Three-Story Multi-Tenant Office
For Sale
$6,100,000
925-935 Commercial St SE, Salem, OR 97302
Three-story, multi-tenant office building with ample on-site parking and access from two streets, zoned Mixed-Use I.
Property Size27,748 SF
Lot Size1.15 Acres
Price / SF$219.84
Days on Market112
Property Features for 925-935 Commercial St SE
General Information
Standard status
Active
Size
27,748 SF
Class
B
Lot size
1.15 Acres
Property subtype
Office - General Office
Zoning
Mixed-Use I
Additional Details
Cap Rate
6.5%
Road Access
Yes
Building Details
Building Size
27,748 SF
Stories
3
Tenancy
Multi
Listing Agency:
Hancock Real Estate
Listed By:
Terry Hancock · License #200110013
(503) 371-1234
Source:
Commercialcafe
Added: Jun 17
Changed: Sep 27
Last Checked: Oct 5 at 3:31PM
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 Hancock Real Estate
Investment Insights
Based on property information with market context.
This three-story, multi-tenant office building offers a professionally managed mix of suite sizes and configurations designed for professional office users. The property totals 27,748 square feet and is presented as an office investment offering at appraised value.
The building sits on 1.15 acres and provides ample on-site parking. Access is available from both Commercial Street and Saginaw Street, and the property is zoned Mixed-Use I.
The offering is structured for tenants and investors seeking a managed, multi-suite office asset with street access from two points and parking on site.
The building sits on 1.15 acres and provides ample on-site parking. Access is available from both Commercial Street and Saginaw Street, and the property is zoned Mixed-Use I.
The offering is structured for tenants and investors seeking a managed, multi-suite office asset with street access from two points and parking on site.
Key Highlights
- Three‑story, multi‑tenant 27,748 SF office building
- Reported 6.5% cap rate and offered at appraised value (per PublicRemarks)
- Professionally managed range of suite sizes and configurations for professional office users
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$382,090
Cap Rate
6.26%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$7,641,800
$7.6M
Cap Rate 7%
$5,458,429
$5.5M
Cap Rate 9%
$4,245,444
$4.2M
Market Conditions
NOI Build-Up for 27,748 SF
Gross rent
$599.4K $21.60/SF
− Vacancy
−$89.9K −$3.24/SF
EGI
$509.5K $18.36/SF
− OpEx
−$127.4K −$4.59/SF
NOI
$382.1K $13.77/SF
Area
Salem, OR
Vacancy
15.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$7,641,800
Cap Rate 7%
$5,458,429
Cap Rate 9%
$4,245,444
Alternative Uses
Best Use
Office B
$5.46M
$4.78M – $6.37M
NOI $382,090 @ 7.0% cap · market cap 6.26%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.37M
$6.45M – $8.60M
NOI $515,713 @ 7.0% cap · market cap 8.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,543
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 Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Three-story, multi-tenant office building with ample on-site parking and access from two streets, zoned Mixed-Use I.
Where is this office building located?
The property is located at 925-935 Commercial St SE Salem, OR.
What is the asking price?
The asking price for this property is $6,100,000.
What are key features of this property?
This property features: Three‑story, multi‑tenant 27,748 SF office building; Reported 6.5% cap rate and offered at appraised value (per PublicRemarks); Professionally managed range of suite sizes and configurations for professional office users
