Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Custom Office Building in Salem Title is generated by Realmo AI

    235 Union St NE, Salem, OR 97301

    View on Map
    Claim this Listing
    For Sale
    $2,900,000

    Stunning office building in the heart of Salem, Oregon.

    Type:Office
    Added:
    Apr 3, 2026
    Days on Market:
    61
    Last Refresh:
    Apr 3 at 8:03 pm

    Property Features for 235 Union St NE

    General Information

    Standard status
    Active
    Property subtype
    Office

    We can help!

    Listing Contact
    Alex Rhoten
    Alex Rhoten

    Listing agent Alex Rhoten License #841000042

    Listing office Coldwell Banker Commercial - Mountain West | Salem

    Listing date Apr 3, 2026

    Source Cbcworldwide

    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 Coldwell Banker Commercial - Mountain West | Salem

    HighLights

    • Custom office building
    • Located in the heart of Salem
    • Premium

    Overview

    This custom office building is located in the heart of Salem. It is suitable for commercial real estate purposes.
    Location Intelligence

    Current Use by Public Records

    Elle Green-Kelly, Oregon ... Real Estate Agency Coldwell Banker Mountain ... Real Estate Agency Daniel Chin of Coldwell ... Real Estate Agency Jared Ford Real ... Real Estate Agency Laurie Davis & Terri ... Real Estate Agency

    Suggested Use

    Restaurant Real Estate Agency Building Supply Dental Office Law Firm Big Box & Wholesale Store Spa & Massage Center 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
    -123.0386461
    Latitude
    44.9465066

    Nearby Similar for Sale

    • $549,900
      2,272 SF

      Dual Living Opportunity in Salem

      Two homes on a 10,000+ sq ft lot.
      3392 Sunnyview Rd NE, Salem, OR 97301
      View Details
    • $749,900
      2,704 SF

      Salem Multifamily Investment Opportunity

      Six-unit converted home in downtown Salem with income potential.
      1196 Chemeketa St NE, Salem, OR 97301
      View Details
    • $850,000
      3,907 SF

      Salem Multifamily Property For Sale

      Well-maintained six-unit property near downtown Salem with strong rental potential.
      2245-2285 Breyman St NE, Salem, OR 97301
      View Details
    • $550,000
      2,282 SF

      Salem 4-Plex Near Downtown

      Charming 4-unit multifamily property near downtown Salem.
      771 21st St SE, Salem, OR 97301
      View Details
    • $450,000
      2,000 SF

      Salem Duplex with Garages

      Duplex in Salem with garages and private backyards.
      3441 Livingston St NE, Salem, OR 97301
      View Details
    • $899,900
      5,278 SF

      Salem Multifamily Property with Updates

      Multifamily property in South Central Salem with recent renovations.
      1341 Saginaw St S, Salem, OR 97317
      View Details
    • $500,000
      2,880 SF

      West Salem Triplex For Sale

      Triplex in West Salem with private fenced yards.
      174 NW STONEWAY Dr, Salem, OR 97304
      View Details
    • $1,500,000
      6,900 SF

      Well-Maintained Multifamily Investment Opportunity

      Three duplexes in Salem, OR, fully occupied and professionally managed.
      4212 47TH Ave NE, Salem, OR 97305
      View Details
    • $440,000
      2,118 SF

      Salem Duplex on Corner Lot

      Duplex with assumable loan option in Four Corners neighborhood.
      836 ELDIN Ave, Salem, OR 97317
      View Details
    • $675,000
      4,192 SF

      Spacious Duplex on Large Lot

      Two well-maintained homes on 0.58 acres, ideal for investment.
      4455 Blueberry (-4445) Ln NE, Salem, OR 97305
      View Details
    • $450,000
      2,000 SF

      Salem Duplex with Garages

      Duplex in Salem with garages and private backyards.
      3441 LIVINGSTON St, Salem, OR 97301
      View Details
    • $799,000
      4,262 SF

      Duplex with Income Potential

      Duplex with ADU and Airbnb potential in Salem, Oregon.
      1525 SE LEE St, Salem, OR 97302
      View Details

    FAQs

    What type of property is this?
    Office building - Stunning office building in the heart of Salem, Oregon.
    Where is this office building located?
    The property is located at 235 Union St NE Salem, OR.
    What is the asking price?
    The asking price for this property is $2,900,000.
    What are key features of this property?
    This property features: Custom office building; Located in the heart of Salem; Premium
    (503) 587-4777
    We can help!
    Listing Contact
    Alex Rhoten
    Alex Rhoten
    Real Estate License ID: 841000042
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    235 Union St NE Salem, OR 97301
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!