560 21st St SE - Manufacturing FOR SALE


Salem, OR 97301- Northeast Neighbors
$7,300,000 USD
503-858-0049
560 21st St SE, Salem, OR for Sale
$7,300,000 USD
Manufacturing - FOR SALE
1/10
null | 9.3% Cap Rate

560 21st St SE
Salem, OR 97301
Northeast Neighbors


HIGHLIGHTS

  • The building features Heavy Electrical and Membrane Roofing
  • Current tenants in place with long term leases
  • Ample paved parking available on site

OVERVIEW

This prime commercial real estate asset represents a highly attractive investment opportunity within the cannabis industry. Spanning 65,597 square feet, the property has undergone extensive redevelopment over the past nine years, resulting in a modern and fully upgraded facility. It houses a diverse roster of cannabis industry tenants who are committed long-term, with many having secured renewal options and fully contributed to their tenant improvements (TIs). These tenants operate as true NNN lessees and are sub-metered for electrical use. The property features significant infrastructure enhancements, including paved parking, stormwater improvements, fencing, heavy electrical, lighting, membrane roofing, and access control. All tenants are compliant with state and city regulations, holding the required permits for cannabis production, processing, or distribution. The property owners have also maintained positive relationships with the neighborhood association, city planning, and building departments. The facility is on 3.1 acres and includes an additional building and a gravel lot. The accessory building is currently leased to a contractor on a month-to-month basis for storage, while a portion of the gravel lot is rented out for fleet parking. This additional space generates supplementary income and offers potential for further development. Located centrally in the Willamette Valley, the property benefits from easy access to I-5, Hwy 22, and Hwy 99 West. The favorable zoning in Salem further enhances its appeal for cannabis-related activities. With a 9.3% cap rate, this asset presents a compelling investment opportunity, offering substantial growth potential and a promising return on investment for those looking to capitalize on the expanding cannabis market.

FOR SALE DETAILS

PRICE

$7,300,000 USD

PRICE/SF

$105 USD /SF

CAP RATE

9.3%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Industrial

PROPERTY SUBTYPE

Manufacturing

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1955

UTILITIES

Lighting, Gas - Natural, Water - City, Sewer - City, Heating - Gas

CLEAR CEILING HT

20 Ft

DOCKS

-

DRIVE INS

2

PARKING SPACES

53

LAND DETAILS

LAND ACRES

3.1

LAND SF

135,036

ZONING

IG

APN/PARCEL ID

568273

ASK ABOUT THIS PROPERTY

Nathan GettyMacadam Forbes, Inc.More Info
503-858-0049

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.

Nathan GettyMacadam Forbes, Inc.More Info
503-858-0049

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.