Office Building with Shared
1607 STATE St Salem, OR 97301
1607 STATE St, Salem, OR, 97301
$650,000
For Sale
$650,000
Commercial office building with new roof, sewer line, fresh interior/exterior paint, and refinished floors.
Property Size2,608 SF
Price / SF$249.23
Days on Market222
Property Features for 1607 STATE St
General Information
- Standard status
- Active
- Size
- 2,608 SF
- Property subtype
- Office
Building Details
- Year Built
- 1926
Listing agency
SMI Commercial Real Estate LLC
(503) 851-1441
Listed by
Casey Oliver · License #201223998
(503) 851-1441
Source
Xome
Added: Dec 12, 2025 Updated: Jul 20 at 5:36PM Checked: Jul 21 at 3:03AM
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 SMI Commercial Real Estate LLC
Investment Insights
Based on property information with market context.
This commercial office building has been updated with a new roof, new sewer line, paint (interior and exterior), and newly refinished floors. The property also includes a large parking area for day-to-day use.
Located at 1607 STATE St, Salem, OR 97301, the building offers both a shared parking lot and free street parking. It is currently offered for sale, with the option that it may also be available for lease.
Located at 1607 STATE St, Salem, OR 97301, the building offers both a shared parking lot and free street parking. It is currently offered for sale, with the option that it may also be available for lease.
Key Highlights
- Commercial office building built in 1926 with heavy composition roof
- New roof, sewer line, fresh interior and exterior paint, and refinished floors
- On‑site and on‑street parking available
Local 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 | $56.3k | $21.60 |
| − Vacancy | −$8.4k | −$3.24 |
| EGI | $47.9k | $18.36 |
| − OpEx | −$12.0k | −$4.59 |
| NOI | $35.9k | $13.77 |
2,608 SF · lease $21.60/SF/yr · vacancy 15.00% · expense 25.00%
Alternative Uses
Best Use
Office B
$513.0K
$448.9K – $598.5K
NOI $35,912 @ 7.0% cap · market cap 5.52%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$692.4K
$605.9K – $807.9K
NOI $48,471 @ 7.0% cap · market cap 7.46%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Office buildings
Similar For Sale Nearby
FAQs
What type of property is this?
Office building - Commercial office building with new roof, sewer line, fresh interior/exterior paint, and refinished floors.
Where is this office building located?
The property is located at 1607 STATE St Salem, OR.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Commercial office building built in 1926 with heavy composition roof; New roof, sewer line, fresh interior and exterior paint, and refinished floors; On‑site and on‑street parking available
