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    Property profile & analytics

    3385 Lancaster NE Dr Salem, OR 97305-1355

    • Commercial real estate
    • 6,573 SF
    • 0.46 lot acres
    OFF-MARKET
    Value Estimations
    $2,995,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US71-0409568
    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

    • KNECHTS AUTO PARTS / Auto Parts Store

    Property Details for 3385 Lancaster NE Dr

    Year built
    2005
    Lot size
    0.46 lot acres
    Property size
    6,573 SF
    Zone code
    CR
    Property type
    Commercial real estate
    APN
    072W18BB05500
    APU
    072W18BB05500

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,953,000
      Market price range: $690k - $2.95M
      AI Estimate
      $3,034,000
      Market price range: $558k - $4.56M

    • Alternative Use

      Use
      Estimation
      RESTAURANT
      $2,900,000
      AUTO REPAIR, GARAGE
      $2,345,000
      MEDICAL BUILDING
      $2,220,000
      OFFICE BUILDING
      $1,825,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Salem
    County
    Marion
    State
    Oregon
    Longitude
    -122.984
    Latitude
    44.9689
    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
    $14,951
    $0.00
    $0.00
    $998,200
    -
    $385,420
    $646,100
    $1,031,520

    Comparable in this City

    • Value Estimation
      $8,815,000
      34,988 SF

      2155 Lancaster NE Dr

      COMMERCIAL (GENERAL) • 34,988 SF
      2155 Lancaster NE Dr, Salem, OR 97305-1228
      View Details
    • Value Estimation by Request
      864 SF

      4760 Niles NE Ave

      COMMERCIAL (GENERAL) • 864 SF
      4760 Niles NE Ave, Salem, OR 97305-1155
      View Details
    • Value Estimation by Request
      716 SF

      4784 Niles NE Ave

      COMMERCIAL (GENERAL) • 716 SF
      4784 Niles NE Ave, Salem, OR 97305
      View Details
    • Value Estimation
      $1,420,000
      3,779 SF

      4145 Silverton NE Rd

      SHOW ROOM, WAREHOUSE • 3,779 SF
      4145 Silverton NE Rd, Salem, OR 97305-2054
      View Details
    • Value Estimation
      $2,535,000
      12,600 SF

      3653 Silverton NE Rd

      SHOW ROOM, WAREHOUSE • 12,600 SF
      3653 Silverton NE Rd, Salem, OR 97305-1471
      View Details
    • Value Estimation by Request
      1,512 SF

      4752 Richard NE St

      COMMERCIAL (GENERAL) • 1,512 SF
      4752 Richard NE St, Salem, OR 97305-1770
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      1.39 Acres

      4707 Silverton Rd NE

      Land • 10,059 SF
      4707 Silverton Rd, Salem, OR 97305
      View Details
    • $675,000
      4,192 SF

      Spacious Duplex on Large Lot

      Two well-maintained homes on a 0.58-acre lot, perfect for families.
      4455 Blueberry -4445 Ln NE, Salem, OR 97305
      View Details
    • $177,000

      Luxury Apartments with Private Pools

      Sophisticated apartments with terraces and private swimming pools.
      3C3F M8 D-224, Salem, OR 97305
      View Details
    • $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.
      2025 Lancaster Dr NE, Salem, OR 97305
      View Details
    • Contact for pricing

      Commercial Land on Lancaster Drive

      High-exposure commercial/retail development lot on Lancaster Drive NE.
      3271 Lancaster Dr NE, Salem, OR 97305
      View Details

    Similar Nearby for Lease

    • 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
    • $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
    • $24 SF/Yr
      1,553 SF

      Retail Space in Oak Park Plaza

      Retail space available in high-volume, Safeway-anchored shopping center.
      3278-3380 Lancaster Dr NE, Salem, OR 97305
      View Details
    • $1.20 SF/Yr
      13,296 SF

      Lancaster Center Retail Spaces Available

      Retail spaces for lease with high visibility and traffic.
      1865 Lancaster Dr NE, Salem, OR 97305
      View Details
    • $1.25 SF/Yr
      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
    • Contact for pricing
      4,500 SF

      Retail Space on Lancaster Drive

      Retail space available in high-traffic Salem location.
      2265 Lancaster Dr NE, Salem, OR 97305
      View Details
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    3385 Lancaster NE Dr
    Salem, OR 97305-1355
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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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