1410-1440 Lancaster Dr NE - Storefront Retail/Office FOR SALE


Salem, OR 97301- East Lancaster
$6,950,000 USD
503-851-9428
1410-1440 Lancaster Dr NE, Salem, OR for Sale
$6,950,000 USD
Storefront Retail/Office - FOR SALE
1/9
null | 6.78% Cap Rate

1410-1440 Lancaster Dr NE
Salem, OR 97301
East Lancaster


HIGHLIGHTS

  • NNN leased investment property
  • Seller willing to provide rent guarantee on vacant space
  • High profile Lancaster Drive location across the street from Fred Meyer
  • Potential seller-carry terms available

OVERVIEW

Two-building, retail strip center with seven tenants and one 4,200SF vacancy located across the street from Fred Meyer and less than ½ mile from the Market Street Interchange on Interstate 5 now for sale for the first time in 20 years. The exterior of the building was completely remodeled in 2019 to include new landscaping, façade and pylon signage. The current income of the property provides for a capitalization rate of 6.78% using the 2024 actual operating expenses and proforma income for the vacancy. Seller is willing to consider carrying the debt and/or guaranty the income for the vacant suite at closing for qualified purchase terms.

FOR SALE DETAILS

PRICE

$6,950,000 USD

PRICE/SF

$284 USD /SF

CAP RATE

6.78%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment Or Owner User

BUILDING DETAILS

PROPERTY NAME

Cypress Center

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Storefront Retail/Office

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1986

SPRINKLERS

-

PARKING SPACES

110

LAND DETAILS

LAND ACRES

1.65 AC

LAND SF

71,874 SF

ZONING

MU-III

APN/PARCEL ID

576495

ASK ABOUT THIS PROPERTY

Jennifer MartinFirst Commercial Real EstateMore Info
503-851-9428

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Jennifer MartinFirst Commercial Real EstateMore Info
503-851-9428

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