Roth McGilcrest Mixed-Use
New
For Sale
$8,250,000
120 Liberty Street Northeast, Salem, OR 97301
Historic adaptive-reuse property combining ground-floor commercial space with boutique residential units in downtown Salem.
Property Size42,205 SF
Days on Market7
Property Features for 120 Liberty Street Northeast
General Information
Standard status
Active
Size
42,205 SF
Property subtype
Retail
Building Details
Building Size
42,205 SF
Tenancy
Multi
Listing Agency:
Capacity Commercial Group
(503) 559-7990
Listed By:
Curt Arthur, SIOR · License #201230204
(503) 559-7990
Source:
Corfac
Added: Aug 14
Changed: Aug 19
Last Checked: Aug 20 at 5:35AM
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 Capacity Commercial Group
Investment Insights
Based on property information with market context.
The Roth McGilcrest Building is a historic mixed-use property at 120 Liberty Street Northeast in Salem, Oregon. An adaptive-reuse renovation incorporates ground-floor commercial leases alongside boutique downtown residential units, creating a combined commercial and residential configuration.
The building is located in Salem’s downtown core and retains historic character as part of its presentation. Its layout supports both storefront-oriented commercial occupancy and residential use within the same asset.
The building is located in Salem’s downtown core and retains historic character as part of its presentation. Its layout supports both storefront-oriented commercial occupancy and residential use within the same asset.
Key Highlights
- Historic mixed‑use building at 120 Liberty Street Northeast, Salem, OR 97301
- Adaptive‑reuse renovation
- Ground‑floor commercial leases
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
$507,853
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
6.16%
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%
$10,157,060
$10.2M
Cap Rate 7%
$7,255,043
$7.3M
Cap Rate 9%
$5,642,811
$5.6M
Market Conditions
NOI Build-Up for 42,205 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
$759.7K $18.00/SF
− Vacancy
−$34.2K −$0.81/SF
EGI
$725.5K $17.19/SF
− OpEx
−$217.7K −$5.16/SF
NOI
$507.9K $12.03/SF
Area
Salem, OR
Vacancy
4.50%
Lease Rate
$18.00 /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%
$10,157,060
Cap Rate 7%
$7,255,043
Cap Rate 9%
$5,642,811
Alternative Uses
Best Use
Retail
$7.26M
$6.35M – $8.46M
NOI $507,853 @ 7.0% cap · market cap 6.16%
Second Best
Apartment 5plus
$6.67M
$5.83M – $7.78M
NOI $466,799 @ 7.0% cap · market cap 5.66%
Theoretical Best
Office A
$11.21M
$9.81M – $13.07M
NOI $784,405 @ 7.0% cap · market cap 9.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
4,289
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 Retail 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?
Mixed-use property - Historic adaptive-reuse property combining ground-floor commercial space with boutique residential units in downtown Salem.
Where is this mixed-use property located?
The property is located at 120 Liberty Street Northeast Salem, OR.
What is the asking price?
The asking price for this property is $8,250,000.
What are key features of this property?
This property features: Historic mixed‑use building at 120 Liberty Street Northeast, Salem, OR 97301; Adaptive‑reuse renovation; Ground‑floor commercial leases
