1256-1264 Lancaster Dr SE
Salem, OR 97317
Lancaster Marketplace · Retail Property For Sale

The Property is a stabilized, 100% leased retail center anchored by Sportsman’s Warehouse, which has occupied their space since 2002 and welcomes over 250,000 visits per year (Placer.ai). It is shadow anchored by a top-performing WinCo, which ranks among the top five in Oregon for annual visits (2.2M) and does well over $100M in annual sales, per Placer.ai. A new 10-year NNN lease with Urban Air provides secure cash flow backed by a personal guaranty, contributing to a weighted average lease term of 7.50 years. Three of the seven tenants have occupied their suites for over 10 years, including two with more than 15 years of tenancy, demonstrating long-term historical occupancy. Current income provides strong year one returns with a cash-on-cash return of 12.03%, based on quoted debt terms.
The Property benefits from significant visibility and access, positioned at a signalized intersection on Lancaster Drive with daily traffic exceeding 30,000 vehicles, and adjacent to the N Santiam Hwy/I-5 interchange with over 180,000 vehicles per day.
Six of the seven tenants have contractual rent increases, including four with annual escalations, providing built-in yield growth. Recent capital improvements include a full exterior repaint of the anchor and in-line building façades.