Two-Story Office
305 - 321 Court Street NE, Salem, OR 97301
For Sale
$2,800,000
Two-story office property with CB zoning and restaurant tenancy.
Property Size17,625 SF
Lot Size0.14 Acres
Price / SF$158.87
Days on Market53
Property Features for 305 - 321 Court Street NE
General Information
Standard status
Size
Class
Lot size
Property subtype
Zoning
Occupancy
Site & Location
Neighborhood
Additional Details
Asking Price
Building Details
Building Size
Year Built
Buildings
Stories
Listed By:
Terry Hancock, SIOR
(503) 370-2581
Source:
Hancockre
Added: Sep 18
Changed: Nov 3
Last Checked: Nov 8 at 3:41AM
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 Terry Hancock, SIOR
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.
Built in 1940, this two-story office building contains 17,625 SF on a 0.14-acre parcel. The property is zoned CB and includes a restaurant tenancy within the overall office-oriented asset.
The building is located in downtown Salem at 305–321 Court Street NE. Occupancy is reported at 98% leased, and the restaurant tenant is committed to executing a new five-year lease upon closing.
The building is located in downtown Salem at 305–321 Court Street NE. Occupancy is reported at 98% leased, and the restaurant tenant is committed to executing a new five-year lease upon closing.
Key Highlights
- 17,625 SF two‑story office building
- 98% leased
- 0.14‑acre parcel in downtown Salem
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$242,696
Cap Rate
8.67%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,853,920
$4.9M
Cap Rate 7%
$3,467,086
$3.5M
Cap Rate 9%
$2,696,622
$2.7M
Market Conditions
NOI Build-Up for 17,625 SF
Gross rent
$380.7K $21.60/SF
− Vacancy
−$57.1K −$3.24/SF
EGI
$323.6K $18.36/SF
− OpEx
−$80.9K −$4.59/SF
NOI
$242.7K $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%
$4,853,920
Cap Rate 7%
$3,467,086
Cap Rate 9%
$2,696,622
Alternative Uses
Best Use
Office B
$3.47M
$3.03M – $4.04M
NOI $242,696 @ 7.0% cap · market cap 8.67%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.68M
$4.09M – $5.46M
NOI $327,571 @ 7.0% cap · market cap 11.70%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Lease Details
98%
Occupancy
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
$310,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Average Price Trend$/SF for Office buildings in Salem, OR
Properties on Market for Office buildings in Salem
Vacancy Rate% for Office in West region
Frequently Asked Questions
What type of property is this?
Office building - Two-story office property with CB zoning and restaurant tenancy.
Where is this office building located?
The property is located at 305 - 321 Court Street NE Salem, OR.
What is the asking price?
The asking price for this property is $2,800,000.
What are key features of this property?
This property features: 17,625 SF two‑story office building; 98% leased; 0.14‑acre parcel in downtown Salem
