Anchored Office
New
For Sale
$5,725,000
1900 Hines St. SE, Salem, OR 97302
Office property with two named institutional occupants, on-site parking, and one available space.
Property Size28,293 SF
Days on Market7
Property Features for 1900 Hines St. SE
General Information
Standard status
Active
Size
28,293 SF
Class
B
Property subtype
Office
Additional Details
Highway Access
Yes
Building Details
Building Size
28,293 SF
Year Built
1978
Tenancy
Multi
Listing Agency:
Capacity Commercial Group
(503) 559-7990
Listed By:
Curt Arthur, SIOR · License #201230204
(503) 559-7990
Source:
Corfac
Added: Aug 14
Changed: Aug 19
Last Checked: Aug 19 at 6:05AM
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.
Constructed in 1978, this office building at 1900 Hines St. SE is occupied by Marion and Polk Schools Credit Union (MaPS CU) and the State of Oregon Department of Human Services. The property includes on-site parking and has one vacancy, providing a configuration that combines established occupancy with available office space.
The building is less than 1 mile from Interstate 5 and the Central Business District. Salem Health, the Oregon State Capitol, and Willamette University are also nearby. Its Salem setting places the property within reach of major institutional and employment destinations while retaining direct proximity to Interstate 5.
The building is less than 1 mile from Interstate 5 and the Central Business District. Salem Health, the Oregon State Capitol, and Willamette University are also nearby. Its Salem setting places the property within reach of major institutional and employment destinations while retaining direct proximity to Interstate 5.
Key Highlights
- Occupied by Marion and Polk Schools Credit Union (MaPS CU) and the State of Oregon Department of Human Services
- One vacancy within the office building
- Less than 1 mile from Interstate 5 and the Central Business District
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
$389,595
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
6.81%
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%
$7,791,900
$7.8M
Cap Rate 7%
$5,565,643
$5.6M
Cap Rate 9%
$4,328,833
$4.3M
Market Conditions
NOI Build-Up for 28,293 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
$611.1K $21.60/SF
− Vacancy
−$91.7K −$3.24/SF
EGI
$519.5K $18.36/SF
− OpEx
−$129.9K −$4.59/SF
NOI
$389.6K $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%
$7,791,900
Cap Rate 7%
$5,565,643
Cap Rate 9%
$4,328,833
Alternative Uses
Best Use
Office B
$5.57M
$4.87M – $6.49M
NOI $389,595 @ 7.0% cap · market cap 6.81%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.51M
$6.57M – $8.76M
NOI $525,842 @ 7.0% cap · market cap 9.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,648
Businesses Nearby
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
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 - Office property with two named institutional occupants, on-site parking, and one available space.
Where is this office building located?
The property is located at 1900 Hines St. SE Salem, OR.
What is the asking price?
The asking price for this property is $5,725,000.
What are key features of this property?
This property features: Occupied by Marion and Polk Schools Credit Union (MaPS CU) and the State of Oregon Department of Human Services; One vacancy within the office building; Less than 1 mile from Interstate 5 and the Central Business District
