Your AI Navigator in Commercial Real Estate
Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    Property profile & analytics

    407 Lancaster NE Dr Salem, OR 97301-4729

    • Turn key restaurants
    • 3,965 SF
    • 0.83 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US71-0760271
    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

    • IHOP / Breakfast Restaurant / American Restaurant
    • Pardon My Cheesesteak / Restaurant / Cheesesteak Restaurant
    • Salem Valley Shopping Center / Shopping Mall
    • TenderFix by Noah Schnapp / Chicken Restaurant / Fast Food Restaurant

    Property Details for 407 Lancaster NE Dr

    Year built
    2000
    Lot size
    0.83 lot acres
    Property size
    3,965 SF
    Zone code
    CR
    Property type
    Turn key restaurants
    APN
    072W30BC01700
    APU
    072W30BC01700

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Salem
    County
    Marion
    State
    Oregon
    Longitude
    -122.984
    Latitude
    44.934
    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
    $25,555
    $0.00
    $0.00
    $1,729,730
    -
    $622,950
    $1,128,690
    $1,751,640

    Comparable in this City

    • Value Estimation by Request
      0.12 Acres

      160 17th NE St

      RESTAURANT • 0.12 Acres
      160 17th NE St, Salem, OR 97301
      View Details
    • Value Estimation by Request
      0.77 Acres

      Salem, OR 97301

      RESTAURANT • 0.77 Acres
      Salem, OR 97301
      View Details
    • Value Estimation by Request
      3,603 SF

      2373 State St

      RESTAURANT • 3,603 SF
      2373 State St, Salem, OR 97301-4545
      View Details
    • Value Estimation by Request
      1,898 SF

      1630 Lancaster NE Dr

      RESTAURANT • 1,898 SF
      1630 Lancaster NE Dr, Salem, OR 97301-1964
      View Details
    • Value Estimation by Request
      1,952 SF

      205 Church SE St

      RESTAURANT • 1,952 SF
      205 Church SE St, Salem, OR 97301-3706
      View Details
    • Value Estimation by Request
      200 SF

      1411 State St

      RESTAURANT • 200 SF
      1411 State St, Salem, OR 97301
      View Details

    Similar Nearby for Sale

    • $1,625,000
      9,950 SF

      Downtown Salem Retail Gem

      9,950 SF Vacant Storefront, $1.625M
      187 High St, Salem, OR 97301
      View Details
    • $5,025,000
      30,937 SF

      Historic Salem Mixed-Use Building

      Iconic Salem building, 30,937 sq ft, prime location.
      190 High St, Salem, OR 97301
      View Details
    • $695,000
      1,265 SF

      Established Coffee Shop For Sale

      Profitable coffee shop with equipment and inventory in prime location.
      1760 Market St NE, Salem, OR 97301
      View Details
    • $4,575,000
      38,450 SF

      Historic Mixed-Use Building in Salem

      38,450 SF historic building with office, retail, and event spaces.
      181-195 High St NE, Salem, OR 97301
      View Details
    • $1,895,000
      25,126 SF

      High Visibility Location on State

      13,270 SF retail property in Salem for sale.
      217 State St, Salem, OR 97301
      View Details
    • $850,000
      1 SF

      Modern Retail Building For Sale

      1,900 SF retail building built in 2018, great exposure.
      4045 State St SE Salem, Salem, OR 97301
      View Details

    Similar Nearby for Lease

    • $15 SF/Yr
      1,602 SF

      Downtown Salem Office Suites

      Hip industrial spaces, flexible lease terms.
      249 Liberty St, Salem, OR 97301
      View Details
    • $17 SF/Yr
      7,141 SF

      Capitol Tower Office Suites in Salem, OR

      Prime Salem Office Space: 6 Suites Available
      388 State St, Salem, OR 97301
      View Details
    • $13 SF/Yr
      5,000 SF

      Prime Retail Space, Fairgrounds Rd NE

      5,000 SF Standalone Retail Building
      1695 Fairgrounds Rd, Salem, OR 97301
      View Details
    • $1.50 SF/Yr
      496 SF

      Corner Retail Space in Salem

      Retail space available at the corner of Liberty and Chemeketa.
      285 Liberty St NE, Salem, OR 97301
      View Details
    • $1,450 /Mo
      1,358 SF

      Downtown Salem Retail/Office Space

      Modern retail/office space in downtown Salem, across from Riverfront Park.
      156 Front St NE, Salem, OR 97301
      View Details
    • $19 SF/Yr
      1,583 SF

      Retail Space Available For Lease

      Retail space available for lease, approximately 1583 square feet.
      3760 Market St NE, Salem, OR 97301
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    407 Lancaster NE Dr
    Salem, OR 97301-4729
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.