / Atm
    • KeyMe Locksmiths / Locksmith / (Bike/Boat/Book/etc) Store
    • Safeway Bakery / Bakery / Specialty Food Shop

    Property Details for 3380 Lancaster NE Dr

    Year built
    1976
    Lot size
    3.68 lot acres
    Zone code
    CR
    Property type
    Grocery and convenience stores
    APN
    072W18BA00500
    APU
    072W18BA00500

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Dec 11, 2017 — Shea-one LLC — Loan Modification · related $1.7M · Us Bk
    Aug 10, 2012 — Shea-one LLC — Grant Deed · related $2M · Us Bank NA

    Description

    Oak Park Plaza, located at 3380 Lancaster Dr NE in Salem, Oregon (97305), presents a compelling retail investment opportunity. This Safeway-anchored neighborhood center boasts 53,284 square feet on an 8.76-acre lot in Marion County's thriving Northeast Salem trade area. The property underwent extensive remodeling in 2012, including a new multi-tenant pad building completed in 2014, ensuring modern and attractive facilities. Currently, there are three available retail spaces ranging from 1,186 to 2,000 square feet, with a minimum divisible space of 1,553 square feet and a maximum contiguous space of 2,000 square feet. A total of 3,553 square feet is currently vacant. The center features a strong tenant mix of national and regional retailers, restaurants, and service providers, including Safeway, Ace Hardware, Starbucks, AutoZone, CSL Plasma, Jimmy John's, Little Caesars, T-Mobile, Papa Murphy's, Mariner Finance, and H&R Block. This high-volume center is situated along busy Lancaster Dr NE at Silverton Rd NE, offering excellent visibility and accessibility for businesses. The property's location within a growing area and its established tenant base make it an ideal investment for businesses seeking a strong foothold in the Salem market.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $14,508,000
      Market price range: $9.53M - $18.7M
      AI Estimate
      $11,551,000
      Market price range: $4.03M - $17.4M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $13,125,000
      Current use
      AUTO REPAIR, GARAGE
      $19,025,000
      Change: +45% Conversion: Difficult
      MEDICAL BUILDING
      $18,010,000
      Change: +37% Conversion: Difficult
      OFFICE BUILDING
      $14,790,000
      Change: +13% Conversion: Easy
      COMMERCIAL (GENERAL)
      $13,975,000
      Change: +6% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Salem
    County
    Marion
    State
    Oregon
    Longitude
    -122.982
    Latitude
    44.9688
    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
    $99,501
    $0.00
    $0.00
    $6,551,900
    -
    $2,562,400
    $5,730,730
    $8,293,130

    Comparable in this City

    • Value Estimation by Request
      2,613 SF

      4602 Silverton NE Rd

      CONVENIENCE STORE
      4602 Silverton NE Rd, Salem, OR 97305-2939
      View Details
    • Value Estimation by Request
      1,932 SF

      4422 Lancaster NE Dr

      CONVENIENCE STORE
      4422 Lancaster NE Dr, Salem, OR 97305-1551
      View Details
    • Value Estimation
      $11,060,000
      37,848 SF

      4746 Portland NE Rd

      GROCERY, SUPERMARKET
      4746 Portland NE Rd, Salem, OR 97305-1760
      View Details
    • Value Estimation by Request
      2,613 SF

      2002 Lancaster NE Dr

      CONVENIENCE STORE
      2002 Lancaster NE Dr, Salem, OR 97305-1231
      View Details
    • Value Estimation by Request
      5,286 SF

      5504 Hazelgreen NE Rd

      CONVENIENCE STORE
      5504 Hazelgreen NE Rd, Salem, OR 97305-9502
      View Details
    • Value Estimation by Request
      3,862 SF

      4592 Silverton NE Rd

      CONVENIENCE STORE
      4592 Silverton NE Rd, Salem, OR 97305-2937
      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
    • $399,900
      1,013 SF

      Retail Storefront Property

      For-sale retail storefront on a small lot in Salem, Oregon, with CR zoning for commercial use.
      4055 Silverton Rd NE, Salem, OR 97305
      View Details
    • New
      $235,000
      0.36 Acres

      Corner Lot Near I-5

      Residential land with potential for multi-family development near I-5.
      4762 Lancaster Dr, Salem, OR 97305
      View Details
    • $10,000,000
      43,626 SF

      Garden-Style 47-Unit Multifamily

      Garden-style multifamily property with 47 units and ample on-site parking in Salem, Oregon.
      4169 Campus Lp NE, Salem, OR 97305
      View Details
    • 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
    • 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

    Similar Nearby for Lease

    • 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

      Prime Retail Space in Salem

      High-traffic retail space in SunnyLan Retail Center, Salem, OR.
      2118 Lancaster Dr NE, Salem, OR 97305
      View Details
    • Contact for pricing
      14,440 SF

      Retail Space on Lancaster Drive

      Retail space available in high-traffic Salem location.
      2025-2423 Lancaster Dr NE, Salem, OR 97305
      View Details
    • Contact for pricing
      3,000 SF

      Retail Space in Lancaster Center

      Retail space available in high-traffic Lancaster Center.
      1901-1917 Lancaster Dr NE, Salem, OR 97305
      View Details
    • Contact for pricing
      1,320 SF

      Retail Space in Pioneer Square

      Versatile retail space with offices and customer reception area.
      3200-3260 Lancaster Dr NE, Salem, OR 97305
      View Details
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    Salem, OR 97305-1354
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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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