2927 Broadway StSalem, OR 97303

Property Details for 2927 Broadway St

Year built

2001

Lot size

2.21 AC

Property size (Sq ft)

28,645 SF

Zone code

CR

Property type

Strip malls

Property subtype

Neighborhood centers

APN

073W14BB08300

APU

073W14BB08300

Description

Chelsica Plaza, located at 2927 Broadway St NE, Salem, OR 97303, presents a fantastic retail opportunity. This single-story, Class B commercial building boasts a total of 28,645 square feet, divided into 30 suites. Currently, 1,357 square feet of retail space is available, ideal for a variety of businesses. The property sits on a 2.21-acre lot and is conveniently located near the intersection of Broadway St NE and Martin Luther King JR Blvd, offering excellent visibility and accessibility. The center enjoys a high-traffic location, easily accessible from Salem Parkway and close to downtown Salem. Strong co-tenancy includes established businesses such as Dollar Tree, Sally Beauty, H&R Block, and Love Love Teriyaki, ensuring a vibrant and busy retail environment. Nearby businesses include Jack in the Box, Les Schwab, McDonald's, Key Bank, and several new car dealerships, further enhancing the area's commercial appeal. The available space features an ADA-compliant restroom, a private office, and a back storage/break room area with water access. The property is zoned CR. This is an exceptional opportunity to establish or expand your retail presence in a thriving Salem location.

• CAP approach

  CAP return

  Valuation

  6%

  $5,842,040

  6.5%

  $5,392,650

  7%

  $5,007,460

• Comparable approach

  Method

  Valuation

  Relative Method

  $4,692,170

  Geo Method

  $5,737,110

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $10,317,000

  Mixed-Use / Specialty

  $5,453,910

  Hospitality / Lodging

  $4,106,140

  Office

  $5,505,330

  Institutional / Educational

  $5,698,630

  Residential Income

  $6,667,400

  Multifamily

  $7,550,330

  Automotive / Energy

  $4,884,540

  Parking / Income-Based Land

  $1,606,080

  Restaurant / Food Service

  $3,008,380

  Healthcare / Senior Housing

  $5,510,340

Location Insight

City

Salem

County

Marion

State

Oregon

Latitude

44.9698

Longitude

-123.03

CBSA code

41420

CBSA name

SALEM, OR METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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