398 lancaster dr ne
PRICE
BUILDING SIZE
SALEM, OR 97301
$1.800,000
2,409 SF
LOT SIZE
23,522
CAP RATE
PRICE/SF (BLDG)
PRICE/SF (LOT)
5.38%
$747
$77
The Brandon Michaels Group of Marcus & Millichap has been selected to exclusively market for sale Trader Joe’s, a 12,500 square foot singletenant grocery store situated on 1.25 acres (54,334 SF) of land ideally positioned along the Interstate 101 Ventura Freeway, with excellent freeway visibility and frontage and daily traffic counts north of 162,000 vehicles per day in the affluent Los Angeles County submarket of Agoura Hills, CA.
Dairy Queen is a fast-food and soft-serve ice cream chain headquartered in Bloomington, Minnesota. Founded in 1940 in Joliet, Illinois, the company is a subsidiary of Berkshire Hathaway. Dairy Queen operates more than 7,700 restaurants in over 20 countries, with most locations franchised.
Dairy Queen at 398 Lancaster Dr NE is on a twenty (20) year lease expiring 3/31/2037, or approximately 11.6 years remaining. The tenant pays $8,068.58 per month ($3.35/SF) on an absolute NNN lease. The rent includes the current base rent of $7,447.92/month as well as an additional $620.66/month deferred rent obligation paid over twenty-four (24) months from 3/1/2025 through 2/28/2027.
398 Lancaster Dr NE, Salem, OR 97301 is well positioned on the corner of Lancaster Dr NE and Monroe Ave. Lancaster Dr NE is a major north/south corridor with traffic counts exceeding 30,000 VPD. The site is situated beside the 5 Freeway, a major interstate freeway connecting Washington to California through Oregon with access to an offramp less than 1.5 miles away via Market St NE.