Historic Two-Story Office
245 Oak St SE Salem, OR 97301
For Sale
$520,000
COMMERCIAL - Salem, OR
Property Size1,892 SF
Lot Size0.16 Acres
Price / SF$274.84
Days on Market9
Property Features for 245 Oak St SE
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
Salem-MU-R
Rooms
Basement
Standard status
Active
Size
1,892 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
5246
Utilities
Heating system
Central, Forced Air, Natural Gas
Cooling system
Gas (Cooling), Central Air
Water front
1
Building Details
Year built
1900
Roof type
Composition
Listing Agency:
BLUM REAL ESTATE
(503) 485-1900
Listed By:
GLADYS BLUM
(503) 485-1900
Added: Jul 22
Changed: Jul 28
Last Checked: Jul 30 at 10:06AM
MLS# 843735
Copyright © 2026 Willamette Valley Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Built in 1900, this historic two-story office building offers a flexible interior layout. The main level includes a reception area and four private offices, while the lower level features a reception area and four partitioned workspaces.
The property is currently occupied by a single tenant, with the configuration suited to multiple tenants. Separate entrances for each level support independent occupancy, while the building is described as well-maintained.
Located on Oak St SE in Salem, the offering is positioned near downtown amenities and the Salem Convention Center. Zoning is listed as Salem-MU-R.
The property is currently occupied by a single tenant, with the configuration suited to multiple tenants. Separate entrances for each level support independent occupancy, while the building is described as well-maintained.
Located on Oak St SE in Salem, the offering is positioned near downtown amenities and the Salem Convention Center. Zoning is listed as Salem-MU-R.
Key Highlights
- Historic 2‑story office building built in 1900
- Flexible layout with reception plus 4 private offices on the main level
- Lower level includes a reception area and 4 partitioned workspaces
Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $40.9k | $21.60 |
| − Vacancy | −$6.1k | −$3.24 |
| EGI | $34.7k | $18.36 |
| − OpEx | −$8.7k | −$4.59 |
| NOI | $26.1k | $13.77 |
1,892 SF · lease $21.60/SF/yr · vacancy 15.00% · expense 25.00%
Alternative Uses
Best Use
Office B
$372.2K
$325.7K – $434.2K
NOI $26,053 @ 7.0% cap · market cap 5.01%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$502.3K
$439.6K – $586.1K
NOI $35,164 @ 7.0% cap · market cap 6.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Office building - Two-story office building with separate-level reception areas and multiple private and partitioned workspaces.
Where is this office building located?
The property is located at 245 Oak St SE Salem, OR.
What is the asking price?
The asking price for this property is $520,000.
What are key features of this property?
This property features: Historic 2‑story office building built in 1900; Flexible layout with reception plus 4 private offices on the main level; Lower level includes a reception area and 4 partitioned workspaces
