Renovated Downtown Office
198 COMMERCIAL ST SE Salem, OR 97301
198 COMMERCIAL ST SE, Salem, OR, 97301
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For Sale
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Beautifully renovated office building with connected land bridge access to adjacent parking and 100% occupancy.
Property Size41,472 SF
Price / SF$253.18
Days on Market75
Property Features for 198 COMMERCIAL ST SE
General Information
- Standard status
- Active
- Size
- 41,472 SF
- Property subtype
- Office, Mixed Use
Building Details
- Year Built
- 1956
Listing agency
CENTURY 21 North Homes Realty Redmond
(541) 548-2131
Listed by
Corey Clark · License #OR 200506069
Source
Crexi
Added: May 9 Updated: Jul 21 at 3:32PM Checked: Jul 21 at 3:32PM
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 Realty Redmond
Investment Insights
Based on property information with market context.
198 Commercial St SE is a beautifully renovated office building located in downtown Salem. The property sits directly across from the Salem Convention Center and the nearly new Holman Hotel, with the Willamette River about one block away. It is positioned within the Central Salem Core Business District on a high-traffic corner.
The building has undergone more than $2 million in recent renovations, combining historic character with modern upgrades. It is anchored by A+ core, long-term tenants secured by strong, stable leases with extension options, and the property is reported at 100% occupancy.
Parking access is enhanced by a connected land bridge to an adjacent parking structure, supporting tenant and visitor convenience. The offering is presented as a stabilized investment with a stated 6.53% cap rate.
The building has undergone more than $2 million in recent renovations, combining historic character with modern upgrades. It is anchored by A+ core, long-term tenants secured by strong, stable leases with extension options, and the property is reported at 100% occupancy.
Parking access is enhanced by a connected land bridge to an adjacent parking structure, supporting tenant and visitor convenience. The offering is presented as a stabilized investment with a stated 6.53% cap rate.
Key Highlights
- Renovated office building built in 1956 with 100% occupancy and long‑term A+ core tenants on leases with extension options
- Located downtown Salem directly across from the Salem Convention Center and near the nearly new Holman Hotel
- Nearly $2 million in recent renovations combining historic character with modern upgrades
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 5.44%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$11.01M
$9.63M – $12.85M
NOI $770,782 @ 7.0% cap · market cap 7.34%
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 ...
County Government Office
Defining Within Ink ...
Spa & Massage Center
Reign Aesthetic Medicine
Spa & Massage Center
Nic USA Oregon
(Bike/Boat/Book/etc) Store
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FAQs
What type of property is this?
Office building - Beautifully renovated office building with connected land bridge access to adjacent parking and 100% occupancy.
Where is this office building located?
The property is located at 198 COMMERCIAL ST SE Salem, OR.
What is the asking price?
The asking price for this property is $10,500,000.
What are key features of this property?
This property features: Renovated office building built in 1956 with 100% occupancy and long‑term A+ core tenants on leases with extension options; Located downtown Salem directly across from the Salem Convention Center and near the nearly new Holman Hotel; Nearly $2 million in recent renovations combining historic character with modern upgrades
