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    223 Commercial St NE Salem, OR 97301

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    High-class office and retail suites in a secured, historic building.

    Type:Office
    Added:
    Dec 21, 2021
    Days on Market:
    1582
    Last Refresh:
    Mar 17 at 1:17 pm

    Property Features for 223 Commercial St NE

    General Information

    Standard status
    Active
    Property subtype
    Office

    Spaces For Lease

    at 223 Commercial St NE Contact us

    144 $1,195 /Mo

    Size
    193 SF
    Type
    Office
    Introducing Salem’s newest fully furnished micro salon suites at Starkey Commons!...
    show more
    Contact us

    140D $399 /Mo

    Size
    85 SF
    Type
    Office
    Introducing Salem’s newest fully furnished micro salon suites at Starkey Commons!...
    show more
    Contact us

    140C $499 /Mo

    Size
    111 SF
    Type
    Office
    Introducing Salem’s newest fully furnished micro salon suites at Starkey Commons!...
    show more
    Contact us

    231 $2 /Mo

    Size
    463 SF
    Type
    Office
    Contact us

    160E $399 /Mo

    Size
    137 SF
    Type
    Office
    Introducing Salem’s newest fully furnished micro salon suites at Starkey Commons!...
    show more
    Contact us

    214 $2.00 /Mo

    Size
    238 SF
    Type
    Office
    Contact us

    160B $399 /Mo

    Size
    121 SF
    Type
    Office
    Introducing Salem’s newest fully furnished micro salon suites at Starkey Commons!...
    show more
    Contact us

    140B $399 /Mo

    Size
    115 SF
    Type
    Office
    Introducing Salem’s newest fully furnished micro salon suites at Starkey Commons!...
    show more
    Contact us

    102 $2 /Mo

    Size
    1,747 SF
    Type
    Office
    Beautifully renovated 2-story historic Downtown Salem building delivers multi-tenant,...
    show more
    Contact us

    140E $399 /Mo

    Size
    135 SF
    Type
    Office
    Introducing Salem’s newest fully furnished micro salon suites at Starkey Commons!...
    show more
    Contact us

    140A $399 /Mo

    Size
    118 SF
    Type
    Office
    Introducing Salem’s newest fully furnished micro salon suites at Starkey Commons!...
    show more
    Contact us

    205 $2.00 /Mo

    Size
    208 SF
    Type
    Office
    Contact us

    160C $399 /Mo

    Size
    121 SF
    Type
    Office
    Introducing Salem’s newest fully furnished micro salon suites at Starkey Commons!...
    show more
    Contact us

    160D $399 /Mo

    Size
    115 SF
    Type
    Office
    Introducing Salem’s newest fully furnished micro salon suites at Starkey Commons!...
    show more
    Contact us

    160A $399 /Mo

    Size
    163 SF
    Type
    Office
    Introducing Salem’s newest fully furnished micro salon suites at Starkey Commons!...
    show more
    Contact us
    Show more

    We can help!

    Listing Contact
    Elesa Doll
    Elesa Doll

    Listing agent Elesa Doll License #OR 200708163

    Listing office SMI Real Estate

    Listing date Dec 21, 2021

    Source Crexi

    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 SMI Real Estate

    Overview

    Renovated Downtown Salem Office/Retail Suites

    This beautifully renovated, secured 2-story historic building in Downtown Salem offers multi-tenant, high-class office and retail suites. Several executive office suites are available on the second floor. Common areas feature additional seating, and there is a shared conference room with a high glass wall on the 2nd floor. The building includes an elevator and shared bathrooms. Also available are fully furnished micro salon suites at Starkey Commons. These modern, glass-walled salon suites range in size from 85 to 193 square feet, with a total of 10 single-room suites available. They feature sliding glass doors, VLP flooring, and dimmable lighting. The landlord will furnish the suites with an industry chair based on the tenant's needs. The full-service lease rates include internet access.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Sean & Susan, Reed ... Real Estate Agency Alyssa Rife Hair Salon Hailey Sells, Realtor Real Estate Agency Sara Guthrie Counselor Contact Lewis Design, ... Marketing & Advertising

    Suggested Use

    Restaurant Real Estate Agency Law Firm Dental Office Spa & Massage Center Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Salem
    County
    Marion
    State
    Oregon
    Longitude
    -123.0400737
    Latitude
    44.941907

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      Office Space Near I-5

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      Updated Creekside Office Space Available

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    • $28/mo

      South Salem Mixed-Use Development

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    • $2/mo

      Premier Office Campus with Creek Frontage

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    • $24/mo

      Professional Office Space Near Capitol

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      View Details

    FAQs

    What type of property is this?
    Office units - High-class office and retail suites in a secured, historic building.
    Where is this office units located?
    The property is located at 223 Commercial St NE Salem, OR.
    What are key features of this property?
    This property features: Fully furnished, modern micro salon suites available (85‑193 SF) with sliding glass doors and VLP flooring.; All‑inclusive full‑service lease rates, including internet.; Landlord provides industry chair based on tenant needs.
    (503) 390-6060 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Elesa Doll
    Elesa Doll
    Real Estate License ID: OR 200708163
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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