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    246 State St, Unit Salem Salem, OR 97301

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    For Sale
    $1,045,000

    Remodeled historic building with retail space and vacation rental units.

    Property size:
    4 SF

    Property Features for 246 State St

    General Information

    Size
    4 SF
    Source: Cbcworldwide

    Listing Agent: Shadya Jones

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Historic Firehouse with Rental Upside

    This remodeled historic building, constructed in the 1900s, offers 4,573 square feet of space. Zoned CB and located within the Salem Downtown Historic District overlay zone, the property presents an owner-user or investment opportunity with rental upside. The ground floor features a street-level retail or office space. The second floor contains two separate vacation rental units: one with one bedroom and one bathroom, and another with two bedrooms and one bathroom. This property, known as the Historic Tiger Engine Co. No. 2 Fire House, served as Salem's second firehouse in the 1900s. The property is suited for investors looking to capitalize on the demand for unique rental spaces and housing.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Salem Summit Co. Clothing Store Youth Era | Salem ... Non-Profit Organization

    Suggested Use

    Restaurant Realty agency Building Supply Dental Office Law Firm Wholesale Shop Auto Repair Shop Spa & Massage Hair Salon Hotel & Motel

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Salem
    County
    Marion
    State
    Oregon
    Longitude
    -123.0415064
    Latitude
    44.9403298

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    FAQs

    What type of property is this?
    Retail space - Remodeled historic building with retail space and vacation rental units.
    Where is this retail space located?
    The property is located at 246 State St, Unit Salem Salem, OR.
    What is the asking price?
    The asking price for this property is $1,045,000.
    What are key features of this property?
    This property features: - Historic building: Former Tiger Engine Co. No. 2 Fire House constructed in the 1900s.; - Remodeled 4,573 +/- sq. ft. building with mixed-use potential including retail/office and vacation rentals.; - Features two separate vacation rental units on the 2nd floor (1 bed/1 bath & 2 bed/1 bath).
    (503) 588-3508
    Request Owner's contact information
    246 State St, Unit Salem Salem, OR 97301
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    Salem, OR 97301
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    246 State St, Unit Salem Salem, OR 97301
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