Two-Building Office
1215-1241 State St Salem, OR 97301
1215-1241 State St, Salem, OR, 97301
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For Sale
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Two Robertson office buildings offer suites with private offices and conference rooms within the MU-I zone.
Property Size77,414 SF
Price / SF$226.06
Days on Market166
Property Features for 1215-1241 State St
General Information
- Standard status
- Active
- Size
- 77,414 SF
- Property subtype
- OFFICE
Listing agency
Tradition Real Estate Partners
(503) 998-9817
Listed by
Matt Bassist · License ##200010026
(503) 998-9817
Source
Moodyscre
Added: Feb 5 Updated: Jul 20 at 9:15PM Checked: Jul 21 at 4:27AM
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 Tradition Real Estate Partners
Investment Insights
Based on property information with market context.
The Robertson Building presents 77,414 square feet of office space across two buildings: 45,900 square feet in Robertson Building #1 and 31,514 square feet in Robertson Building #2. Suites are described as move-in-ready and feature private offices, conference rooms, and abundant natural light.
Located in Salem, Oregon, the property is on State Street in the MU-I zone, next to Willamette University and steps from the Oregon State Capitol. The building is positioned for pedestrian activity with weather protection and a design that includes 14-foot ground-floor heights.
The listing notes a full service lease at $24.00/SF/month and describes office use as the primary fit for the current buildout. MU-I zoning also allows additional mixed-use adaptations, including medical/dental uses subject to permissions, and small-scale manufacturing up to 5,000 SF with onsite retail as allowed by the zone.
Located in Salem, Oregon, the property is on State Street in the MU-I zone, next to Willamette University and steps from the Oregon State Capitol. The building is positioned for pedestrian activity with weather protection and a design that includes 14-foot ground-floor heights.
The listing notes a full service lease at $24.00/SF/month and describes office use as the primary fit for the current buildout. MU-I zoning also allows additional mixed-use adaptations, including medical/dental uses subject to permissions, and small-scale manufacturing up to 5,000 SF with onsite retail as allowed by the zone.
Key Highlights
- 77,414 SF total across two buildings: 45,900 SF Robertson Building #1 and 31,514 SF Robertson Building #2
- Office suites with private offices and conference rooms, with abundant natural light and move‑in‑ready layouts
- Located in the MU‑I zone along State Street, next to Willamette University and steps from the Oregon State Capitol
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 | $1.67M | $21.60 |
| − Vacancy | −$250.8k | −$3.24 |
| EGI | $1.42M | $18.36 |
| − OpEx | −$355.3k | −$4.59 |
| NOI | $1.07M | $13.77 |
77,414 SF · lease $21.60/SF/yr · vacancy 15.00% · expense 25.00%
Alternative Uses
Best Use
Office B
$15.23M
$13.32M – $17.77M
NOI $1,065,991 @ 7.0% cap · market cap 6.09%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$20.55M
$17.98M – $23.98M
NOI $1,438,786 @ 7.0% cap · market cap 8.22%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Office buildings
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FAQs
What type of property is this?
Office building - Two Robertson office buildings offer suites with private offices and conference rooms within the MU-I zone.
Where is this office building located?
The property is located at 1215-1241 State St Salem, OR.
What is the asking price?
The asking price for this property is $17,500,000.
What are key features of this property?
This property features: 77,414 SF total across two buildings: 45,900 SF Robertson Building #1 and 31,514 SF Robertson Building #2; Office suites with private offices and conference rooms, with abundant natural light and move‑in‑ready layouts; Located in the MU‑I zone along State Street, next to Willamette University and steps from the Oregon State Capitol
