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    Former Cinebarre Theater Redevelopment Title is generated by Realmo AI

    501 Marion St NE, Salem, OR 97301

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    For Sale
    $3,950,000

    Downtown theater on its own parcel with seven auditoriums and built-in kitchen and bar infrastructure for flexible adaptive reuse.

    Type:Street Retail
    Property size:
    37,152 SF
    Price / SF:
    $106/SF
    Added:
    Jun 3, 2026
    Days on Market:
    4
    Last Refresh:
    Jun 5 at 2:05 am

    Property Features for 501 Marion St NE

    General Information

    Standard status
    Active
    Size
    37,152 SF
    Property subtype
    Street Retail

    Building Details

    Year Built
    1988

    Properties For Sale

    at 501 Marion St NE Contact us

    We can help!

    Listing Contact
    AJ Nash
    AJ Nash

    Listing agent AJ Nash

    Listing office Legacy Real Estate Commercial

    Listing date Jun 3, 2026

    Source Thebrokerlist

    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 Legacy Real Estate Commercial

    HighLights

    • Approximately 37,152 SF former Cinebarre theater on its own parcel in downtown Salem
    • Built in 1988 and previously operated as a luxury dine‑in movie theater
    • Seven auditoriums plus expansive lobby areas, offering large interior spaces for redevelopment or reuse
    • Existing commercial kitchen infrastructure and bar areas support a range of future concepts
    • Located on the corner of Marion Street and High Street with prominent frontage and direct access to downtown core
    • Adaptive reuse opportunities include entertainment, mixed‑use, fitness, retail, office, education, event venue, hospitality, or experiential uses

    Overview

    Former Cinebarre is a high-profile theater building totaling approximately 37,152 SF and positioned on its own parcel within downtown Salem. The property was previously operated as a luxury dine-in movie theater and includes seven auditoriums, expansive lobby areas, and dedicated commercial kitchen infrastructure, along with bar areas and existing utility capacity. The overall configuration is well-suited to flexible redevelopment and repositioning, with large interior volumes that can support a range of adaptive reuse concepts.

    The site is located on the corner of Marion Street and High Street in downtown Salem, with prominent frontage and immediate access to the downtown core. It sits adjacent to Salem Center and is described as being just blocks from the Oregon State Capitol, Marion Street Bridge, and Riverfront Park, placing it among nearby restaurants, retail, hotels, and civic destinations.

    For owner-users, developers, and investors, the building’s combination of prominent downtown presence, dedicated parcel, and flexible layout offers an opportunity to explore multiple program types. Supported by the existing improvements and utility capacity, concepts discussed for the site include entertainment, mixed-use, fitness, retail, office, educational, event venue, hospitality, and experiential uses, among other possibilities. The property’s size and interior configuration are designed to accommodate a customized operating environment aligned with future redevelopment goals.
    Location Intelligence

    Current Use by Public Records

    Regal Cinebarre Movieland Cinema

    Suggested Use

    Restaurant Real Estate Agency Building Supply Law Firm Dental Office Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop 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
    -123.0340076
    Latitude
    44.9440742

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    FAQs

    What type of property is this?
    Theater & concert hall - Downtown theater on its own parcel with seven auditoriums and built-in kitchen and bar infrastructure for flexible adaptive reuse.
    Where is this theater & concert hall located?
    The property is located at 501 Marion St NE Salem, OR.
    What is the asking price?
    The asking price for this property is $3,950,000.
    What are key features of this property?
    This property features: Approximately 37,152 SF former Cinebarre theater on its own parcel in downtown Salem; Built in 1988 and previously operated as a luxury dine‑in movie theater; Seven auditoriums plus expansive lobby areas, offering large interior spaces for redevelopment or reuse
    (503) 390-1375
    We can help!
    Listing Contact
    AJ Nash
    AJ Nash
    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.

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