1120-1130 Lancaster Dr SE - Restaurant FOR SALE


Salem, OR 97317- Southeast Mill Creek
$3,210,000 USD
206-693-3352
1120-1130 Lancaster Dr SE, Salem, OR for Sale
$3,210,000 USD
Restaurant - FOR SALE
1/3
null | 6.7% Cap Rate

1120-1130 Lancaster Dr SE
Salem, OR 97317
Southeast Mill Creek


HIGHLIGHTS

  • Shadow anchored by a high-performing WinCo, which ranks in the top five in Oregon for annual visits (2.2M) and does $100M+ in annual sales
  • Located on a signalized corner of Lancaster Dr, a primary retail corridor, with daily vehicle counts above 30,000
  • Two of the four in-place tenants have occupied the Property for over 20 years
  • Offered at $326/SF, significantly below replacement cost of $550/SF+

OVERVIEW

The Offering provides the opportunity to acquire a 100% occupied, four-tenant retail pad site of Lancaster Marketplace. The Property is leased to three restaurants (Subway, Akira Sushi, Thai Beer Restaurant), with Metro PCS occupying the remaining suite. A brand new 10-year lease was executed by Akira Sushi, with Subway and Thai Beer each recently exercising a 5-year extension. The Property is an outparcel of Winco, Sportsman’s Warehouse, and a brand new Urban Air. This WinCo ranks among the top five in Oregon for annual visits (2.2M) and does well over $100M in annual sales and Sportsman’s Warehouse ranks in the top three in the state, per Placer.ai. The greater center welcomes approximately 3.3M annual visits, ranking in the 95th percentile nationally. The Property benefits from significant visibility and access, positioned at a signalized intersection on Lancaster Drive with daily traffic exceeding 30,000 vehicles, and is adjacent to the N Santiam Hwy/I-5 interchange with over 180,000 vehicles per day.

FOR SALE DETAILS

PRICE

$3,210,000 USD

PRICE/SF

$326 USD /SF

CAP RATE

6.7%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Lancaster Marketplace Pad

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Restaurant

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1991

SPRINKLERS

-

PARKING SPACES

34

LAND DETAILS

LAND ACRES

0.82 AC

LAND SF

35,719 SF

ZONING

CR

APN/PARCEL ID

580550

ASK ABOUT THIS PROPERTY

Sean TuftsNorthmarqMore Info
206-693-3352

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Sean TuftsNorthmarqMore Info
206-693-3352

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.