Medical Office Building with Solar
1025 2nd Street Northwest Salem, OR 97304
1025 2nd Street Northwest, Salem, OR, 97304
Contact for pricing
For Sale
Contact for pricing
2019-built medical office property with photovoltaic panels and a stabilized, 98% leased tenant roster.
Property Size9,822 SF
Price / SF$448.99
Days on Market24
Property Features for 1025 2nd Street Northwest
General Information
- Standard status
- Active
- Size
- 9,822 SF
- Property subtype
- Office, Business for Sale
Building Details
- Year Built
- 2019
Listing agency
Northmarq - Seattle
Listed by
Sean Tufts · License #WA 74057
Source
Crexi
Added: Jun 30 Updated: Jul 22 at 11:15PM Checked: Jul 22 at 11:15PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Northmarq - Seattle
Investment Insights
Based on property information with market context.
Built in 2019 by CBTWO Architects, this medical office building features a top-of-the-line finish and photovoltaic (PV) panels intended to support lower energy consumption and improved tenant operational efficiency. The property is described as stabilized, with 98% leased occupancy and a weighted average lease term of 5.42 years as of 11/1/26. The anchor tenant represents 87% of the GLA and operates under a true NNN lease, and all tenants have annual rent increases.
The building is positioned along Oregon Route 22, connecting West Salem to downtown Salem, and is approximately a 5-minute drive from Salem Hospital. Salem Hospital’s recent expansion is noted at 200,000+ square feet with 150 ICU beds totaling $245M. The property is anchored by Therapy Partners Group, whose state-of-the-art buildout includes two professional-grade underwater treadmills and a full indoor track used by Division 1 collegiate programs and other major sports teams. Therapy Partners Group recently executed an early lease extension through September 2032.
The building is positioned along Oregon Route 22, connecting West Salem to downtown Salem, and is approximately a 5-minute drive from Salem Hospital. Salem Hospital’s recent expansion is noted at 200,000+ square feet with 150 ICU beds totaling $245M. The property is anchored by Therapy Partners Group, whose state-of-the-art buildout includes two professional-grade underwater treadmills and a full indoor track used by Division 1 collegiate programs and other major sports teams. Therapy Partners Group recently executed an early lease extension through September 2032.
Key Highlights
- 2019‑built medical office property constructed by CBTWO Architects with photovoltaic (PV) panels
- 98% leased with WALT of 5.42 years (as of 11/1/26) and annual rent increases for all tenants
- Anchor tenant accounts for 87% of GLA under a true NNN lease
Local 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 | $212.2k | $21.60 |
| − Vacancy | −$31.8k | −$3.24 |
| EGI | $180.3k | $18.36 |
| − OpEx | −$45.1k | −$4.59 |
| NOI | $135.2k | $13.77 |
9,822 SF · lease $21.60/SF/yr · vacancy 15.00% · expense 25.00%
Alternative Uses
Best Use
Office B
$1.93M
$1.69M – $2.25M
NOI $135,249 @ 7.0% cap · market cap 3.07%
Second Best
Healthcare Medical
$1.88M
$1.64M – $2.19M
NOI $131,536 @ 7.0% cap · market cap 2.98%
Theoretical Best
Office A
$2.61M
$2.28M – $3.04M
NOI $182,548 @ 7.0% cap · market cap 4.14%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
RE_Building - Sports Physical ...
Medical Clinic
Northwest Lifestyle Medicine
Physician
Northwest Rehabilitation Associates
Medical Clinic
Shawn Barnes
Alternative Medicine Practice
Dr. Joshua Wolfram
Alternative Medicine Practice
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FAQs
What type of property is this?
Medical Office Space - 2019-built medical office property with photovoltaic panels and a stabilized, 98% leased tenant roster.
Where is this medical office space located?
The property is located at 1025 2nd Street Northwest Salem, OR.
What is the asking price?
The asking price for this property is $4,410,000.
What are key features of this property?
This property features: 2019‑built medical office property constructed by CBTWO Architects with photovoltaic (PV) panels; 98% leased with WALT of 5.42 years (as of 11/1/26) and annual rent increases for all tenants; Anchor tenant accounts for 87% of GLA under a true NNN lease
