Two-Story Medical Office
For Sale
Contact for pricing
3260 State St, Salem, OR 97301
Class A medical office leased to a regional hospital group through February 2030, with robust parking and loading.
Property Size38,348 SF
Price / SF$333.79
Days on Market144
Property Features for 3260 State St
General Information
Standard status
Active
Size
38,348 SF
Class
A
Property subtype
OFFICE
Site & Location
Neighborhood
Southeast Salem Neighborhood Association (Sesna)
Building Details
Stories
2
Tenancy
Single
Listing Agency:
Capacity Commercial Group
(503) 326-9000
Listed By:
Curt Arthur · License #910200259
(503) 559-7990
Source:
Moodyscre
Added: Jun 5
Changed: Oct 25
Last Checked: Oct 24 at 6:34PM
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
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.
The subject property is a two-story, Class A suburban office building occupied by a regional hospital group since construction. The facility is in excellent condition and is currently home to the Salem Health Laboratory, described as a drop-in laboratory location and processing facility. The property also includes a package truck loading dock and has a new roof installed in 2025.
The asset is offered as a single-tenant NNN investment. The building is centrally located in the market and positioned for convenient patient access, supported by robust on-site parking and practical loading capabilities.
For buyers, this is a straightforward long-term income stream with the same tenant since construction. Leasing is in place through February 2030, and the property’s medical office use and laboratory operations are already established within the building. With a recently replaced roof and dedicated loading infrastructure, the offering may appeal to investors seeking a stabilized, owner-occupied-style healthcare asset that is already configured for laboratory processing needs.
The asset is offered as a single-tenant NNN investment. The building is centrally located in the market and positioned for convenient patient access, supported by robust on-site parking and practical loading capabilities.
For buyers, this is a straightforward long-term income stream with the same tenant since construction. Leasing is in place through February 2030, and the property’s medical office use and laboratory operations are already established within the building. With a recently replaced roof and dedicated loading infrastructure, the offering may appeal to investors seeking a stabilized, owner-occupied-style healthcare asset that is already configured for laboratory processing needs.
Key Highlights
- Class A, two‑story suburban office occupied by the regional hospital group since construction
- Single‑tenant NNN investment with a lease in place through February 2030
- New roof installed in 2025
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$528,052
Cap Rate
4.13%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$10,561,040
$10.6M
Cap Rate 7%
$7,543,600
$7.5M
Cap Rate 9%
$5,867,244
$5.9M
Market Conditions
NOI Build-Up for 38,348 SF
Gross rent
$828.3K $21.60/SF
− Vacancy
−$124.2K −$3.24/SF
EGI
$704.1K $18.36/SF
− OpEx
−$176.0K −$4.59/SF
NOI
$528.1K $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%
$10,561,040
Cap Rate 7%
$7,543,600
Cap Rate 9%
$5,867,244
Alternative Uses
Best Use
Office B
$7.54M
$6.60M – $8.80M
NOI $528,052 @ 7.0% cap · market cap 4.13%
Second Best
Healthcare Medical
$7.34M
$6.42M – $8.56M
NOI $513,556 @ 7.0% cap · market cap 4.01%
Theoretical Best
Office A
$10.18M
$8.91M – $11.88M
NOI $712,721 @ 7.0% cap · market cap 5.57%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
439
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
Vacancy Rate% for Office in West region
Frequently Asked Questions
What type of property is this?
Medical center - Class A medical office leased to a regional hospital group through February 2030, with robust parking and loading.
Where is this medical center located?
The property is located at 3260 State St Salem, OR.
What is the asking price?
The asking price for this property is $12,800,000.
What are key features of this property?
This property features: Class A, two‑story suburban office occupied by the regional hospital group since construction; Single‑tenant NNN investment with a lease in place through February 2030; New roof installed in 2025
