Technical
Financial
Distress signals
Property profile

922 Lancaster Dr NE Salem, OR 97301

FOR LEASE
Retail space
Property ID
US71-0996193
44,960 SF 4.71 ac lot Built 1979
Entity Owned 23-yr Hold ~ Est. High Equity
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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

Current use

Occupant on record · Public records
  • Restaurant

Location

922 Lancaster Dr NE Salem, OR 97301
Salem metro Census 1702 SALEM, OR METROPOLITAN STATISTICAL AREA
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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

since 2003
4 recorded transactions
2018
Price N/A
2003
Price N/A
1980
Price N/A
1969
Price N/A

Zoning & alternative use

CR · Salem, OR
Zoning description

The purpose of the Commercial Retail (CR) Zone is to implement the commercial designation of the Salem Area Comprehensive Plan through the identification of allowed uses and the establishment of development standards. Th…

General category COMMERCIAL
Top alternative use upside
Restaurant $19.8M +79.0%
Auto repair, garage $16.1M +44.9%
Medical building $15.2M +37.2%

Comparables

6 recent transactions · within 1.5 mi
Comparable in this city
6 recent transactions
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
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