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    Property profile & analytics

    608 Lancaster SE Dr Salem, OR 97317-5643

    • Medical offices
    • 2,328 SF
    • 0.24 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US71-0359402
    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

    • JD Health & Wellness Center / Wellness Center
    • Dr. Oscar M. Quijano, MD / Family Practice Physician
    • ANN ELIZABETH CLARK-DELOGU / Alternative Medicine Practitioner
    • Eric Davis / Counselor / Social Worker
    • Dr. Anna Boyd / Alternative Medicine Practitioner / Family Practice Physician

    Property Details for 608 Lancaster SE Dr

    Year built
    1978
    Lot size
    0.24 lot acres
    Property size
    2,328 SF
    Zone code
    CO
    Property type
    Medical offices
    Property subtype
    Medical centers
    APN
    072W31BD01600
    APU
    072W31BD01600

    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
    -122.981
    Latitude
    44.9215
    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
    $5,442
    $0.00
    $0.00
    $348,660
    -
    $156,820
    $236,210
    $393,030

    Comparable in this City

    • Value Estimation by Request
      4,089 SF

      4060 Macleay SE Rd

      MEDICAL CLINIC • 4,089 SF
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    • Value Estimation by Request
      9,563 SF

      390 Cordon NE Rd

      HOSPITAL - PRIVATE • 9,563 SF
      390 Cordon NE Rd, Salem, OR 97317-5203
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    • Value Estimation by Request
      1.60 Acres

      Salem, OR 97317

      HOMES (RETIRED, NURSING) • 1.60 Acres
      Salem, OR 97317
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    • Value Estimation by Request
      6,573 SF

      4375 Rickey SE St

      HOMES (RETIRED, NURSING) • 6,573 SF
      4375 Rickey SE St, Salem, OR 97317-6653
      View Details
    • Value Estimation by Request
      51,473 SF

      3445 Boone SE Rd

      HOMES (RETIRED, NURSING) • 51,473 SF
      3445 Boone SE Rd, Salem, OR 97317-9336
      View Details
    • Value Estimation by Request
      2.86 Acres

      Salem, OR 97317

      HOSPITAL - PRIVATE • 2.86 Acres
      Salem, OR 97317
      View Details

    Similar Nearby for Sale

    • $1,525,000
      9 SF

      Retail and Office Space Available

      Mix of retail and professional office spaces for sale.
      850-862 Lancaster Dr SE Salem, Salem, OR 97317
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    • $609,995

      Residential Land Development Opportunity

      Two lots totaling 1.93 AC, zoned Multi-Family Residential.
      4850 Macleay Rd SE, Salem, OR 97317
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    • Contact for pricing

      Large Industrial Land For Sale

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    • $950,000
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      Macleay Country Inn Restaurant For Sale

      Long-standing restaurant, store, and home with seller financing available.
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    • Contact for pricing
      100,000 SF

      Salem Logistics Center: Build-to-Suit

      Industrial space, flexible design, shovel-ready.
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    • $1,900,000
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      Salem Industrial Redevelopment Opportunity

      5-Acre Commercial Land, High-Traffic Location
      5695 Gaffin Rd, Salem, OR 97317
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    Similar Nearby for Lease

    • $1.95 SF/Yr
      1,152 SF

      Office Suite for Rent

      1,152 SF office suite with shared parking.
      1251 Lancaster Dr NE, Salem, OR 97317
      View Details
    • $1.00 SF/Yr
      2,880 SF

      South Salem Flex/Industrial Space

      Flex/industrial space with high ceilings and convenient location.
      4910 Turner Rd SE, Salem, OR 97317
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    • $10 SF/Yr
      119,137 SF

      Retail Space in Salem Hub

      Retail space available in a growing Salem retail hub.
      1120-1264 Lancaster Dr SE, Salem, OR 97317
      View Details
    • $0.10 SF/Yr

      9.2 Acres Near Mill Creek

      9.2 acres of IG zoned land near Mill Creek.
      5465 Turner Rd SE, Salem, OR 97317
      View Details
    • Contact for pricing
      116,973 SF

      Retail Anchor Opportunity Near I-5

      Anchor retail space available near major retailers and I-5.
      1230 Lancaster Dr SE, Salem, OR 97317
      View Details
    • $24 SF/Yr
      2,933 SF

      Lancaster Drive Retail Spaces Available

      Retail spaces available in busy Lancaster Drive retail center.
      980-1126 Lancaster Dr NE, Salem, OR 97317
      View Details
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    608 Lancaster SE Dr
    Salem, OR 97317-5643
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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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