Two-Suite Medical and Office
1515 - 1535 Liberty St SE Salem, OR 97302
New
For Sale
Contact for pricing
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 Market5
Property Features for 1515 - 1535 Liberty St SE
General Information
- Standard status
- Active
- Size
- 8,708 SF
- Lot size
- 0.56 Acres
- Property subtype
- Office
Building Details
- Year Built
- 1972
Listing Agency:
Capacity Commercial Group
(503) 588-0400
Listed By:
Curt Arthur · License #910200259
Source:
Crexi
Added: Jul 20
Changed: Jul 24
Last Checked: Jul 24 at 11:00AM
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 For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $188.1k | $21.60 |
| − Vacancy | −$28.2k | −$3.24 |
| EGI | $159.9k | $18.36 |
| − OpEx | −$40.0k | −$4.59 |
| NOI | $119.9k | $13.77 |
8,708 SF · lease $21.60/SF/yr · vacancy 15.00% · expense 25.00%
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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Options Counseling and Family ...
Counselor
Erin Lacy
Counselor
Dulce Nicolas
Foster Care Service
Danielle Sanchez
Foster Care Service
Elizabeth Conkey
Counselor
Similar Off Market Nearby
- Orchard View Veterinary Center — 1205 Capitol St NE, Salem, OR 97301
FAQs
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
