Light Industrial Flex
New
For Sale
$599,000
1351 Wilbur St SE, Salem, OR 97302
Flex property with dedicated office, shop, storage, and secured yard areas.
Property Size3,700 SF
Days on Market5
Property Features for 1351 Wilbur St SE
General Information
Standard status
Active
Size
3,700 SF
Property subtype
Industrial
Site & Location
Fenced Yard
Yes
Outdoor Storage
Yes
Additional Details
Office Build-Out
1,700 SF
Building Details
Building Size
3,700 SF
Year Built
1968
Listing Agency:
Capacity Commercial Group
Listed By:
Curt Arthur, SIOR · License ##910200259
(503) 559-7990
Source:
Buildout
Added: Sep 22
Last Checked: Sep 26 at 4:55AM
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.
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.
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 = 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
$37,980
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
6.34%
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%
$759,600
$759.6K
Cap Rate 7%
$542,571
$542.6K
Cap Rate 9%
$422,000
$422.0K
Market Conditions
NOI Build-Up for 3,700 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
$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 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%
$759,600
Cap Rate 7%
$542,571
Cap Rate 9%
$422,000
Alternative Uses
Best Use
Flex RnD
$542.6K
$474.8K – $633.0K
NOI $37,980 @ 7.0% cap · market cap 6.34%
Second Best
Industrial
$506.2K
$442.9K – $590.5K
NOI $35,431 @ 7.0% cap · market cap 5.92%
Theoretical Best
Office A
$982.4K
$859.6K – $1.15M
NOI $68,767 @ 7.0% cap · market cap 11.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in West region
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- Willabys Catering & Event — 765 Liberty St SE, Salem, OR 97301
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
