408 Lancaster NE Dr Salem, OR 97301-4728
Property profile & analytics
408 Lancaster NE Dr Salem, OR 97301-4728
- Medical Office Space
- 8,120 SF
- 0.81 lot acres
Property ID
US71-0564148
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.
Location Intelligence
Current Use by Public Records
- SmileKeepers Salem Capitol / Dental Office
- Thomas Mark a DDS / Dental Office
- Dr. Dennis Johnson / Dental Office
- Melinda Judd / Dental Office
- Natasha Bodiroga / Dental Office
Property Details for 408 Lancaster NE Dr
- Year built
- 1976
- Lot size
- 0.81 lot acres
- Property size
- 8,120 SF
- Zone code
- CO
- Property type
- Medical Office Space
- Property subtype
- Medical space
- APN
- 072W30BD07600
- APU
- 072W30BD07600
Description
This exceptional investment opportunity presents a fully leased, 8,120 square foot medical and commercial office complex situated on a 0.81-acre lot in Salem, Oregon. The property, comprised of three buildings, boasts a strong 100% occupancy rate and a stabilized net operating income (NOI) of $133,218, yielding a 7.30% cap rate. Building 1 houses a dental group, while Building 2 accommodates a diverse tenant mix including a hair salon, driving school, and accountant's office. Building 3 is occupied by a church. Recent capital improvements include new roofs and HVAC units in several spaces, along with interior remodels, ensuring long-term value and reduced maintenance costs. The property is offered at $1,825,000, translating to a price per square foot of $225. This Class B property operates under a triple net (NNN) lease structure with rent bumps in place, providing a secure and predictable income stream. The prime Lancaster Drive location, within a cluster of medical and dental offices, further enhances its appeal and potential for future growth. This is a rare opportunity to acquire a high-performing, multi-tenant commercial property in a desirable Salem location. The property's strong tenant base, recent renovations, and excellent location make it an ideal investment for discerning buyers seeking stable returns and long-term appreciation.
Value Estimations
based on Realmo’s proprietary methodology
-
CAP approach
- CAP Return
- Estimation
- 6%
- $1,810,000
- 6.5%
- $1,675,000
- 7%
- $1,555,000
-
Comparable approach
- Method
- Estimation
- Statistic Estimate
- $1,532,000
- AI Estimate
- $1,157,000
Market price range: $1.53M - $3.84MMarket price range: $996k - $3.59M -
Alternative Use
- Use
- Estimation
- MEDICAL BUILDING
- $2,745,000 Current use
- COMMERCIAL (GENERAL)
- $2,300,000 Change: -16% Conversion: Easy
Get a detailed, property-specific estimation — fast and free
Location Insight
- Map
- Local Demand
- City
- Salem
- County
- Marion
- State
- Oregon
- Longitude
- -122.983
- Latitude
- 44.9337
- 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
$9,494
$0.00
$0.00
$636,450
-
$563,520
$498,080
$1,061,600
