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Building Details

Building Size 34,659 SF

Year Built 1927

Year Renovated 2006

Buildings 2

Construction concrete

Tenancy Multi

Listing Agency: Capacity Commercial Group

Listed By: Curt Arthur, SIOR · License ##910200259 Show Phone

Source: Buildout

Added: Aug 26 Changed: Aug 30 Last Checked: Oct 14 at 9:25PM

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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 Capacity Commercial Group

Investment Insights

Based on property information with market context.

The property comprises two adjoining mixed-use buildings at 249–255 Liberty Street Southeast in downtown Salem. The improvements were remodeled in 2006 and feature exposed concrete walls, with occupancy spanning restaurant, office, residential, and retail uses. The rent roll includes The Cozy Taberna restaurant along with office, residential, and other retail tenants.

Electric Alley runs directly behind the buildings, adding a distinct service-alley setting to the property. The site is next to The Forge, a renovated four-story commercial building with Clink! restaurant, Jade Dumpling & Noodle House, Anthem Strategies, and additional commercial occupants. The property was listed with a National Historic District in 2006.

Key Highlights

• Two adjoining mixed‑use buildings in downtown Salem
• 2006 remodel with exposed concrete walls
• Rent roll includes The Cozy Taberna restaurant

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$477,254

Cap Rate

5.80%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$9,545,080 $9.5M

Cap Rate 7%

$6,817,914 $6.8M

Cap Rate 9%

$5,302,822 $5.3M

Is this asking price fair?

Market Conditions

NOI Build-Up for 34,659 SF

Gross rent

$748.6K $21.60/SF

− Vacancy

−$112.3K −$3.24/SF

EGI

$636.3K $18.36/SF

− OpEx

−$159.1K −$4.59/SF

NOI

$477.3K $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%

$9,545,080

Cap Rate 7%

$6,817,914

Cap Rate 9%

$5,302,822

Alternative Uses

Best Use

Office B

$6.82M

$5.97M – $7.95M (±1% cap)

NOI $477,254 @ 7.0% cap · market cap 5.80%

Second Best

Retail

$5.96M

$5.21M – $6.95M (±1% cap)

NOI $417,052 @ 7.0% cap · market cap 5.07%

Theoretical Best

Office A

$9.20M

$8.05M – $10.74M (±1% cap)

NOI $644,158 @ 7.0% cap · market cap 7.83%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Open Analytics

Current Use

NK Esthetics Spa & Massage Center Dronescape Marketing & Advertising Sea Legs Media Film Production AFFINITY GRAY CREDIT ... Financial Advisor Upswing Strategies | Marketing ... Marketing & Advertising

Suggested Use

Top Pick Electrical Service (Bike/Boat/Book/etc) Store HVAC Service Catering Service Plumbing Service Butcher

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Multi-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

3,569

Businesses Nearby

Explore this area Business Placement

Demographics for 97301, OR

56,393

Population

21,419

Households

2.6

Avg Household Size

34

Median Age

18%

College-Educated

81%

High-School Grad

11.3 sq mi

ZIP Area

4,991

Density / Sq Mi

$57,497

Median Household Income

$33,220

Median Earnings

$1,197

Median Rent

$310,800

Median Home Value

Market

Vacancy Rate% for Office in West region

11% 2019

14.1% 2020

15.5% 2021

17.2% 2022

19.9% 2023

21% 2024

20.8% 2025

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Two adjoining downtown buildings support restaurant, office, residential, and retail occupancy.

Where is this mixed-use property located?

The property is located at 249 -255 Liberty Street Southeast Salem, OR.

What is the asking price?

The asking price for this property is $8,226,000.

What are key features of this property?

This property features: Two adjoining mixed‑use buildings in downtown Salem; 2006 remodel with exposed concrete walls; Rent roll includes The Cozy Taberna restaurant