850-862 Lancaster Dr SE - Office FOR SALE


Salem, OR 97317- Four Corners
$1,525,000 USD
503-884-6281
850-862 Lancaster Dr SE, Salem, OR for Sale
$1,525,000 USD
Office - FOR SALE
1/7
null | 4.15% Cap Rate

NEW


850-862 Lancaster Dr SE
Salem, OR 97317
Four Corners


HIGHLIGHTS

  • Located on one of Salem's major retail arterials
  • 3 access points
  • Drive-thru ATM

OVERVIEW

The subject property is a multi-tenant Retail/Commercial property of approximately 9,170 SF, located on approximately 1.12 acres. It is currently occupied by 62.5%. The property includes a mix of general retail and professional office space. The larger retail space, which Central Willamette Community Credit Union occupies, is built out, including a service counter, private offices, and a waiting area. The remaining spaces represent smaller professional office spaces with private office and open office areas. The subject property is located east of Lancaster Dr between Hager St SE and Macleay Rd. SE in Marion County, City of Salem. The immediate market area is characterized as a broad commercial corridor surrounded by single and multi-family residences. The primary shopping center within the market area is Willamette Town Center, located at the northwest corner of Lancaster Dr and Center St. The mall totals 635,577 SF, and anchor tenants include Nordstrom Rack, Barnes and Noble, Best Buy, DSW, Hobby Lobby, and HomeGoods, to name a few. Other retail development along the Lancaster Dr. corridor consists of community centers, anchored and unanchored neighborhood centers, small strip centers, freestanding retail buildings, gas stations, dine-in and fast serve restaurants, and owner/user-type commercial buildings. Notably, to the south and west of the subject, there is a Coastal Farm & Ranch, Winco Foods, Lowe’s, Harbor Freight Tools, and Walmart-anchored shopping center along Mission St. near the airport. A Home Depot, Kelly’s Home Center, and Ashley Furniture Home Store are also located across Hwy 22 to the south. The MSA’s largest employer is The State of Oregon and Local Government employing just under 25,000 employees, the State Government employing 20,100 employees, and the Local Government employing approximately 3,060 employees, while the largest private employer is the Salem Hospital (approximately 5,200 employees). Numerous large corporations, universities, hospitals, and public sector (government) employers are located within Salem and are an integral part of the regional economy. Thirty-eight of the largest state agencies are based in Salem. The Salem MSA also functions as a large food processing/distribution center, as the area is located in the heart of the Willamette Valley

FOR SALE DETAILS

PRICE

$1,525,000 USD

PRICE/SF

$166 USD /SF

CAP RATE

4.15%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment Or Owner User

BUILDING DETAILS

PROPERTY TYPE

Office

TOTAL BUILDING SIZE

-

STORIES

1

BUILDING CLASS

C

YEAR BUILT

1978

SPRINKLERS

-

PARKING SPACES

45

LAND DETAILS

LAND ACRES

1 AC

LAND SF

43,560 SF

ZONING

CO

APN/PARCEL ID

549036

ASK ABOUT THIS PROPERTY

Shadya JonesColdwell Banker Commercial Mountain WestMore Info
503-884-6281

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Shadya JonesColdwell Banker Commercial Mountain WestMore Info
503-884-6281

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