740 Bassett St NW, Salem, OR

Listing agent Jennifer Martin

Listing office First Commercial Real Estate Show Phone

Listing date Apr 10, 2025

Source Moodyscre

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Overview

This flat, rectangular site is suitable for redevelopment under the current MU-III zoning, which encourages infill development and redevelopment in mixed-use corridors and promotes pedestrian access. The zoning generally allows a variety of retail, office, commercial services, and multiple-family residential uses. The city has recently completed 2nd Street, connecting Wallace Road to the site’s southern boundary, including pedestrian connections and landscaping. The West Salem trade area is underserved for its growing population, and sample site plans show options for multi-family, retail, office, and hospitality developments. With four universities within a 25-mile radius and over 40,000 vehicles per day in front of the site, it is ready for new life. The existing underground structure provides space for an estimated 50 vehicles, allowing for on-grade maximization. Located within the West Salem Urban Renewal Area, the property offers the opportunity to leverage city grant funds to enhance project viability. The current maximum grant amount is $300,000, but the urban renewal agency will consider exceptions based on need and impact on the community.

Suggested Use

Restaurant Real Estate Agency Building Supply Law Firm Dental Office Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop 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

-123.052

Latitude

44.9451

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FAQs

What type of property is this?

Land - Flat, rectangular site primed for redevelopment in West Salem.

Where is this land located?

The property is located at 740 Bassett St NW Salem, OR.

What is the asking price?

The asking price for this property is $5,850,000.

What are key features of this property?

This property features: Primed for redevelopment with MU‑III zoning, allowing diverse mixed‑use development.; High traffic location (over 40,000 VPD) and proximity to four universities.; Located within West Salem Urban Renewal Area, offering potential access to city grant funds (up to $300,000, potentially more).