1215 - 1241 State St, Salem, OR 97301
Premier office building in Salem's business and government hub.
- Added:
- Feb 23, 2026
- Days on Market:
- 133
- Last Refresh:
- Mar 17 at 1:16 pm
Property Features for 1215 - 1241 State St
General Information
- Standard status
- Active
- Size
- 77,414 SF
- Property subtype
- Office
Building Details
- Year Built
- 1996
Listing office Tradition Real Estate Partners
Listing date Feb 23, 2026
Source Crexi
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
HighLights
- Premier location in Salem's business and government hub, steps from Willamette University and the Oregon State Capitol.
- Move‑in‑ready, sophisticated office suites with private offices, conference rooms, and abundant natural light.
- Full‑Service Lease at $24.00/SF/month, simplifying budgeting and property management.
- MU‑I zoning allows for flexible use, including office, retail, and small‑scale manufacturing.
- Professionally managed building ensuring high standards and tenant satisfaction.
- Excellent connectivity with nearby transit options and access to Interstate 5.
Overview
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 |
Alternative Uses
Current Use by Public Records
Location Insight
- Map
- Local Demand
- City
- Salem
- County
- Marion
- State
- Oregon
- Longitude
- -123.0266507
- Latitude
- 44.9372023