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    Property profile & analytics
    FOR LEASE
    Retail space

    922 Lancaster Dr NE, Salem, OR 97301

    44,960 SF 4.71 ac lot Built 1979
    Entity Owned 22-yr Hold ~ Est. High Equity
    Property ID
    US71-0996193
    Property summary
    AI-generated overview

    Academy Square, located at 922 Lancaster Dr NE in Salem, Oregon, presents a compelling opportunity for retail and office tenants. This single-story, 44,960 square foot Class B building, constructed in 1979, sits on a 4.71-acre lot and features 21 suites. Currently, 4,400 square feet of space is available, divisible into units as small as 1,560 square feet, with a maximum contiguous space of 4,400 square feet. The property boasts excellent visibility and parking ratios, enhanced by its strategic location directly across from Willamette Town Center, within Salem's most concentrated retail area on the Lancaster Drive corridor. The zoning is CR (Commercial Retail). The property's address is further identified by its cross street, D Street, and its Marion County APN is R23358. Tenant improvement funds are available for qualified tenants and lease terms. The building does not have elevators. This is an exceptional opportunity to establish or expand a business in a high-traffic, established retail center. The property is situated in the Lancaster Dr submarket and has a 97301 zip code.

    Property profile
    Verified
    Property type Retail space
    Use group RETAIL STORES (PERSONAL SERVICES)
    Year built 1979
    Total area 44,960 SF
    Lot 4.71 ac (205,168 SF)
    Zoning code CR
    APN 072W19CD00200
    UPID US71-0996193
    Cap rate & NOI
    Priority signal for investors
    Implied cap rate, NOI & suggested price
    Cap rate vs submarket · NOI estimate · 3 price anchors
    Implied cap rate, NOI & suggested price
    Cap vs submarket · NOI estimate · 3 price anchors
    Current use
    Occupant on record · Public records
    • Taco Time Restaurant
    Value estimations
    Realmo proprietary · 4 methods
    AI Approach AI
    by Request
    CAP Approach CAP
    by Request
    Comparable Approach Comparable
    $15.60M
    Blend (final) Blend
    $14.02M
    Owner & transaction history
    Academy Square LLC · 22 yrs held
    Academy Square LLC
    since 2003
    4 recorded transactions
    2018
    2003
    1980
    1969
    Zoning & alternative use
    CR · Salem, OR
    Permitted uses
    Permitted uses
    Allowed · conditional · prohibited
    Top alternative use upside
    Restaurant $19.8M +79.0%
    Auto repair, garage $16.1M +44.9%
    Medical building $15.2M +37.2%
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