Three-Building Mixed-Use
For Sale
Contact for pricing
1309 Ferry St SE, Salem, OR 97301
Three buildings on neighboring parcels support a range of mixed-use occupancy configurations under Mixed Use I zoning.
Property Size55,481 SF
Lot Size2.04 Acres
Price / SF$136.26
Days on Market146
Property Features for 1309 Ferry St SE
General Information
Standard status
Active
Size
55,481 SF
Lot size
2.04 Acres
Property subtype
Land, Mixed Use, Office, Retail
Zoning
Mixed Use I
Building Details
Buildings
3
Listing Agency:
Hancock Real Estate
(503) 371-1234
Listed By:
Terry Hancock · License #OR 200110013
Source:
Crexi
Added: Apr 8
Changed: Aug 30
Last Checked: Aug 30 at 11:21AM
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 mixed-use property comprises three buildings with a combined 55,481 square feet of improvements. The buildings occupy neighboring parcels totaling 2.04 acres and are governed by Mixed Use I zoning.
Located at 1309 Ferry St SE in Salem, the property is positioned in the city’s central area. The campus-style arrangement provides a substantial existing commercial footprint across multiple buildings, with the parcel configuration and zoning forming the primary defining characteristics of the offering.
Located at 1309 Ferry St SE in Salem, the property is positioned in the city’s central area. The campus-style arrangement provides a substantial existing commercial footprint across multiple buildings, with the parcel configuration and zoning forming the primary defining characteristics of the offering.
Key Highlights
- Three buildings totaling 55,481 SF
- Neighboring parcels comprise 2.04 acres
- Mixed Use I zoning
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
$605,853
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
8.01%
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%
$12,117,060
$12.1M
Cap Rate 7%
$8,655,043
$8.7M
Cap Rate 9%
$6,731,700
$6.7M
Market Conditions
NOI Build-Up for 55,481 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
$1.07M $19.20/SF
− Vacancy
−$95.9K −$1.73/SF
EGI
$969.4K $17.47/SF
− OpEx
−$363.5K −$6.55/SF
NOI
$605.9K $10.92/SF
Area
Salem, OR
Vacancy
9.00%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
37.50%
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%
$12,117,060
Cap Rate 7%
$8,655,043
Cap Rate 9%
$6,731,700
Alternative Uses
Best Use
Office B
$10.91M
$9.55M – $12.73M
NOI $763,973 @ 7.0% cap · market cap 10.11%
Second Best
Mixed Use
$8.66M
$7.57M – $10.10M
NOI $605,853 @ 7.0% cap · market cap 8.01%
Theoretical Best
Office A
$14.73M
$12.89M – $17.19M
NOI $1,031,148 @ 7.0% cap · market cap 13.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,770
Businesses Nearby
Explore this area
Business Placement
Demographics for 97301, OR
56,393
Population
21,419
Households
2.6
Avg Household Size
34
Median Age
18%
College-Educated
81%
High-School Grad
11.3 sq mi
ZIP Area
4,991
Density / Sq Mi
$57,497
Median Household Income
$33,220
Median Earnings
$1,197
Median Rent
$310,800
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?
Mixed-use property - Three buildings on neighboring parcels support a range of mixed-use occupancy configurations under Mixed Use I zoning.
Where is this mixed-use property located?
The property is located at 1309 Ferry St SE Salem, OR.
What is the asking price?
The asking price for this property is $7,560,000.
What are key features of this property?
This property features: Three buildings totaling 55,481 SF; Neighboring parcels comprise 2.04 acres; Mixed Use I zoning
