850-862 Lancaster Dr SE 9,006 SF 62% Leased Office Building Salem, OR 97317 $2,128,778 CAD ($236.37 CAD/SF) 4.15% Cap Rate

The subject property is a multi-tenant Retail/Commercial property of approximately 9,170 SF, located on approximately 1.12 acres. It is currently occupied by 62.5%.
The property includes a mix of general retail and professional office space. The larger retail space, which Central Willamette Community Credit Union occupies, is built out, including a service counter, private offices, and a waiting area. The remaining spaces represent smaller professional office spaces with private office and open office areas.
The subject property is located east of Lancaster Dr between Hager St SE and Macleay Rd. SE in Marion County, City of Salem. The immediate market area is characterized as a broad commercial corridor surrounded by single and multi-family residences. The primary shopping center within the market area is Willamette Town Center, located at the northwest corner of Lancaster Dr and Center St. The mall totals 635,577 SF, and anchor tenants include Nordstrom Rack, Barnes and Noble, Best Buy, DSW, Hobby Lobby, and HomeGoods, to name a few. Other retail development along the Lancaster Dr. corridor consists of community centers, anchored and unanchored neighborhood centers, small strip centers, freestanding retail buildings, gas stations, dine-in and fast serve restaurants, and owner/user-type commercial buildings. Notably, to the south and west of the subject, there is a Coastal Farm & Ranch, Winco Foods, Lowe’s, Harbor Freight Tools, and Walmart-anchored shopping center along Mission St. near the airport. A Home Depot, Kelly’s Home Center, and Ashley Furniture Home Store are also located across Hwy 22 to the south.
The MSA’s largest employer is The State of Oregon and Local Government employing just under 25,000 employees, the State Government employing 20,100 employees, and the Local Government employing approximately 3,060 employees, while the largest private employer is the Salem Hospital (approximately 5,200 employees). Numerous large corporations, universities, hospitals, and public sector (government) employers are located within Salem and are an integral part of the regional economy. Thirty-eight of the largest state agencies are based in Salem. The Salem MSA also functions as a large food processing/distribution center, as the area is located in the heart of the Willamette Valley