Building Details

Building Size 14,235 SF

Year Built 1992

Listing Agency: Capacity Commercial Group

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

Source: Buildout

Added: Aug 26 Changed: Aug 29 Last Checked: Oct 14 at 9:05PM

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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

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Investment Insights

Based on property information with market context.

This vacant Class B office property, built in 1992, provides a mix of enclosed offices and open workspace across a two-story configuration. The interior includes a substantial break area, while the second floor opens to an exterior patio. A large on-site parking area supports the building’s office use, with parking exceeding 4:1000.

The suburban setting places the property near Salem Airport and I-5, with the Central Business District approximately two miles away. The asset offers a combination of private and collaborative work areas within an established office building, along with convenient regional access and outdoor amenity space.

Key Highlights

• Vacant Class B office property built in 1992
• Blend of private offices and open work areas
• Large break area plus outdoor second‑floor patio

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$196,016

Cap Rate

6.33%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$3,920,320 $3.9M

Cap Rate 7%

$2,800,229 $2.8M

Cap Rate 9%

$2,177,956 $2.2M

Is this asking price fair?

Market Conditions

NOI Build-Up for 14,235 SF

Gross rent

$307.5K $21.60/SF

− Vacancy

−$46.1K −$3.24/SF

EGI

$261.4K $18.36/SF

− OpEx

−$65.3K −$4.59/SF

NOI

$196.0K $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%

$3,920,320

Cap Rate 7%

$2,800,229

Cap Rate 9%

$2,177,956

Alternative Uses

Best Use

Office B

$2.80M

$2.45M – $3.27M (±1% cap)

NOI $196,016 @ 7.0% cap · market cap 6.33%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$3.78M

$3.31M – $4.41M (±1% cap)

NOI $264,566 @ 7.0% cap · market cap 8.54%

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

ATRIO Health Plans Insurance Agency Npmic Insurance Inc Insurance Agency WVP Home Health ... Home Health Care Service Doctors Co Insurance Agency

Suggested Use

Top Pick Law Firm Hair Salon HVAC Service (Bike/Boat/Book/etc) Store Pharmacy Storage Facility

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

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

491

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?

Office building - Flexible workspace combines private offices, open areas, a break room, and an outdoor second-floor patio.

Where is this office building located?

The property is located at 2965 Ryan Drive SE Salem, OR.

What is the asking price?

The asking price for this property is $3,099,000.

What are key features of this property?

This property features: Vacant Class B office property built in 1992; Blend of private offices and open work areas; Large break area plus outdoor second‑floor patio