Flexible-Layout Office
For Sale
$359,900
245 Salem Heights Av S, Salem, OR 97302
Commercial, Salem, OR
Property Size1,589 SF
Lot Size0.14 Acres
Price / SF$226.49
Days on Market8
Property Features for 245 Salem Heights Av S
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
MU-III
Parking
4
View
Territorial
Directions
S on Liberty R on Salem Heights
Standard status
Active
Size
1,589 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
2598
Utilities
Heating system
Forced Air, Zoned, Natural Gas
Cooling system
Gas (Cooling)
Amenities
private office
restroom
storage
fenced outdoor area
Building Details
Year built
1946
Roof type
Composition, Shingle, Other
Listing Agency:
REALTY ONE GROUP WILLAMETTE VALLEY
(503) 881-2313
Listed By:
MIKE EASTLUND · License #200910041
(503) 559-8499
Added: Oct 3
Changed: Oct 9
Last Checked: Oct 10 at 12:06PM
MLS# 846270
Copyright © 2026 Willamette Valley Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1,589-square-foot office building, constructed in 1946, features an open layout alongside a private office, restroom, and storage. A fenced outdoor area and on-site parking are also part of the property. Heating is provided by forced air, zoned natural gas; cooling is gas. The roof is shingle and composition.
The property occupies a 0.14-acre lot at 245 Salem Heights Av S in Salem, Oregon, and is zoned MU-III. The owner will vacate upon close of escrow. The studio is not included in the sale.
The property occupies a 0.14-acre lot at 245 Salem Heights Av S in Salem, Oregon, and is zoned MU-III. The owner will vacate upon close of escrow. The studio is not included in the sale.
Key Highlights
- 1,589 square feet with an open, flexible layout
- Private office, restroom, and storage area
- Fenced outdoor area and on‑site parking
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$21,881
Cap Rate
6.08%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$437,620
$437.6K
Cap Rate 7%
$312,586
$312.6K
Cap Rate 9%
$243,122
$243.1K
Market Conditions
NOI Build-Up for 1,589 SF
Gross rent
$34.3K $21.60/SF
− Vacancy
−$5.1K −$3.24/SF
EGI
$29.2K $18.36/SF
− OpEx
−$7.3K −$4.59/SF
NOI
$21.9K $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%
$437,620
Cap Rate 7%
$312,586
Cap Rate 9%
$243,122
Alternative Uses
Best Use
Office B
$312.6K
$273.5K – $364.7K
NOI $21,881 @ 7.0% cap · market cap 6.08%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$421.9K
$369.2K – $492.2K
NOI $29,533 @ 7.0% cap · market cap 8.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
982
Businesses Nearby
Explore this area
Business Placement
Demographics for 97302, OR
39,776
Population
17,888
Households
2.2
Avg Household Size
41
Median Age
43%
College-Educated
95%
High-School Grad
23.5 sq mi
ZIP Area
1,693
Density / Sq Mi
$83,697
Median Household Income
$44,623
Median Earnings
$1,230
Median Rent
$415,200
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in West region
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Frequently Asked Questions
What type of property is this?
Office building - A private office, restroom, storage area, fenced outdoor space, and on-site parking support a range of commercial configurations.
Where is this office building located?
The property is located at 245 Salem Heights Av S Salem, OR.
What is the asking price?
The asking price for this property is $359,900.
What are key features of this property?
This property features: 1,589 square feet with an open, flexible layout; Private office, restroom, and storage area; Fenced outdoor area and on‑site parking
