PetSmart 2925 Lancaster Dr NE
25,021 SF 100% Leased Retail Building Salem, OR 97305 $5,237,000 ($209.30/SF) 6% Cap Rate
INVESTMENT HIGHLIGHTS
- PetSmart is located on Lancaster Dr., which is one of the busiest arterials in Salem, OR.
- PetSmart is within the overall neighborhood Shopping Center of Grocery Outlet, Planet Fitness, O'Reilly's Auto Parts & Dollar Tree.
EXECUTIVE SUMMARY
BREAKING NEWS: MAJOR PRICE REDUCTION OF $743,000. SELLER HAS AUTHORIZED A 6% CAP PRICE OF $5,237,000 with the NOI @ $314,222/YEAR.
PetSmart, Inc. is the largest specialty pet retailer of services and solutions for the lifetime needs of pets. They operate more than 1,650 stores across the United States, Canada and Puerto Rico. They have a revenues of approximately $10 Billion in 2024 and Forbes ranked PetSmart as the 53rd largest private company in the United States. PetSmart has two (2) additional five year option periods after June 30, 2030 in their current NNN Lease. The current Lease expires on June 30, 2030. To date, PetSmart has operated in excess of 23 years at this location.
PetSmart, Inc. is the largest specialty pet retailer of services and solutions for the lifetime needs of pets. They operate more than 1,650 stores across the United States, Canada and Puerto Rico. They have a revenues of approximately $10 Billion in 2024 and Forbes ranked PetSmart as the 53rd largest private company in the United States. PetSmart has two (2) additional five year option periods after June 30, 2030 in their current NNN Lease. The current Lease expires on June 30, 2030. To date, PetSmart has operated in excess of 23 years at this location.
PROPERTY FACTS
Sale Type
Investment NNN
Sale Condition
1031 Exchange
Property Type
Retail
Property Subtype
Building Size
25,021 SF
Building Class
B
Year Built
1994
Price
$5,237,000
Price Per SF
$209.30
Cap Rate
6%
NOI
$314,222
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Loading Docks
2 Exterior
Building FAR
0.21
Lot Size
2.69 AC
Zoning
CR - Commercial - Neighborhood Shopping Center
Parking
135 Spaces (5.4 Spaces per 1,000 SF Leased)
Frontage
191’ on Lancaster Dr
AMENITIES
- Bus Line
- Pylon Sign
- Signage
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 559285 | Improvements Assessment | $1,281,460 |
| Land Assessment | $1,687,340 | Total Assessment | $2,968,800 |
