Building Details

Tenancy Multi

Listing Agency: CENTURY 21 NORTH HOMES (541-350-0690)

Listed By: Corey Clark · License #200506069 Show Phone

Source: Century21northhomes

Added: May 9 Changed: Oct 15 Last Checked: Oct 15 at 12:07AM

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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 CENTURY 21 NORTH HOMES (541-350-0690)

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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.

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

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$571,069

Cap Rate

7.14%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$11,421,380 $11.4M

Cap Rate 7%

$8,158,129 $8.2M

Cap Rate 9%

$6,345,211 $6.3M

Is this asking price fair?

Market Conditions

NOI Build-Up for 41,472 SF

Gross rent

$895.8K $21.60/SF

− Vacancy

−$134.4K −$3.24/SF

EGI

$761.4K $18.36/SF

− OpEx

−$190.4K −$4.59/SF

NOI

$571.1K $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 Rate 5%

$11,421,380

Cap Rate 7%

$8,158,129

Cap Rate 9%

$6,345,211

Alternative Uses

Best Use

Office B

$8.16M

$7.14M – $9.52M (±1% cap)

NOI $571,069 @ 7.0% cap · market cap 7.14%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$11.01M

$9.63M – $12.85M (±1% cap)

NOI $770,782 @ 7.0% cap · market cap 9.63%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Open Analytics

Current Use

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

Suggested Use

Top Pick Auto Parts Store HVAC Service Electrical Service (Bike/Boat/Book/etc) Store Carpet & Flooring Store Plumbing Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

95%

Occupancy

Multi-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

3,870

Businesses Nearby

Explore this area 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

Market

Vacancy Rate% for Office in West region

11% 2019

14.1% 2020

15.5% 2021

17.2% 2022

19.9% 2023

21% 2024

20.8% 2025

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Frequently Asked Questions

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 Street SE Salem, OR.

What is the asking price?

The asking price for this property is $8,000,000.

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