Cap Rate: 5.35%
Total Rent: $715,000
Net Operating Income $706,000
Square Footage: 112,099
Lot Size: 8.85 AC
The subject property is a 112,099 square foot, double net basis lease, single tenant Home Depot property in Salem, Oregon, approximately 50 miles south of Portland. This freestanding building was built in 1992 and has been extensively remodeled by the tenant and landlord throughout the term, with major renovations on both the parking lot and roof in the last few years, providing an owner a more passive investment for years to come.
Salem is the capital of the U.S. state of Oregon, and the county seat of Marion County. It is located in the center of the Willamette Valley alongside the Willamette River, which runs north through the city.
Salem had a population of 169,798 in 2017, making it the second-largest city in the state after Portland. Salem is a little under an hour’s driving distance away from Portland. Salem is the principal city of the Salem Metropolitan Statistical Area, a metropolitan area that covers Marion and Polk counties and had a combined population of 390,738 at the 2010 census. A 2013 estimate placed the metropolitan population at 400,408, the state’s second largest. This area is, in turn, part of the Portland-Vancouver-Salem Combined Statistical Area.