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Lancaster Marketplace Pad 1120-1130 Lancaster Dr SE 9,848 SF 100% Leased Retail Building Salem, OR 97317 $3,210,000 ($325.95/SF) 6.70% Cap Rate
INVESTMENT HIGHLIGHTS
- Shadow anchored by a high-performing WinCo, which ranks in the top five in Oregon for annual visits (2.2M) and does $100M+ in annual sales
- Two of the four in-place tenants have occupied the Property for over 20 years
- Located on a signalized corner of Lancaster Dr, a primary retail corridor, with daily vehicle counts above 30,000
- Offered at $326/SF, significantly below replacement cost of $550/SF+
EXECUTIVE SUMMARY
The Offering provides the opportunity to acquire a 100% occupied, four-tenant retail pad site of Lancaster Marketplace. The Property is leased to three restaurants (Subway, Akira Sushi, Thai Beer Restaurant), with Metro PCS occupying the remaining suite. A brand new 10-year lease was executed by Akira Sushi, with Subway and Thai Beer each recently exercising a 5-year extension. The Property is an outparcel of Winco, Sportsman’s Warehouse, and a brand new Urban Air. This WinCo ranks among the top five in Oregon for annual visits (2.2M) and does well over $100M in annual sales and Sportsman’s Warehouse ranks in the top three in the state, per Placer.ai. The greater center welcomes approximately 3.3M annual visits, ranking in the 95th percentile nationally.
The Property benefits from significant visibility and access, positioned at a signalized intersection on Lancaster Drive with daily traffic exceeding 30,000 vehicles, and is adjacent to the N Santiam Hwy/I-5 interchange with over 180,000 vehicles per day.
The Property benefits from significant visibility and access, positioned at a signalized intersection on Lancaster Drive with daily traffic exceeding 30,000 vehicles, and is adjacent to the N Santiam Hwy/I-5 interchange with over 180,000 vehicles per day.
PROPERTY FACTS
Sale Type
Investment
Property Type
Retail
Property Subtype
Restaurant
Building Size
9,848 SF
Building Class
B
Year Built
1991
Price
$3,210,000
Price Per SF
$325.95
Cap Rate
6.70%
NOI
$215,070
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.28
Lot Size
0.82 AC
Zoning
CR
Parking
34 Spaces (3.45 Spaces per 1,000 SF Leased)
Frontage
172’ on Rickey St
AMENITIES
- Bus Line
- Signage
- Signalized Intersection
Bike Score®
Very Bikeable (71)
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 580550 | Improvements Assessment | $1,125,600 |
| Land Assessment | $571,500 | Total Assessment | $1,697,100 |
PROPERTY TAXES
Parcel Number
580550
Land Assessment
$571,500
Improvements Assessment
$1,125,600
Total Assessment
$1,697,100
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Lancaster Marketplace Pad | 1120-1130 Lancaster Dr SE
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