Aviation Hangar Office
For Sale
$995,000
2545 Aerial Way SE, Salem, OR 97302
Freestanding hangar-office with mezzanine and private offices, plus training/assembly space and private parking.
Property Size6,000 SF
Price / SF$105.63
Days on Market99
Property Features for 2545 Aerial Way SE
General Information
Standard status
Active
Size
6,000 SF
Property subtype
Special Purpose
Zoning
PS
Additional Details
Highway Access
Yes
Heavy Power
Yes
Building Details
Building Size
6,000 SF
Year Built
2004
Listing Agency:
SPERRY - Pikes Northwest
(503) 569-0074
Listed By:
Jerry Jones · License #OR #201232293
(503) 569-0074
Source:
Sperrycga
Added: May 14
Changed: Aug 14
Last Checked: Aug 20 at 5:03AM
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 SPERRY - Pikes Northwest
Investment Insights
Based on property information with market context.
This well-built hangar-office multi-purpose building includes hangar space, a mezzanine with enclosed and deck areas, and a first-floor training/assembly area. The interior also features a kitchen area, three private offices, and two restrooms, with separate men’s and women’s facilities. The property is described as having radiant floor heating and 400A power service, supporting a range of office and operational uses.
Positioned on a corner at Aerial Way and 25th Ave SE, the building is identified with an airport address and is noted as being close to I-5 with runway access. Additional site features include private parking.
The building is approximately 18 years old and is offered for sale as a versatile owner-user or investment opportunity. The property is identified as zoned PS and is presented with a high-quality buildout and modern amenities suitable for varied configurations.
Positioned on a corner at Aerial Way and 25th Ave SE, the building is identified with an airport address and is noted as being close to I-5 with runway access. Additional site features include private parking.
The building is approximately 18 years old and is offered for sale as a versatile owner-user or investment opportunity. The property is identified as zoned PS and is presented with a high-quality buildout and modern amenities suitable for varied configurations.
Key Highlights
- Freestanding 9,420 SF hangar‑office building with mezzanine at a corner location on Aerial Way and 25th Ave SE
- Year built 2004; includes 6,000 SF first floor plus 3,420 SF mezzanine for total 9,420 SF
- Building features radiant floor heating and power rated at 400A with 3‑phase service
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
$90,206
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
9.07%
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%
$1,804,120
$1.8M
Cap Rate 7%
$1,288,657
$1.3M
Cap Rate 9%
$1,002,289
$1.0M
Market Conditions
NOI Build-Up for 9,420 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
$135.6K $14.40/SF
− Vacancy
−$6.8K −$0.72/SF
EGI
$128.9K $13.68/SF
− OpEx
−$38.7K −$4.10/SF
NOI
$90.2K $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%
$1,804,120
Cap Rate 7%
$1,288,657
Cap Rate 9%
$1,002,289
Alternative Uses
Best Use
Flex RnD
$1.38M
$1.21M – $1.61M
NOI $96,694 @ 7.0% cap · market cap 9.72%
Second Best
Industrial
$1.29M
$1.13M – $1.50M
NOI $90,206 @ 7.0% cap · market cap 9.07%
Theoretical Best
Office A
$2.50M
$2.19M – $2.92M
NOI $175,076 @ 7.0% cap · market cap 17.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Heavy power
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
427
Businesses Nearby
Explore this area
Business Placement
Demographics for 97302, OR
39,776
Population
17,888
Households
2.2
Avg Household Size
41
Median Age
43%
College-Educated
95%
High-School Grad
23.5 sq mi
ZIP Area
1,693
Density / Sq Mi
$83,697
Median Household Income
$44,623
Median Earnings
$1,230
Median Rent
$415,200
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Aviation real estate - Freestanding hangar-office with mezzanine and private offices, plus training/assembly space and private parking.
Where is this aviation real estate located?
The property is located at 2545 Aerial Way SE Salem, OR.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: Freestanding 9,420 SF hangar‑office building with mezzanine at a corner location on Aerial Way and 25th Ave SE; Year built 2004; includes 6,000 SF first floor plus 3,420 SF mezzanine for total 9,420 SF; Building features radiant floor heating and power rated at 400A with 3‑phase service
