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


Salem, OR 97301- East Lancaster
$5,950,000 USD
503-851-9428
1410-1440 Lancaster Dr NE, Salem, OR for Sale
$5,950,000 USD
Storefront Retail/Office - FOR SALE
1/9
null | 6.9% Cap Rate

Jul '26


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

Offered for sale for the first time in over 20 years, this two-building retail strip center presents a rare opportunity to acquire a well-located neighborhood retail asset with immediate income and meaningful upside potential. The property is currently occupied by seven tenants with one remaining 4,200 SF vacancy, allowing an investor to capture additional value through lease-up. Positioned directly across from Fred Meyer and less than one-half mile from the Market Street Interchange at Interstate 5, the center benefits from excellent visibility, accessibility, and established retail traffic. The property underwent a comprehensive exterior renovation in 2019, including updated landscaping, refreshed façades, and new pylon signage, enhancing curb appeal and long-term positioning in the market. Current operations generate an attractive in-place capitalization rate of 6.9%. Upon leasing the remaining 4,200 SF vacancy at market rental rates, the property is projected to achieve a capitalization rate of over 8.5%, providing a compelling value-add opportunity with limited remaining vacancy exposure.

FOR SALE DETAILS

PRICE

$5,950,000 USD

PRICE/SF

$221 USD /SF

CAP RATE

6.9%

% 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 Notice.