Shopping Strip

Lancaster Plaza III

852 Lancaster Dr SE, Salem, OR 97317

Listing Price: $1,600,000

Cap Rate
6.54%
Gross SF
9,006
Rentable SF
9,006
Price/Gross SF
$177.66
Lot Size
1.12 acres
Year Built
1978

Investment Overview

Marcus & Millichap is pleased to exclusively present for sale Lancaster Plaza at 850 Lancaster Drive Southeast, Salem, Oregon. This 9,006 multi-tenant service retail center is situated on a 1.12 acre parcel with ample parking. The building has 8 tenants with varying lease terms. Seven of the eight tenant spaces are approximately 930 square feet, which is an ideal size for most small service based retail tenants and makes the spaces easily replaceable. Roughly half of the tenants have annual rent escalations in their lease. The property has been well maintained and shows no deferred maintenance.

The property is well located on Lancaster Drive Southeast, just a few blocks from the Interstate 5 and Santiam Highway (22) interchange. Within a 3-mile radius of the property there is a long list of the best known retailers in the US: Home Depot, Walmart, Winco, Lowes, McDonald's, Walgreens, Taco Bell, Dutch Bros', Chevron, and Carl's Jr. to name a few. The easy access off a major interstate and highway along with the strong retail presence, makes this an ideal property location for service based retail.

Salem is conveniently located in the heart of the Willamette Valley at the intersection of Interstate 5 and Highway 22 and connects east to Idaho and west to the Oregon Coast. Situated midway between Portland and Eugene, the state of Oregon is Salem's largest employer, but the city also serves as a hub for the area farming communities and is a major agricultural food processing center. The area is served by rail, water and air transportation modes making Salem a key location for business along the I-5 corridor.

Investment Highlights

  • 100% Leased Multi-Tenant Service Retail Center
  • Strong History of Occupancy
  • Well Maintained Property - No Deferred Maintenance
  • Well Located - Several Blocks from the I-5 & Santiam Highway (22) Interchange
  • High Traffic Site with 22,343 Vehicles Per Day

Exclusively Listed By

Listing Price: $1,600,000

Cap Rate
6.54%
Gross SF
9,006
Rentable SF
9,006
Price/Gross SF
$177.66
Lot Size
1.12 acres
Year Built
1978

Investment Highlights

  • 100% Leased Multi-Tenant Service Retail Center
  • Strong History of Occupancy
  • Well Maintained Property - No Deferred Maintenance
  • Well Located - Several Blocks from the I-5 & Santiam Highway (22) Interchange
  • High Traffic Site with 22,343 Vehicles Per Day

Investment Overview

Marcus & Millichap is pleased to exclusively present for sale Lancaster Plaza at 850 Lancaster Drive Southeast, Salem, Oregon. This 9,006 multi-tenant service retail center is situated on a 1.12 acre parcel with ample parking. The building has 8 tenants with varying lease terms. Seven of the eight tenant spaces are approximately 930 square feet, which is an ideal size for most small service based retail tenants and makes the spaces easily replaceable. Roughly half of the tenants have annual rent escalations in their lease. The property has been well maintained and shows no deferred maintenance.

The property is well located on Lancaster Drive Southeast, just a few blocks from the Interstate 5 and Santiam Highway (22) interchange. Within a 3-mile radius of the property there is a long list of the best known retailers in the US: Home Depot, Walmart, Winco, Lowes, McDonald's, Walgreens, Taco Bell, Dutch Bros', Chevron, and Carl's Jr. to name a few. The easy access off a major interstate and highway along with the strong retail presence, makes this an ideal property location for service based retail.

Salem is conveniently located in the heart of the Willamette Valley at the intersection of Interstate 5 and Highway 22 and connects east to Idaho and west to the Oregon Coast. Situated midway between Portland and Eugene, the state of Oregon is Salem's largest employer, but the city also serves as a hub for the area farming communities and is a major agricultural food processing center. The area is served by rail, water and air transportation modes making Salem a key location for business along the I-5 corridor.

Exclusively Listed By

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