Storefront Property with Fenced Outdoor
245 Salem Heights Av, Salem, OR 97302
For Sale
$359,900
MU-III zoning accompanies an adaptable interior with dedicated office, storage, and restroom space.
Property Size1,589 SF
Price / SF$226.49
Days on Market43
Property Features for 245 Salem Heights Av
General Information
Standard status
Size
Total Parking Spaces
Property subtype
Zoning
Site & Location
Neighborhood
Additional Details
Property Use
Amenities
private office
restroom
storage
fenced outdoor area
on-site parking
Building Details
Building Size
Year Built
Listing Agency:
Realty One Group Willamette Valley
(503) 990-7137
Listed By:
Mike Eastlund · License OR #200910041
(503) 559-8499
Source:
Horsepowerrealestateproperties
Added: Oct 3
Changed: Nov 13
Last Checked: Nov 13 at 4:26PM
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 Realty One Group Willamette Valley
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 1,589-square-foot storefront property has an open interior, a private office, a restroom, and storage. A fenced outdoor area and on-site parking are also included. The building dates to 1946 and is zoned MU-III.
Located at 245 Salem Heights Av in Salem, the property has street presence and on-site parking. The owner will vacate upon closing of escrow.
Located at 245 Salem Heights Av in Salem, the property has street presence and on-site parking. The owner will vacate upon closing of escrow.
Key Highlights
- 1,589 square feet with an open interior layout
- MU‑III zoning
- Private office, restroom, and storage
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$19,120
Cap Rate
5.31%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$382,400
$382.4K
Cap Rate 7%
$273,143
$273.1K
Cap Rate 9%
$212,444
$212.4K
Market Conditions
NOI Build-Up for 1,589 SF
Gross rent
$28.6K $18.00/SF
− Vacancy
−$1.3K −$0.81/SF
EGI
$27.3K $17.19/SF
− OpEx
−$8.2K −$5.16/SF
NOI
$19.1K $12.03/SF
Area
Salem, OR
Vacancy
4.50%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$382,400
Cap Rate 7%
$273,143
Cap Rate 9%
$212,444
Alternative Uses
Best Use
Retail
$273.1K
$239.0K – $318.7K
NOI $19,120 @ 7.0% cap · market cap 5.31%
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.
How Realmo checks its estimates
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
982
Businesses Nearby
Under-served
Demand for This Use
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
Market
Properties on Market for Storefront properties in Marion County
Vacancy Rate% for Retail in West region
Similar Off Market Nearby
- SameDay-FlowerDelivery — 3165 commercial st se, salem, or 97302
Frequently Asked Questions
What type of property is this?
Storefront property - MU-III zoning accompanies an adaptable interior with dedicated office, storage, and restroom space.
Where is this storefront property located?
The property is located at 245 Salem Heights Av 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 interior layout; MU‑III zoning; Private office, restroom, and storage
