5245-5251 Commercial St SE - Freestanding FOR SALE


Salem, OR 97306- South Gateway
$3,990,000 USD
206-693-3329
5245-5251 Commercial St SE, Salem, OR for Sale
$3,990,000 USD
Freestanding - FOR SALE
1/2
null | 6.75% Cap Rate

5245-5251 Commercial St SE
Salem, OR 97306
South Gateway


HIGHLIGHTS

  • Shadow-Anchored by Walmart – Directly across from Walmart (2.1+ million annual visits)
  • Prime Grocery Corridor – Positioned along Salem’s dominant retail artery with Safeway, Trader Joe’s, and WinCo nearby
  • Market Rents – In-place rents average ~$19/SF NNN, compared to corridor averages of $22–$24/SF
  • Diverse Tenant Roster – Stable lineup of local service and food operators, each with 3% annual rent escalations
  • Efficient Lease Structures – 100% NNN leases with limited landlord obligations and minimal operating exposure
  • Lease-Up Upside – Final vacancy provides opportunity to capture immediate NOI growth and further stabilize the center through lease-up at market rents

OVERVIEW

Commercial Street Retail Center is a ±15,670 SF multi-tenant retail property located at 5251–5325 Commercial Street SE, Salem, OR 97306 (±32,120 VPD). The center is positioned directly across from Walmart (2.1M annual visits) and surrounded by high-performing grocers including Safeway (97th percentile statewide), WinCo, and Trader Joe’s. The Property is currently 100% occupied. The tenancy comprises a diverse mix of daily-needs and service-oriented users across 3 buildings including Padington’s Pizza, Better Beef Company, and Salon Gorgeous, providing stable, long-term income with limited rollover risk. In-place rents average approximately $19/SF NNN, in line with current market rates. The Property offers exceptional parking ratios and sits on two separate parcels, providing future flexibility. Overall, the Offering represents an opportunity to acquire a stabilized neighborhood retail asset within Salem’s dominant grocery-anchored corridor.

FOR SALE DETAILS

PRICE

$3,990,000 USD

PRICE/SF

$317 USD /SF

CAP RATE

6.75%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Commercial Street Retail Center

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Freestanding

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1997

SPRINKLERS

-

PARKING SPACES

104

LAND DETAILS

LAND ACRES

1.93 AC

LAND SF

84,070 SF

ZONING

CR

APN/PARCEL ID

083W14BC00400,083W14BC00500

ASK ABOUT THIS PROPERTY

Joe DugoniNorthmarqMore Info
206-693-3329

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Joe DugoniNorthmarqMore Info
206-693-3329

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