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    Property profile & analytics

    922 Lancaster Dr Salem, OR 97301

    • Retail space
    • 44,960 SF
    • 4.71 lot acres
    For Lease
    View listing
    $22 SF/Yr
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US71-0996193
    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

    • Taco Time / Restaurant

    Property Details for 922 Lancaster Dr

    Year built
    1979
    Lot size
    4.71 lot acres
    Property size
    44,960 SF
    Zone code
    CR
    Property type
    Retail space
    APN
    072W19CD00200
    APU
    072W19CD00200

    Description

    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.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $15,603,000
      Market price range: $8.04M - $15.8M
      AI Estimate
      $12,422,000
      Market price range: $3.40M - $14.7M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $11,075,000
      Current use
      RESTAURANT
      $19,820,000
      Change: +79% Conversion: Easy
      AUTO REPAIR, GARAGE
      $16,050,000
      Change: +45% Conversion: Difficult
      MEDICAL BUILDING
      $15,195,000
      Change: +37% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $12,725,000
      Change: +15% Conversion: Easy
      OFFICE BUILDING
      $11,570,000
      Change: +4% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Salem
    County
    Marion
    State
    Oregon
    Longitude
    -122.983
    Latitude
    44.9434
    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
    $138,297
    $0.00
    $0.00
    $7,046,310
    -
    $3,282,660
    $5,647,410
    $8,930,070

    Comparable in this City

    • Value Estimation
      $1,620,000
      12,744 SF

      440 State St

      RETAIL STORES (PERSONAL SERVICES) • 12,744 SF
      440 State St, Salem, OR 97301-3648
      View Details
    • Value Estimation
      $2,720,000
      10,537 SF

      3962 Ctr NE St

      RETAIL STORES (PERSONAL SERVICES) • 10,537 SF
      3962 Ctr NE St, Salem, OR 97301-2943
      View Details
    • Value Estimation
      $1,135,000
      3,555 SF

      1245 Columbia NE St

      RETAIL STORES (PERSONAL SERVICES) • 3,555 SF
      1245 Columbia NE St, Salem, OR 97301-7275
      View Details
    • Value Estimation by Request
      2,557 SF

      1140 Capitol NE St

      RETAIL STORES (PERSONAL SERVICES) • 2,557 SF
      1140 Capitol NE St, Salem, OR 97301-1101
      View Details
    • Value Estimation by Request
      0.15 Acres

      105 Lancaster NE Dr

      RETAIL STORES (PERSONAL SERVICES) • 0.15 Acres
      105 Lancaster NE Dr, Salem, OR 97301-5110
      View Details
    • Value Estimation
      $1,735,000
      13,644 SF

      148 Liberty NE St

      RETAIL STORES (PERSONAL SERVICES) • 13,644 SF
      148 Liberty NE St, Salem, OR 97301-3527
      View Details

    Similar Nearby for Sale

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      Historic Firehouse with Rental Upside

      Remodeled historic building with retail space and vacation rental units.
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      Downtown Salem Retail Gem

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    • $700,000

      Modern Retail Building For Sale

      1,900 SF retail building built in 2018, great exposure.
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    • $5,025,000
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      Historic Salem Mixed-Use Building

      Iconic Salem building, 30,937 sq ft, prime location.
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    • $990,000
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      Historic Salem Storefront Opportunity

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    Similar Nearby for Lease

    • $1.25 SF/Yr
      821 SF

      Retail Space Available For Lease

      Retail space for lease featuring shared restroom and client access.
      752-758 Hawthorne Ave NE, Salem, OR 97301
      View Details
    • Contact for pricing
      452 SF

      Versatile Flex Space Available

      Flexible spaces suitable for retail, office, or flex use.
      2195 Hyacinth St NE, Salem, OR 97301
      View Details
    • $1.25 SF/Yr
      716 SF

      Retail Space with Offices

      Retail space featuring a reception area and three offices.
      724-738 Hawthorne Ave NE, Salem, OR 97301
      View Details
    • $26 SF/Yr
      2,620 SF

      Retail Space with High Visibility

      Retail spaces with prime signage and high traffic exposure.
      2505 Liberty St NE, Salem, OR 97301
      View Details
    • Contact for pricing
      1,325 SF

      Retail Space Available For Lease

      Retail space available for lease in Salem, Oregon.
      1637-1677 Hawthorne Ave NE, Salem, OR 97301
      View Details
    • Contact for pricing
      892 SF

      New Retail Space Available

      892 SF retail space in new construction for lease.
      1805 Silverton Rd NE, Salem, OR 97301
      View Details
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    922 Lancaster Dr
    Salem, OR 97301
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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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