1351 Wilbur St SE, Salem, OR 97302

Building Details

Building Size 3,700 SF More

Year Built 1968 More

Listing Agency: Capacity Commercial Group

Listed By: Curt Arthur, SIOR · License OR #910200259 Show Phone

Source: Buildout

Added: Sep 22 Last Checked: Nov 10 at 6:07AM

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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

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Investment Insights

Based on property information with market context.

This light industrial flex building combines office and shop functions with practical outdoor storage capacity. The property includes 1,700 SF of office space and 2,000 SF of shop area, with a mezzanine extending the shop configuration. A storage container is also included.

The exterior setup features a fenced gravel yard and access to the alley behind the property. Built in 1968, the building offers a functional combination of enclosed workspace, office area, and secured yard space.

Key Highlights

• 1,700 SF of office space
• 2,000 SF shop area with mezzanine
• Fenced gravel yard

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$37,980

Cap Rate

6.34%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$759,600 $759.6K

Cap Rate 7%

$542,571 $542.6K

Cap Rate 9%

$422,000 $422.0K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,700 SF

Gross rent

$62.2K $16.80/SF

− Vacancy

−$3.7K −$1.01/SF

EGI

$58.4K $15.79/SF

− OpEx

−$20.5K −$5.53/SF

NOI

$38.0K $10.26/SF

Area

Salem, OR

Vacancy

6.00%

Lease Rate

$16.80 /SF/Yr

Expense Ratio

35.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$759,600

Cap Rate 7%

$542,571

Cap Rate 9%

$422,000

Alternative Uses

Best Use

Flex RnD

$542.6K

$474.8K – $633.0K (±1% cap)

NOI $37,980 @ 7.0% cap · market cap 6.34%

Second Best

Industrial

$506.2K

$442.9K – $590.5K (±1% cap)

NOI $35,431 @ 7.0% cap · market cap 5.92%

Theoretical Best

Office A

$982.4K

$859.6K – $1.15M (±1% cap)

NOI $68,767 @ 7.0% cap · market cap 11.48%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Green Path Construction, ... Construction Company

Suggested Use

Top Pick Storage Facility Big Box & Wholesale Store Grocery & Convenience Store Food Market Pharmacy HVAC Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Fenced yard

Location Intelligence

Trade Area within ½ mile

1,622

Businesses Nearby

Balanced

Demand for This Use

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

Average Price Trend$/SF for Flex space in Salem, OR

$146 Jul

$225 Aug

$201 Sep

$197 Oct

Properties on Market for Flex space in Salem

Jul

Aug

Sep

Oct

Vacancy Rate% for Industrial in West region

3.7% 2019

4.3% 2020

2.6% 2021

2.5% 2022

4.8% 2023

6.9% 2024

7.9% 2025

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Similar Off Market Nearby

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Frequently Asked Questions

What type of property is this?

Flex space - Flex property with dedicated office, shop, storage, and secured yard areas.

Where is this flex space located?

The property is located at 1351 Wilbur St SE Salem, OR.

What is the asking price?

The asking price for this property is $599,000.

What are key features of this property?

This property features: 1,700 SF of office space; 2,000 SF shop area with mezzanine; Fenced gravel yard