Fully Leased Office
198 COMMERCIAL ST Salem, OR 97301
198 COMMERCIAL ST, Salem, OR, 97301
$8,825,000
For Sale
$8,825,000
Fully leased Salem office building with 3 leases and significant interior renovation completed between 2021 and 2025.
Property Size41,472 SF
Price / SF$212.79
Days on Market37
Property Features for 198 COMMERCIAL ST
General Information
- Standard status
- Active
- Size
- 41,472 SF
- Property subtype
- Office
Building Details
- Year Built
- 1956
Listing agency
Evans, Elder, Brown & Seubert
(541) 345-4860
Listed by
David Holland · License #200002060
Source
Realestatepdx
Added: Jun 15 Updated: Jul 21 at 3:20PM Checked: Jul 21 at 3:20PM
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 Evans, Elder, Brown & Seubert
Investment Insights
Based on property information with market context.
Fully leased office building offering 41,472 square feet across 3 leases. Approximately 95% of the building is leased to Marion County Public Defender and the State of Oregon Public Defense Fund.
The property is located at 198 Commercial St in Salem, directly across the street from the Convention Center. Interior renovations were completed between 2021 and 2025, supporting the building’s current tenant-ready condition.
The property is located at 198 Commercial St in Salem, directly across the street from the Convention Center. Interior renovations were completed between 2021 and 2025, supporting the building’s current tenant-ready condition.
Key Highlights
- Fully leased 41,472 SF Salem office building across the street from the Convention Center
- Building includes 3 leases, with 95% leased to Marion County Public Defender and State of Oregon Public Defense Fund
- Interior renovations completed between 2021 and 2025 with significant interior renovation work
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 | $895.8k | $21.60 |
| − Vacancy | −$134.4k | −$3.24 |
| EGI | $761.4k | $18.36 |
| − OpEx | −$190.4k | −$4.59 |
| NOI | $571.1k | $13.77 |
41,472 SF · lease $21.60/SF/yr · vacancy 15.00% · expense 25.00%
Alternative Uses
Best Use
Office B
$8.16M
$7.14M – $9.52M
NOI $571,069 @ 7.0% cap · market cap 6.47%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$11.01M
$9.63M – $12.85M
NOI $770,782 @ 7.0% cap · market cap 8.73%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Integra
Telecommunications Service
Public Defender Marion ...
Public Defender'S Office
Defining Within Ink ...
Spa & Massage Center
Reign Aesthetic Medicine
Spa & Massage Center
Nic USA Oregon
(Bike/Boat/Book/etc) Store
Similar For Sale Nearby
FAQs
What type of property is this?
Office building - Fully leased Salem office building with 3 leases and significant interior renovation completed between 2021 and 2025.
Where is this office building located?
The property is located at 198 COMMERCIAL ST Salem, OR.
What is the asking price?
The asking price for this property is $8,825,000.
What are key features of this property?
This property features: Fully leased 41,472 SF Salem office building across the street from the Convention Center; Building includes 3 leases, with 95% leased to Marion County Public Defender and State of Oregon Public Defense Fund; Interior renovations completed between 2021 and 2025 with significant interior renovation work
