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Commercial Street Retail Center 5245-5251 Commercial St SE 15,670 SF 87% Leased Retail Building Salem, OR 97306 $3,990,000 ($254.63/SF) 6.75% Cap Rate
INVESTMENT HIGHLIGHTS
- Shadow-Anchored by Walmart – Directly across from Walmart (2.1+ million annual visits)
- Market Rents – In-place rents average ~$19/SF NNN, compared to corridor averages of $22–$24/SF
- Efficient Lease Structures – 100% NNN leases with limited landlord obligations and minimal operating exposure
- Prime Grocery Corridor – Positioned along Salem’s dominant retail artery with Safeway, Trader Joe’s, and WinCo nearby
- Diverse Tenant Roster – Stable lineup of local service and food operators, each with 3% annual rent escalations
- Lease-Up Upside – Final vacancy provides opportunity to capture immediate NOI growth and further stabilize the center through lease-up at market rents
EXECUTIVE SUMMARY
Commercial Street Retail Center is a ±15,670 SF multi-tenant retail property located at 5251–5325 Commercial Street SE, Salem, OR 97306 (±32,120 VPD). The center is positioned directly across from Walmart (2.1M annual visits) and surrounded by high-performing grocers including Safeway (97th percentile statewide), WinCo, and Trader Joe’s. The Property is currently 100% occupied. The tenancy comprises a diverse mix of daily-needs and service-oriented users across 3 buildings including Padington’s Pizza, Better Beef Company, and Salon Gorgeous, providing stable, long-term income with limited rollover risk. In-place rents average approximately $19/SF NNN, in line with current market rates. The Property offers exceptional parking ratios and sits on two separate parcels, providing future flexibility. Overall, the Offering represents an opportunity to acquire a stabilized neighborhood retail asset within Salem’s dominant grocery-anchored corridor.
PROPERTY FACTS
Sale Type
Investment
Property Type
Retail
Property Subtype
Freestanding
Building Size
15,670 SF
Building Class
B
Year Built
1997
Price
$3,990,000
Price Per SF
$254.63
Cap Rate
6.75%
NOI
$269,325
Percent Leased
87%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.19
Lot Size
1.93 AC
Zoning
CR - Retail Commercial
Parking
104 Spaces (6.64 Spaces per 1,000 SF Leased)
Frontage
187’ on Commercial St
AMENITIES
- Bus Line
- Pylon Sign
- Signage
MAJOR TENANTS Click Here to Access
- TENANT
- INDUSTRY
- SF OCCUPIED
- RENT/SF
- LEASE TYPE
- LEASE END
- Bits & Pcs Computers Inc
- Professional, Scientific, and Technical Services
- -
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$9.99
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Lorem Ipsum
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Jan 0000
- Blackjacks
- Public Administration
- -
-
$9.99
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Lorem Ipsum
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Jan 0000
- Waters
- -
- -
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$9.99
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Lorem Ipsum
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Jan 0000
| TENANT | INDUSTRY | SF OCCUPIED | RENT/SF | LEASE TYPE | LEASE END | |
| Bits & Pcs Computers Inc | Professional, Scientific, and Technical Services | - | $9.99 | Lorem Ipsum | Jan 0000 | |
| Blackjacks | Public Administration | - | $9.99 | Lorem Ipsum | Jan 0000 | |
| Waters | - | - | $9.99 | Lorem Ipsum | Jan 0000 |
SPACE AVAILABILITY
- SPACE
- SIZE
- SPACE USE
- POSITION
- AVAILABLE
High visibility retail space available for lease in the Paddington's Pizza strip center. Space consists of 1600 SF with a mostly open floor plan, private office and one ADA restroom.
| Space | Size | Space Use | Position | Available |
| 5247 | 1,600 SF | Retail | In-Line | Now |
5247
| Size |
| 1,600 SF |
| Space Use |
| Retail |
| Position |
| In-Line |
| Available |
| Now |
1 of 14
VIDEOS
MATTERPORT 3D EXTERIOR
MATTERPORT 3D TOUR
PHOTOS
STREET VIEW
STREET
MAP
5247
| Size | 1,600 SF |
| Space Use | Retail |
| Position | In-Line |
| Available | Now |
High visibility retail space available for lease in the Paddington's Pizza strip center. Space consists of 1600 SF with a mostly open floor plan, private office and one ADA restroom.
Walk Score®
Very Walkable (71)
Bike Score®
Very Bikeable (77)
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 575393 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $1,998,550 |
PROPERTY TAXES
Parcel Number
575393
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$1,998,550
1 of 3
VIDEOS
MATTERPORT 3D EXTERIOR
MATTERPORT 3D TOUR
PHOTOS
STREET VIEW
STREET
MAP
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Commercial Street Retail Center | 5245-5251 Commercial St SE
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