Mixed-Use Commercial
For Sale
$2,900,000
388 Commercial St NE, Salem, OR 97301
Property supports retail, office, and medical uses at a signalized intersection.
Property Size13,448 SF
Price / SF$215.65
Days on Market86
Property Features for 388 Commercial St NE
General Information
Standard status
Active
Size
13,448 SF
Property subtype
Mixed Use
Building Details
Year Built
1911
Listing Agency:
MOSAR COMMERCIAL PROPERTIES
Listed By:
MIKE MOSAR
(971) 273-7670
Source:
Thesanchezteamoregon
Added: Jul 21
Changed: Oct 13
Last Checked: Oct 7 at 1:12PM
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 MOSAR COMMERCIAL PROPERTIES
Investment Insights
Based on property information with market context.
This mixed-use commercial building combines retail, office, and medical space within one property. The asset has a listed property size of 6933 and is positioned at the lighted intersection of Commercial and Center.
The property is located at 388 Commercial St NE, Salem, OR 97301.
The property is located at 388 Commercial St NE, Salem, OR 97301.
Key Highlights
- Mixed‑use property with retail, office, and medical components
- Located at the lighted intersection of Commercial and Center
- Listed property size of 6933
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$185,179
Cap Rate
6.39%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,703,580
$3.7M
Cap Rate 7%
$2,645,414
$2.6M
Cap Rate 9%
$2,057,544
$2.1M
Market Conditions
NOI Build-Up for 13,448 SF
Gross rent
$290.5K $21.60/SF
− Vacancy
−$43.6K −$3.24/SF
EGI
$246.9K $18.36/SF
− OpEx
−$61.7K −$4.59/SF
NOI
$185.2K $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%
$3,703,580
Cap Rate 7%
$2,645,414
Cap Rate 9%
$2,057,544
Alternative Uses
Best Use
Office B
$2.65M
$2.31M – $3.09M
NOI $185,179 @ 7.0% cap · market cap 6.39%
Second Best
Healthcare Medical
$2.57M
$2.25M – $3.00M
NOI $180,096 @ 7.0% cap · market cap 6.21%
Theoretical Best
Office A
$3.57M
$3.12M – $4.17M
NOI $249,939 @ 7.0% cap · market cap 8.62%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
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Current Use
Location Intelligence
Trade Area within ½ mile
3,178
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
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Market
Vacancy Rate% for Office in West region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Property supports retail, office, and medical uses at a signalized intersection.
Where is this mixed-use property located?
The property is located at 388 Commercial St NE Salem, OR.
What is the asking price?
The asking price for this property is $2,900,000.
What are key features of this property?
This property features: Mixed‑use property with retail, office, and medical components; Located at the lighted intersection of Commercial and Center; Listed property size of 6933
