Two-Story Office
245 245 Oak St SE Salem, OR 97301
New
For Sale
$520,000
Built in 1900, this two-story office building features separate level reception areas and multiple private workspaces.
Property Size1,892 SF
Price / SF$274.84
Days on Market7
Property Features for 245 245 Oak St SE
General Information
- Standard status
- Active
- Size
- 1,892 SF
- Property subtype
- Office
Listing Agency:
BLUM REAL ESTATE
(503) 485-1900
Listed By:
GLADYS BLUM
(503) 485-1900
Source:
Xome
Added: Jul 20
Changed: Jul 25
Last Checked: Jul 26 at 3:25AM
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 BLUM REAL ESTATE
Investment Insights
Based on property information with market context.
This historic two-story office building was built in 1900 and is described as well-maintained. The main level includes a reception area and four private offices. The lower level also has a reception area and four partitioned workspaces, providing a practical mix of front-of-house space and individual work areas.
The property is located at 245 245 Oak St SE in Salem, near the Salem Convention Center and downtown amenities. It is currently occupied by a single tenant, and the layout is presented as flexible enough to accommodate multiple tenants, with separate entrances for each level.
As currently configured, the building supports a two-level operational plan with reception on both floors and multiple enclosed or partitioned workspace options, making it a straightforward fit for office tenants seeking separate areas within one building.
The property is located at 245 245 Oak St SE in Salem, near the Salem Convention Center and downtown amenities. It is currently occupied by a single tenant, and the layout is presented as flexible enough to accommodate multiple tenants, with separate entrances for each level.
As currently configured, the building supports a two-level operational plan with reception on both floors and multiple enclosed or partitioned workspace options, making it a straightforward fit for office tenants seeking separate areas within one building.
Key Highlights
- Historic two‑story office building built in 1900 with separate reception areas on each level
- Main level layout includes a reception area plus four private offices
- Lower level includes a reception area and four partitioned workspaces
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 | $40.9k | $21.60 |
| − Vacancy | −$6.1k | −$3.24 |
| EGI | $34.7k | $18.36 |
| − OpEx | −$8.7k | −$4.59 |
| NOI | $26.1k | $13.77 |
1,892 SF · lease $21.60/SF/yr · vacancy 15.00% · expense 25.00%
Alternative Uses
Best Use
Office B
$372.2K
$325.7K – $434.2K
NOI $26,053 @ 7.0% cap · market cap 5.01%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$502.3K
$439.6K – $586.1K
NOI $35,164 @ 7.0% cap · market cap 6.76%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
BCS Professional Payroll
Accounting Firm
FAQs
What type of property is this?
Office building - Built in 1900, this two-story office building features separate level reception areas and multiple private workspaces.
Where is this office building located?
The property is located at 245 245 Oak St SE Salem, OR.
What is the asking price?
The asking price for this property is $520,000.
What are key features of this property?
This property features: Historic two‑story office building built in 1900 with separate reception areas on each level; Main level layout includes a reception area plus four private offices; Lower level includes a reception area and four partitioned workspaces
