390 Lancaster Dr NE - Freestanding FOR SALE


Salem, OR 97301- East Lancaster
$1,210,000 USD
425-233-9522
390 Lancaster Dr NE, Salem, OR for Sale
$1,210,000 USD
Freestanding - FOR SALE
1/6
null | Request Cap Rate

390 Lancaster Dr NE
Salem, OR 97301
East Lancaster


HIGHLIGHTS

  • Owner/User or Value-Add Opportunity | Market-Rate Lease-Up Upside
  • 2019 Roof Replacement and Renovations | Well Maintained Property
  • High-Traffic Location (+30,700 VPD) with Prominent Signage and Ample Parking
  • Strong Trade Area Surrounded by National and Regional Tenants
  • Highly Flexible Commercial General (CG) Zoning
  • Strategic Regional Connectivity | OR-22 and I-5 Access

OVERVIEW

Marcus & Millichap's Brown Retail Group has been selected to exclusively market for sale the former Miller Paint in Gresham, OR, an owner/user or value-add investor opportunity. The property features a 6,545 SF commercial building on 0.31 acres in Salem, OR, with an open layout including retail, warehouse, and second floor mezzanine/office space, providing for numerous use options. The property has prominent frontage along Lancaster Drive NE, a primary north-south arterial, providing exceptional visibility, signage exposure, and strong drive-by traffic, with a protected turning lane for easy access from both traffic directions, and 9 parking stalls for easy employee/customer parking. The property is located within a dynamic retail and medical corridor, surrounded by national and regional tenants, driving consistent consumer traffic and reinforcing long-term tenant demand. The property features flexible Commercial General zoning, permitting a broad range of retail, health services, general commercial, warehouse, wholesale commercial sales and services, outdoor storage, and hospitality uses, supporting strong re-tenanting flexibility and long-term optionality. Currently vacant, the property offers lease-up opportunity with market rents approximately $16/SF–$19/SF + NNN. Located directly on Lancaster Dr NE with convenient access to major interstate I-5 and regional highway OR-22, the property supports efficient customer access, employee commutes, and broad regional draw. The area demographics are strong, with nearly 209,000 people within a 5-mile radius and average household incomes approaching $90,000.

FOR SALE DETAILS

PRICE

$1,210,000 USD

PRICE/SF

$185 USD /SF

CAP RATE

Request Cap Rate

% LEASED

-

TENANCY

Single

SALE TYPE

Investment Or Owner User

BUILDING DETAILS

PROPERTY NAME

Former Miller Paint - Salem

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Freestanding

ADD'L SUBTYPES

Fast Food, Service, undefined

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1979

SPRINKLERS

-

PARKING SPACES

9

LAND DETAILS

LAND ACRES

0.31 AC

LAND SF

13,503 SF

ZONING

CG

APN/PARCEL ID

542867

ASK ABOUT THIS PROPERTY

Trevor LaneMarcus & MillichapMore Info
425-233-9522

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Trevor LaneMarcus & MillichapMore Info
425-233-9522

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