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    Historic Firehouse with Rental Upside Title is generated by Realmo AI

    246 State St Salem, Salem, OR 97301

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    For Sale
    $950,000

    Remodeled historic building with retail space and vacation rental units.

    Type:Retail
    Property size:
    4 SF
    Price / SF:
    $237,500/SF
    Added:
    Sep 10, 2025
    Days on Market:
    254
    Last Refresh:
    Apr 5 at 8:30 pm

    Property Features for 246 State St Salem

    General Information

    Standard status
    Active
    Size
    4 SF
    Property subtype
    Retail

    We can help!

    Listing Contact
    Shadya Jones
    Shadya Jones

    Listing agent Shadya Jones License #6501338373

    Listing office NAI Farbman

    Listing date Sep 10, 2025

    Source Cbcworldwide

    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 NAI Farbman

    HighLights

    • Historic building: Former Tiger Engine Co. No. 2 Fire House constructed in the 1900s.
    • Remodeled 4,573 +/- sq. ft. building with mixed‑use potential including retail/office and vacation rentals.
    • Features two separate vacation rental units on the 2nd floor (1 bed/1 bath & 2 bed/1 bath).
    • Zoned CB (Central Business) offering flexible usage options.
    • Located in the Salem Downtown Historic District overlay zone.
    • Owner‑user or investment opportunity with rental upside.

    Overview

    This remodeled historic building, constructed in the 1900s, offers 4,573 square feet of space. Zoned CB and located within the Salem Downtown Historic District overlay zone, the property presents an owner-user or investment opportunity with rental upside. The ground floor features a street-level retail or office space. The second floor contains two separate vacation rental units: one with one bedroom and one bathroom, and another with two bedrooms and one bathroom. This property, known as the Historic Tiger Engine Co. No. 2 Fire House, served as Salem's second firehouse in the 1900s. The property is suited for investors looking to capitalize on the demand for unique rental spaces and housing.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Salem Summit Co. Clothing Store Youth Era | Salem ... Charitable Organization

    Suggested Use

    Restaurant Real Estate Agency Building Supply Dental Office Law Firm Big Box & Wholesale Store Auto Repair Shop Spa & Massage Center Hair Salon Hotel & Motel

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

    Location Insight

    • Map
    • Local Demand
    City
    Salem
    County
    Marion
    State
    Oregon
    Longitude
    -123.042
    Latitude
    44.9403

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    FAQs

    What type of property is this?
    Retail space - Remodeled historic building with retail space and vacation rental units.
    Where is this retail space located?
    The property is located at 246 State St Salem Salem, OR.
    What is the asking price?
    The asking price for this property is $950,000.
    What are key features of this property?
    This property features: Historic building: Former Tiger Engine Co. No. 2 Fire House constructed in the 1900s.; Remodeled 4,573 +/- sq. ft. building with mixed‑use potential including retail/office and vacation rentals.; Features two separate vacation rental units on the 2nd floor (1 bed/1 bath & 2 bed/1 bath).
    (248) 351-6315
    We can help!
    Listing Contact
    Shadya Jones
    Shadya Jones
    Real Estate License ID: 6501338373
    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.

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    246 State St Salem, OR 97301, OR 97301
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