First Commercial Real Estate

JUST LISTED

PROPERTY OVERVIEW:
Three contiguous tax lots totaling 0.28 acres of commercially-zoned MU-I land in
Northeast Salem, improved with two buildings comprising 5,272 square feet. The
primary Building at 2380 Fairgrounds Rd NE (4,408 SF, built 1940) is a multi-use building housing three residential apartments and one commercial tenant. The secondary building at 2370 Fairgrounds Rd NE (864 SF, built 1940) is occupied by a commercial tenant. A third parcel at the 1300 block of Smith St NE provides 3,568 SF of supporting site land and parking. All five units are currently occupied.

The property is in the City of Salem’s North Gateway Urban Renewal Area and may qualify for the North Gateway Rehabilitation Grant Program which offers a matching grant for improvements.

SALES PRICE: $815,000
TOTAL BUILDING SIZE: 5,272 SF
2370 FAIRGROUNDS: 860 SF
2380 FAIRGROUNDS: 4,408 SF
TOTAL LOT SIZE: .28 AC
ZONING: MU-I

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FEATURED LISTING

OVERVIEW
This strip center has great visibility from Hwy 22 and has excellent synergy with co-tenants Westside Tap House, Odd Moe’s Pizza, State Farm Insurance, Urban Grange Coffee as well as neighbors Subway and ATA Karate. Great pylon signage.

Smaller suite with two private offices and a single ADA restroom will be available for lease on June 1, 2026. NNN’s include water/sewer/garbage and HVAC maintenance.

SPACE AVAILABLE: 1,205 SF
LEASE RATE: $26/SF/YR, NNN
YEAR BUILT: 2005
ZONING: ESMU

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FEATURED CLOSING

First Commercial Real Estate is pleased to announce the successful sale of 5490 Commercial Street SE in Salem, Oregon. The transaction was brokered by Jennifer Martin, CCIM, and Tanner Morgan, who represented the seller, Woodward Heating, Air & Plumbing.

This exceptional flex property served as the home to the Woodward team for five years. They quickly outgrew this Commercial Street location so Jennifer and Tanner assisted Woodward in securing their new facility at 1728 22nd Street SE, which closed in summer 2025.

We are proud to have guided Woodward Heating, Air & Plumbing through both sides of this transition and look forward to seeing what the new ownership has in store for this property.

DEAL STORY

Case in point: This recent acquisition for our clients, Dr. Ryan and Dr. Amy. Most buyers saw this former PT clinic’s massive indoor pool as a “problem” property, a liability that would be too costly to remove.

Our team saw a different story.
By connecting the dots between SBA financing and a gap in the local market, we helped the doctors transition from leasing a standard retail space to owning a legacy asset. They didn’t just move their chiropractic clinic; they transformed a “challenging” feature into Salem Swim School, the city’s only dedicated facility of its kind.

At First Commercial Real Estate, we believe the best deals happen when you look past the square footage and focus on the vision. It’s been an honor to support these entrepreneurs as they grow their practice and serve the Salem community in two vital ways.

Looking for a space that fits your vision, even the parts you haven’t dreamt up yet? Let’s talk.

COMMUNITY SPOTLIGHT

WHAT
Strikes for Ike
WHEN
Tuesday, April 7, 2026
5:45 PM- arrive for food and beverage
6:30 PM- bowling starts
WHERE
3500 River Rd NE
Keizer, OR 97303