Corner Storefront with Open Retail
For Sale
$587,500
1890 Capitol St NE, Salem, OR 97301
Flexible commercial building with open customer space, private rooms, prominent signage, and on-site parking.
Property Size1,440 SF
Lot Size0.15 Acres
Price / SF$407.99
Days on Market66
Property Features for 1890 Capitol St NE
General Information
Standard status
Active
Size
1,440 SF
Total Parking Spaces
6
Lot size
0.15 Acres
Property subtype
Commercial
Site & Location
Neighborhood
Grant Neighborhood Association
Corner Location
Yes
Building Details
Year Built
1973
Buildings
1
Construction
brick and shingle siding
Listing Agency:
Berkshire Hathaway HomeServices Real Estate Professionals
Listed By:
Mark Shadrin · License #201215479
(503) 983-4405
Source:
Teamgillott
Added: Aug 25
Changed: Oct 25
Last Checked: Oct 28 at 8:59AM
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 Berkshire Hathaway HomeServices Real Estate Professionals
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Investment Insights
Based on property information with market context.
This 1,440-square-foot storefront occupies a 0.15-acre corner parcel on Capitol Street in Salem. The interior includes a broad retail and lobby area, two offices or storage rooms, a bathroom, and a break room. Brick and shingle exterior finishes, prominent signage, and six on-site parking spaces support the property's commercial presentation and access. Adjacent street parking provides additional parking availability.
The building is next to Salem Clinic, and 2015 City of Salem traffic data reported more than 12,000 vehicles passing daily. It previously operated as a cannabis dispensary, and the existing cannabis retail license may be negotiated subject to buyer qualification, regulatory requirements, and applicable approvals. Furniture, fixtures, security equipment, large safes, display cases, and other dispensary equipment are also negotiable.
The building is next to Salem Clinic, and 2015 City of Salem traffic data reported more than 12,000 vehicles passing daily. It previously operated as a cannabis dispensary, and the existing cannabis retail license may be negotiated subject to buyer qualification, regulatory requirements, and applicable approvals. Furniture, fixtures, security equipment, large safes, display cases, and other dispensary equipment are also negotiable.
Key Highlights
- 1,440‑square‑foot commercial building on a 0.15‑acre corner lot
- Open retail and lobby area with two offices or storage rooms
- Six onsite parking spaces plus adjacent street parking
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$17,328
Cap Rate
2.95%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$346,560
$346.6K
Cap Rate 7%
$247,543
$247.5K
Cap Rate 9%
$192,533
$192.5K
Market Conditions
NOI Build-Up for 1,440 SF
Gross rent
$25.9K $18.00/SF
− Vacancy
−$1.2K −$0.81/SF
EGI
$24.8K $17.19/SF
− OpEx
−$7.4K −$5.16/SF
NOI
$17.3K $12.03/SF
Area
Salem, OR
Vacancy
4.50%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$346,560
Cap Rate 7%
$247,543
Cap Rate 9%
$192,533
Alternative Uses
Best Use
Retail
$247.5K
$216.6K – $288.8K
NOI $17,328 @ 7.0% cap · market cap 2.95%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$382.3K
$334.5K – $446.1K
NOI $26,763 @ 7.0% cap · market cap 4.56%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
944
Businesses Nearby
Under-served
Demand for This Use
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in West region
Similar Off Market Nearby
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- Green Thumb Flower Box Florists — 1750 Fairgrounds Rd NE, Salem, OR 97301
Frequently Asked Questions
What type of property is this?
Storefront property - Flexible commercial building with open customer space, private rooms, prominent signage, and on-site parking.
Where is this storefront property located?
The property is located at 1890 Capitol St NE Salem, OR.
What is the asking price?
The asking price for this property is $587,500.
What are key features of this property?
This property features: 1,440‑square‑foot commercial building on a 0.15‑acre corner lot; Open retail and lobby area with two offices or storage rooms; Six onsite parking spaces plus adjacent street parking
