Two-Suite Medical and Office
For Sale
Contact for pricing
1515 - 1535 Liberty St SE, Salem, OR 97302
Two-level office building with two main-floor suites and 26 on-site parking spaces.
Property Size8,708 SF
Lot Size0.56 Acres
Price / SF$174.67
Days on Market56
Property Features for 1515 - 1535 Liberty St SE
General Information
Standard status
Active
Size
8,708 SF
Class
B
Total Parking Spaces
26
Lot size
0.56 Acres
Property subtype
Office
Zoning
CO - Commercial Office
Additional Details
Highway Access
Yes
Office Units
2
Building Details
Year Built
1972
Buildings
1
Stories
2
Tenancy
Multi
Listing Agency:
Capacity Commercial Group
Listed By:
Curt Arthur · License #910200259
(503) 588-4146
Source:
Crexi
Added: Jul 20
Changed: Sep 7
Last Checked: Sep 13 at 4:52AM
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 two-level medical and professional office building totals approximately 8,708 SF and was built in 1972. The main floor has historically been configured as two suites: a medical suite of roughly 3,923 SF and a professional office suite of roughly 4,785 SF, creating flexibility for single-tenant use, a split-lease arrangement, or reconfiguration for medical-use demand.
The property is located on Salem’s established Liberty Street corridor, just south of Downtown Salem and minutes from Salem Hospital. It offers direct access to Salem’s Cherriots transit line and is positioned near Salem Health and other medical offices.
An on-site parking lot includes 26 parking spaces, supporting convenient access for medical and professional office use with regular client and patient visits. The building shares its footprint with an established LabCorp location.
The property is located on Salem’s established Liberty Street corridor, just south of Downtown Salem and minutes from Salem Hospital. It offers direct access to Salem’s Cherriots transit line and is positioned near Salem Health and other medical offices.
An on-site parking lot includes 26 parking spaces, supporting convenient access for medical and professional office use with regular client and patient visits. The building shares its footprint with an established LabCorp location.
Key Highlights
- 2‑story office building built in 1972 with approx. 8,708 SF total across two levels
- Main floor configured as 2 suites: medical suite (~3,923 SF) and professional office suite (~4,785 SF)
- 0.56‑acre lot with 26 on‑site parking spaces
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
$119,909
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
7.88%
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%
$2,398,180
$2.4M
Cap Rate 7%
$1,712,986
$1.7M
Cap Rate 9%
$1,332,322
$1.3M
Market Conditions
NOI Build-Up for 8,708 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
$188.1K $21.60/SF
− Vacancy
−$28.2K −$3.24/SF
EGI
$159.9K $18.36/SF
− OpEx
−$40.0K −$4.59/SF
NOI
$119.9K $13.77/SF
Area
Salem, OR
Vacancy
15.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
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%
$2,398,180
Cap Rate 7%
$1,712,986
Cap Rate 9%
$1,332,322
Alternative Uses
Best Use
Office B
$1.71M
$1.50M – $2.00M
NOI $119,909 @ 7.0% cap · market cap 7.88%
Second Best
Healthcare Medical
$1.67M
$1.46M – $1.94M
NOI $116,618 @ 7.0% cap · market cap 7.67%
Theoretical Best
Office A
$2.31M
$2.02M – $2.70M
NOI $161,843 @ 7.0% cap · market cap 10.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Office units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,188
Businesses Nearby
Under-served
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
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Market
Vacancy Rate% for Office in West region
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Two-level office building with two main-floor suites and 26 on-site parking spaces.
Where is this medical office space located?
The property is located at 1515 - 1535 Liberty St SE Salem, OR.
What is the asking price?
The asking price for this property is $1,521,000.
What are key features of this property?
This property features: 2‑story office building built in 1972 with approx. 8,708 SF total across two levels; Main floor configured as 2 suites: medical suite (~3,923 SF) and professional office suite (~4,785 SF); 0.56‑acre lot with 26 on‑site parking spaces
