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    302 State St Salem, OR

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    Multi-tenant office building in Salem's Central Business District.

    Type:OFFICE
    Property size:
    51,384 SF
    Lot size:
    0.68 Acres
    Added:
    May 9, 2025
    Days on Market:
    353
    Last Refresh:
    Apr 5 at 9:33 pm

    Property Features for 302 State St

    General Information

    Standard status
    Active
    Size
    51,384 SF
    Lot size
    0.68 Acres
    Property subtype
    OFFICE

    We can help!

    Listing Contact
    Gary Griff

    Listing agent Gary Griff

    Listing office Cushman & Wakefield | Portland

    Listing date May 9, 2025

    Source Moodyscre

    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 Cushman & Wakefield | Portland

    Overview

    Salem Office Building For Sale

    This office building, located in Salem's Central Business District, offers a total area of 51,384 square feet. Constructed in 1869 and fully remodeled in 1966 with subsequent periodic upgrades, the property includes three floors, with a fully improved basement. The building is situated on a 29,621 square foot (0.68 acre) lot and features a surface parking lot with 28 spaces. Zoned CB (Central Business District), the property benefits from a solid office market with a 6.8% vacancy rate as of mid-year 2024. A national credit, Fortune 500 company is set to lease back 9,857 square feet for 7 years, with four 5-year options, leaving 41,527 square feet available for an owner/user or lease up. The location provides convenient walkability to the State Capital Mall, County Courthouse, Riverfront Park, hotels, restaurants, entertainment venues, and major retail areas. The average daily traffic count at State Street and Commercial Street is 46,703. The tax valuation for 2024 is $6,544,620.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    U.S. Bancorp Investments ... Financial Advisor U.S. Bank-Angie J ... Loan Service U.S. Bank Branch Bank U.S. Bank-Aaron Garcia-Mortgage ... Loan Service U.S. Bancorp Investments ... Financial Advisor

    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
    -123.04
    Latitude
    44.9401

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    FAQs

    What type of property is this?
    Office building - Multi-tenant office building in Salem's Central Business District.
    Where is this office building located?
    The property is located at 302 State St Salem, OR.
    What are key features of this property?
    This property features: National Credit, Fortune 500 company leaseback of 9,857 SF for 7 years with four 5‑year options.; 41,527 SF available for Owner/User or Lease Up.; Prime location walkable to State Capital Mall, County Courthouse, Riverfront Park, hotels, restaurants, entertainment, and major retail.
    (503) 279-1700 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Gary Griff
    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.

    More about this property
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