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 Market181
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
Listed By:
Terry Hancock · License #200110013
(503) 371-1234
Source:
Commercialcafe
Added: Apr 9
Changed: Sep 29
Last Checked: Oct 5 at 3:05PM
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 / Yr
$605,853
Cap Rate
8.01%
Suggested Prices Based on Cap Rates
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
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 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
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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
