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Cypress Center 1410-1440 Lancaster Dr NE 26,965 SF 84% Leased Retail Building Salem, OR 97301 $5,950,000 ($220.66/SF) 6.90% Cap Rate
Investment Highlights
- NNN leased investment property
- High profile Lancaster Drive location across the street from Fred Meyer
- Seller willing to provide rent guarantee on vacant space
- Potential seller-carry terms available
Executive Summary
Offered for sale for the first time in over 20 years, this two-building retail strip center presents a rare opportunity to acquire a well-located neighborhood retail asset with immediate income and meaningful upside potential. The property is currently occupied by seven tenants with one remaining 4,200 SF vacancy, allowing an investor to capture additional value through lease-up. Positioned directly across from Fred Meyer and less than one-half mile from the Market Street Interchange at Interstate 5, the center benefits from excellent visibility, accessibility, and established retail traffic.
The property underwent a comprehensive exterior renovation in 2019, including updated landscaping, refreshed façades, and new pylon signage, enhancing curb appeal and long-term positioning in the market.
Current operations generate an attractive in-place capitalization rate of 6.9%. Upon leasing the remaining 4,200 SF vacancy at market rental rates, the property is projected to achieve a capitalization rate of over 8.5%, providing a compelling value-add opportunity with limited remaining vacancy exposure.
The property underwent a comprehensive exterior renovation in 2019, including updated landscaping, refreshed façades, and new pylon signage, enhancing curb appeal and long-term positioning in the market.
Current operations generate an attractive in-place capitalization rate of 6.9%. Upon leasing the remaining 4,200 SF vacancy at market rental rates, the property is projected to achieve a capitalization rate of over 8.5%, providing a compelling value-add opportunity with limited remaining vacancy exposure.
Property Facts
Sale Type
Investment or Owner User
Property Type
Retail
Property Subtype
Storefront Retail/Office
Building Size
26,965 SF
Building Class
B
Year Built
1986
Price
$5,950,000
Price Per SF
$220.66
Cap Rate
6.90%
NOI
$410,512
Percent Leased
84%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.38
Lot Size
1.65 AC
Zoning
MU-III
Parking
110 Spaces (4.08 Spaces per 1,000 SF Leased)
Frontage
264’ on Lancaster Dr
Amenities
- Bus Line
- Pylon Sign
- Signage
Major Tenants Click Here to Access
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease Type
- Lease End
- 5.11 Tactical
- Retailer
-
99,999 SF
-
$9.99
-
Lorem Ipsum
-
Jan 0000
- Best Teriyaki
- Accommodation and Food Services
-
99,999 SF
-
$9.99
-
Lorem Ipsum
-
Jan 0000
- Dip Nails
- Services
-
99,999 SF
-
$9.99
-
Lorem Ipsum
-
Jan 0000
- Interstate Medical
- -
-
99,999 SF
-
$9.99
-
Lorem Ipsum
-
Jan 0000
- Radar Toys
- Retailer
-
99,999 SF
-
$9.99
-
Lorem Ipsum
-
Jan 0000
- Tan Republic
- Services
-
99,999 SF
-
$9.99
-
Lorem Ipsum
-
Jan 0000
- Textgreen Inc
- Rental and Leasing Services
- -
-
$9.99
- -
-
Jan 0000
| Tenant | Industry | SF Occupied | Rent/SF | Lease Type | Lease End | |
| 5.11 Tactical | Retailer | 99,999 SF | $9.99 | Lorem Ipsum | Jan 0000 | |
| Best Teriyaki | Accommodation and Food Services | 99,999 SF | $9.99 | Lorem Ipsum | Jan 0000 | |
| Dip Nails | Services | 99,999 SF | $9.99 | Lorem Ipsum | Jan 0000 | |
| Interstate Medical | - | 99,999 SF | $9.99 | Lorem Ipsum | Jan 0000 | |
| Radar Toys | Retailer | 99,999 SF | $9.99 | Lorem Ipsum | Jan 0000 | |
| Tan Republic | Services | 99,999 SF | $9.99 | Lorem Ipsum | Jan 0000 | |
| Textgreen Inc | Rental and Leasing Services | - | $9.99 | - | Jan 0000 |
Space Availability
- Space
- Size
- Space Use
- Position
- Available
NNN’s estimated at $4.80/SF annually TI’s available for qualified tenants and lease terms.
| Space | Size | Space Use | Position | Available |
| 1420 | 4,200 SF | Retail | In-Line | Now |
1420
| Size |
| 4,200 SF |
| Space Use |
| Retail |
| Position |
| In-Line |
| Available |
| Now |
1 of 1
Videos
Matterport 3D Exterior
Matterport 3D Tour
Photos
Street View
Street
Map
1420
| Size | 4,200 SF |
| Space Use | Retail |
| Position | In-Line |
| Available | Now |
NNN’s estimated at $4.80/SF annually TI’s available for qualified tenants and lease terms.
Moderately walkable
70/100
Exceptionally drivable
100/100
Some public transit
40/100
Fairly bikeable
50/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 576495 | Improvements Assessment | $2,576,000 |
| Land Assessment | $1,035,140 | Total Assessment | $3,611,140 |
Property Taxes
Parcel Number
576495
Land Assessment
$1,035,140
Improvements Assessment
$2,576,000
Total Assessment
$3,611,140
1 of 10
Videos
Matterport 3D Exterior
Matterport 3D Tour
Photos
Street View
Street
Map
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Cypress Center | 1410-1440 Lancaster Dr NE
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