Salem Warehouse with Heavy
For Sale
Contact for pricing
560 21st St SE, Salem, OR
65,597 SF Salem warehouse featuring heavy electrical capacity.
Property Size65,597 SF
Lot Size1.79 Acres
Price / SF$111.29
Days on Market510
Property Features for 560 21st St SE
General Information
Standard status
Active
Size
65,597 SF
Lot size
1.79 Acres
Property subtype
INDUSTRIAL
Listing Agency:
Macadam Forbes
(503) 227-2500
Listed By:
Nathan Getty · License #OR201256489
(503) 858-0049
Source:
Moodyscre
Added: Apr 15, 2025
Changed: Sep 3
Last Checked: Sep 5 at 7:50AM
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 Macadam Forbes
Investment Insights
Based on property information with market context.
This 65,597 square foot warehouse is located in Salem, Oregon. The property features heavy electrical capacity and membrane roofing. Access control is in place. The property includes paved parking areas.
Key Highlights
- Heavy electrical service ideal for various operations.
- Paved parking available.
- Features membrane roofing.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$628,157
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.60%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$12,563,140
$12.6M
Cap Rate 7%
$8,973,671
$9.0M
Cap Rate 9%
$6,979,522
$7.0M
Market Conditions
NOI Build-Up for 65,597 SF
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.
Gross rent
$944.6K $14.40/SF
− Vacancy
−$47.2K −$0.72/SF
EGI
$897.4K $13.68/SF
− OpEx
−$269.2K −$4.10/SF
NOI
$628.2K $9.58/SF
Area
Salem, OR
Vacancy
5.00%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$12,563,140
Cap Rate 7%
$8,973,671
Cap Rate 9%
$6,979,522
Alternative Uses
Best Use
Warehouse
$9.99M
$8.74M – $11.65M
NOI $699,198 @ 7.0% cap · market cap 9.58%
Second Best
Industrial
$8.97M
$7.85M – $10.47M
NOI $628,157 @ 7.0% cap · market cap 8.60%
Theoretical Best
Office A
$17.42M
$15.24M – $20.32M
NOI $1,219,160 @ 7.0% cap · market cap 16.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
953
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Warehouse - 65,597 SF Salem warehouse featuring heavy electrical capacity.
Where is this warehouse located?
The property is located at 560 21st St SE Salem, OR.
What is the asking price?
The asking price for this property is $7,300,000.
What are key features of this property?
This property features: Heavy electrical service ideal for various operations.; Paved parking available.; Features membrane roofing.
