Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    844 Lancaster NE Dr Salem, OR 97301-2968
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    844 Lancaster NE Dr Salem, OR 97301-2968

    View on Map
    • Retail properties & Spaces
    • 5,000 SF
    • 0.46 lot acres
    Off-Market
    Property ID
    US71-0998361
    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
    $1,190,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Firestone Complete Auto Care / (Bike/Boat/Book/etc) Store / Auto Parts Store

    Property Details for 844 Lancaster NE Dr

    Year built
    1972
    Lot size
    0.46 lot acres
    Property size
    5,000 SF
    Zone code
    CR
    Property type
    Retail properties & Spaces
    APN
    072W19CD01700
    APU
    072W19CD01700

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,192,000
      Market price range: $491k - $1.19M
      AI Estimate
      $1,191,000
      Market price range: $460k - $1.19M

    • Alternative Use

      Use
      Estimation
      SERVICE SHOP (TV, RADIO, ELECTRIC, PLUMBING)
      $800,000
      Current use
      AUTO REPAIR, GARAGE
      $1,785,000
      Change: +123% Conversion: Difficult
      MEDICAL BUILDING
      $1,690,000
      Change: +111% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $1,415,000
      Change: +77% Conversion: Difficult
      OFFICE BUILDING
      $1,285,000
      Change: +61% Conversion: Difficult
      RETAIL STORES
      $1,230,000
      Change: +54% Conversion: Difficult
      WAREHOUSE, STORAGE
      $975,000
      Change: +21% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Salem
    County
    Marion
    State
    Oregon
    Longitude
    -122.983
    Latitude
    44.9414
    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
    $13,020
    $0.00
    $0.00
    $679,790
    -
    $320,610
    $359,180
    $679,790

    Comparable in this City

    • Value Estimation by Request
      39,935 SF

      3545-3599 Portland Rd

      Lifestyle centers • 39,935 SF
      3545-3599 Portland Rd, Salem, OR 97301
      View Details
    • Value Estimation by Request
      0.08 Acres

      Salem, OR 97301

      SERVICE SHOP (TV, ELECTRIC, PLUMBING) • 0.08 Acres
      Salem, OR 97301
      View Details
    • Value Estimation by Request
      1,600 SF

      1365 Broadway NE St

      SERVICE SHOP (TV, ELECTRIC, PLUMBING) • 1,600 SF
      1365 Broadway NE St, Salem, OR 97301-1425
      View Details
    • Value Estimation by Request
      2,660 SF

      508 State St

      Restaurants • 2,660 SF
      508 State St, Salem, OR 97301
      View Details
    • Value Estimation by Request
      81,917 SF

      1551 Hawthorne Ave

      Lifestyle centers • 81,917 SF
      1551 Hawthorne Ave, Salem, OR 97301
      View Details
    • Value Estimation
      $1,325,000
      5,568 SF

      437 Lancaster NE Dr

      SERVICE SHOP (TV, ELECTRIC, PLUMBING) • 5,568 SF
      437 Lancaster NE Dr, Salem, OR 97301-4729
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      6,126 SF

      Mixed-Use Property in Salem

      Versatile mixed-use property with retail, office, and warehouse space.
      3545 Portland Rd NE, Salem, OR 97301
      View Details
    • Contact for pricing

      Retail Property For Sale

      Retail property available for purchase in Salem, Oregon.
      3060 Portland Rd NE, Salem, OR 97301
      View Details
    • $1,900,000
      5,880 SF

      Salem Retail Center: Prime Location

      High-end retail space, excellent investment.
      State St, Salem, OR 97301
      View Details
    • Contact for pricing
      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
    • $700,000

      Modern Retail Building For Sale

      1,900 SF retail building built in 2018, great exposure.
      4045 State St SE, Salem, OR 97301
      View Details
    • Contact for pricing
      39,935 SF

      Mixed-Use Plaza Del Sol, Salem

      Two-building property with retail, office, and warehouse space.
      3545-3599 Portland Rd NE, Salem, OR 97301
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Historic Mixed-Use Property in Salem

      Historic mixed-use property with office, retail, and restaurant spaces.
      181 High St NE, Salem, OR 97301
      View Details
    • Contact for pricing

      Versatile Business Park for Lease

      Seven-building business park suitable for various commercial uses.
      200 Hawthorne Ave SE, Salem, OR 97301
      View Details
    • Contact for pricing

      Renovated Downtown Salem Office/Retail Suites

      High-class office and retail suites in a secured, historic building.
      223 Commercial St NE, Salem, OR 97301
      View Details
    • Contact for pricing

      Professional Office/Retail Building For Rent

      5,750 SF professional office/retail building, space for up to five tenants.
      2355 Liberty St NE, Salem, OR 97301
      View Details
    • Contact for pricing
      4,045 SF

      Downtown Salem Retail Space Available

      Retail spaces for lease in downtown Salem buildings.
      241 Liberty St NE, Salem, OR 97301
      View Details
    • Contact for pricing
      400 SF

      Downtown Retail Space For Rent

      Retail space for rent in a downtown location.
      240 Commercial 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.
    844 Lancaster NE Dr
    Salem, OR 97301-2968
    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.
    Sign Up Successful!
    You now have access to more from Realmo!