Three-Building Office
For Sale
$7,560,000
1309 - 1310 Ferry St SE & 1340 State St, Salem, OR 97301
Central Salem campus with flexible commercial space and mixed-use zoning near major civic and medical institutions.
Property Size55,481 SF
Lot Size2.04 Acres
Price / SF$136.26
Days on Market145
Property Features for 1309 - 1310 Ferry St SE & 1340 State St
General Information
Standard status
Active
Size
55,481 SF
Class
C
Lot size
2.04 Acres
Property subtype
Office - General Office
Zoning
Mixed Use I
Site & Location
Highway Access
Yes
Road Access
Yes
Building Details
Building Size
55,481 SF
Buildings
3
Listing Agency:
Hancock Real Estate
(503) 371-1234
Listed By:
Terry Hancock · License #200110013
Source:
Commercialcafe
Added: Apr 9
Changed: Aug 31
Last Checked: Aug 31 at 2:43AM
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-building office campus contains 55,481 SF across neighboring parcels totaling 2.04 acres. The property is zoned Mixed Use I and offers a configuration suited to owner occupancy or multi-tenant operations, with three separate buildings supporting flexible space planning.
The campus is located at 1309–1310 Ferry St SE and 1340 State St in central Salem, near the Oregon State Capitol, Willamette University, and Salem Health. State Street and Commercial Street SE provide access to major arterials, while I-5 is also nearby. The site occupies a central position within Salem’s governmental and commercial district and may support mixed-use redevelopment under the stated zoning.
The campus is located at 1309–1310 Ferry St SE and 1340 State St in central Salem, near the Oregon State Capitol, Willamette University, and Salem Health. State Street and Commercial Street SE provide access to major arterials, while I-5 is also nearby. The site occupies a central position within Salem’s governmental and commercial district and may support mixed-use redevelopment under the stated zoning.
Key Highlights
- 55,481 SF across a three‑building office campus
- Neighboring parcels total 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
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Central Salem campus with flexible commercial space and mixed-use zoning near major civic and medical institutions.
Where is this office building located?
The property is located at 1309 - 1310 Ferry St SE & 1340 State St 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: 55,481 SF across a three‑building office campus; Neighboring parcels total 2.04 acres; Mixed Use I zoning
