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4656 Commercial St SE 11,292 SF 100% Leased Retail Building Salem, OR 97302 $3,200,000 ($283.39/SF) 6.50% Cap Rate
INVESTMENT HIGHLIGHTS
- Original tenants since 1994
- New owner upside
- Most roofs and HVAC systems have been updated
EXECUTIVE SUMMARY
Fully leased by long-term tenants. The Original Pancake House in South Salem has been an iconic breakfast and lunch spot in Salem for over three decades. Originally started in Portland in 1953, this location was opened in 1994 and has had a waiting list for a table ever since. Original Pancake House now operates in 20 states throughout the US. In 1997, the owners of this location built two additional buildings, with six(6) suites on the back half of the property that have been occupied by the same tenants ever since. Anchored by a UPS Store, other uses include chiropractic, beauty salon, travel agency, insurance, and rare coins and metals.
PROPERTY FACTS
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Building Size
11,292 SF
Building Class
C
Year Built
1994
Price
$3,200,000
Price Per SF
$283.39
Cap Rate
6.50%
NOI
$207,863
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.19
Lot Size
1.33 AC
Zoning
MU-III - Multi-Use
Parking
69 Spaces (6.11 Spaces per 1,000 SF Leased)
Frontage
110’ on Commercial St
AMENITIES
- Bus Line
- Signage
Walk Score®
Very Walkable (76)
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 573930 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $2,377,080 |
PROPERTY TAXES
Parcel Number
573930
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$2,377,080
CONTACTS
-
Curt Arthur, SIOR -
Nick Williams, CCIM -
Toran Schmidgall -
SVN | Commercial Advisors, LLC
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4656 Commercial St SE
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