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    Sophisticated Office Space in Salem Title is generated by Realmo AI

    1215 - 1241 State St, Salem, OR 97301

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    Premier office building in Salem's business and government hub.

    Type:Office
    Property size:
    77,414 SF
    Price / SF:
    $226/SF
    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

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    Matt Bassist

    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

    The Robertson Building in Salem, Oregon, provides 77,414 square feet of office space. Move-in-ready suites include private offices, conference rooms, and natural light. The property is located in the MU-I zone along State Street, near Willamette University and the Oregon State Capitol, placing it in Salem’s business and government hub. The building is professionally managed. Situated in Salem’s Northeast Neighbors neighborhood, The Robertson Building is at the core of the city’s business, government, and cultural districts. Positioned along State Street, a primary arterial, the property is steps from Willamette University, the Oregon State Capitol, Salem City Hall, and Marion County offices. The surrounding area features eight restaurants, nine educational institutions, and a childcare facility within a half mile. Nearby transit options and access to Interstate 5 ensure connectivity, while the Willamette River and Riverfront Park are a short walk away. The Robertson Building is suited for office tenants, aligning with its current buildout and the MU-I zone’s emphasis on pedestrian-oriented development. The building’s design, with 14-foot ground-floor heights and pedestrian-oriented features like weather protection, supports active commercial uses along State Street. The MU-I zone also permits home occupations and accessory dwelling units, offering flexibility for mixed-use adaptations.

    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 (±1% cap)
    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 (±1% cap)
    NOI $1,438,786 @ 7.0% cap · market cap 8.22%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Robertson Building Construction Company

    Suggested Use

    Big Box & Wholesale Store HVAC Service Auto Parts Store Storage Facility Electrical Service Food Market Hotel & Motel Grocery & Convenience Store Wine and Liquor Store Pet Grooming Service

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

    Location Insight

    • Map
    • Local Demand
    City
    Salem
    County
    Marion
    State
    Oregon
    Longitude
    -123.0266507
    Latitude
    44.9372023

    FAQs

    What type of property is this?
    Office building - Premier office building in Salem's business and government hub.
    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: 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.
    More about this property
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