Leased Restaurant and Bar
For Sale
$649,000
2407 State St, Salem, OR 97305
Restaurant and bar space is leased, with the building and property available for sale.
Property Size2,427 SF
Price / SF$267.41
Days on Market268
Property Features for 2407 State St
General Information
Standard status
Active
Size
2,427 SF
Site & Location
Neighborhood
Northeast Neighbors (Nen)
Taxes and HOA fees
Annual Taxes
$8,754
Listing Agency:
COLDWELL BNKR/COMMERCIAL DIV
(503) 588-3508
Listed By:
PAM RUSHING · License #200202271
(503) 566-5706
Source:
Exprealty
Added: Feb 3
Changed: Oct 26
Last Checked: Oct 28 at 10:54AM
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 COLDWELL BNKR/COMMERCIAL DIV
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This offering includes the building and property only, as the restaurant/bar is currently leased and the tenant should not be disturbed. The tenant has more than three years remaining on the lease, with options extending the term further.
The property is located on a busy intersection of 24th and State Street, supporting a steady commercial presence at a prominent local corner.
This listing is focused on the real estate; a possible sale of the business is available on a separate deal for those interested in pursuing both transactions.
The property is located on a busy intersection of 24th and State Street, supporting a steady commercial presence at a prominent local corner.
This listing is focused on the real estate; a possible sale of the business is available on a separate deal for those interested in pursuing both transactions.
Key Highlights
- Building and property for sale; restaurant/bar space is currently leased.
- Restaurant/bar tenant has over 3 years remaining on the lease with options.
- Located on a busy intersection of 24th and State Street.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$33,551
Cap Rate
5.17%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$671,020
$671.0K
Cap Rate 7%
$479,300
$479.3K
Cap Rate 9%
$372,789
$372.8K
Market Conditions
NOI Build-Up for 2,427 SF
Gross rent
$46.6K $19.20/SF
− Vacancy
−$1.9K −$0.77/SF
EGI
$44.7K $18.43/SF
− OpEx
−$11.2K −$4.61/SF
NOI
$33.6K $13.82/SF
Area
Salem, OR
Vacancy
4.00%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$671,020
Cap Rate 7%
$479,300
Cap Rate 9%
$372,789
Alternative Uses
Best Use
Specialty Retail
$479.3K
$419.4K – $559.2K
NOI $33,551 @ 7.0% cap · market cap 5.17%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$644.4K
$563.8K – $751.8K
NOI $45,107 @ 7.0% cap · market cap 6.95%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
975
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 97305, OR
44,535
Population
15,219
Households
2.9
Avg Household Size
33
Median Age
16%
College-Educated
77%
High-School Grad
47.2 sq mi
ZIP Area
944
Density / Sq Mi
$64,581
Median Household Income
$32,554
Median Earnings
$1,386
Median Rent
$339,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in West region
Similar Off Market Nearby
- Graveyard Bar — 2407 State St, Salem, OR 97301
- King Hookah Lounge — 1930 State St, Salem, OR 97301
- Noble's Tavern — 1747 Center St NE, Salem, OR 97301
- Starbucks — 1265 Center St NE, Salem, OR 97301
- Lickit — 604 17th st ne, salem, or 97301
Frequently Asked Questions
What type of property is this?
Bar & Pub - Restaurant and bar space is leased, with the building and property available for sale.
Where is this bar & pub located?
The property is located at 2407 State St Salem, OR.
What is the asking price?
The asking price for this property is $649,000.
What are key features of this property?
This property features: Building and property for sale; restaurant/bar space is currently leased.; Restaurant/bar tenant has over 3 years remaining on the lease with options.; Located on a busy intersection of 24th and State Street.
