Automotive Shop With Office
For Sale
$675,000
4045 4045 State St, Salem, OR 97301
The layout combines service bays with reception, private offices, restrooms, and an upper-level open work area.
Property Size1,900 SF
Price / SF$355.26
Days on Market443
Property Features for 4045 4045 State St
General Information
Standard status
Active
Size
1,900 SF
Property subtype
Retail
Additional Details
Asking Price
$850,000
Service Bays
2
Taxes and HOA fees
Annual Taxes
$3,387
Amenities
reception area
restroom
private offices
open work area
3
72.42 x131.24
Building Details
Buildings
2
Stories
2
Listing Agency:
COLDWELL BNKR/COMMERCIAL DIV
(503) 566-5706
Listed By:
PAM RUSHING · License #200202271
(503) 566-5706
Source:
Xome
Added: May 31, 2025
Changed: Aug 15
Last Checked: Aug 16 at 3:23AM
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 COLDWELL BNKR/COMMERCIAL DIV
Investment Insights
Based on property information with market context.
This automotive property includes a two-bay shop alongside a two-story office building. The ground level provides a reception area, restroom, and two private offices. Upstairs, an open work area can accommodate cubicle offices or reception functions, along with two additional private offices and a restroom.
The property is located at 4045 State St in Salem, Oregon. Exterior information includes a 72.42 x 131.24 dimension, while the overall property size is listed as 1900.
The property is located at 4045 State St in Salem, Oregon. Exterior information includes a 72.42 x 131.24 dimension, while the overall property size is listed as 1900.
Key Highlights
- Two‑bay automotive shop
- Two‑story office building with four private offices
- First‑floor reception area, restroom, and two private offices
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$26,163
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.88%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$523,260
$523.3K
Cap Rate 7%
$373,757
$373.8K
Cap Rate 9%
$290,700
$290.7K
Market Conditions
NOI Build-Up for 1,900 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$41.0K $21.60/SF
− Vacancy
−$6.2K −$3.24/SF
EGI
$34.9K $18.36/SF
− OpEx
−$8.7K −$4.59/SF
NOI
$26.2K $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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$523,260
Cap Rate 7%
$373,757
Cap Rate 9%
$290,700
Alternative Uses
Best Use
Office B
$373.8K
$327.0K – $436.1K
NOI $26,163 @ 7.0% cap · market cap 3.88%
Second Best
Retail
$326.6K
$285.8K – $381.1K
NOI $22,863 @ 7.0% cap · market cap 3.39%
Theoretical Best
Office A
$504.5K
$441.4K – $588.6K
NOI $35,313 @ 7.0% cap · market cap 5.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Service bays
Location Intelligence
Trade Area within ½ mile
690
Businesses Nearby
Well-served
Demand for This Use
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Leif's Automotive — 245 lancaster dr se, salem, or 97317
- ROBERSON Body Shop — 3100 ryan dr se, salem, or 97301
- The Brothers Tire Shop And Auto Glass — 245lancaster, Dr Se, Salem, OR 97317
- DubTeknix Inc. — 4090 Mahrt Ave SE, Salem, OR 97301
- El Mexicano Auto Repair — 320 B Lancaster Dr SE, Salem, OR 97317
Frequently Asked Questions
What type of property is this?
Auto shop - The layout combines service bays with reception, private offices, restrooms, and an upper-level open work area.
Where is this auto shop located?
The property is located at 4045 4045 State St Salem, OR.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: Two‑bay automotive shop; Two‑story office building with four private offices; First‑floor reception area, restroom, and two private offices
