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    Downtown Office Space Available Title is generated by Realmo AI

    565 Union St NE, Salem, OR 97301

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    First and second floor office space with high walk score.

    Type:Office
    Added:
    Oct 16, 2020
    Days on Market:
    2056
    Last Refresh:
    May 12 at 8:56 pm

    Property Features for 565 Union St NE

    General Information

    Standard status
    Active
    Property subtype
    Office

    Spaces For Lease

    at 565 Union St NE Contact us

    Suite 200 $1.50/Mo

    Size
    423 SF
    Type
    Office
    Contact us

    Suite 101 $1.75/Mo

    Size
    1,147 SF
    Type
    Office
    Contact us

    Suite 202 $1.50/Mo

    Size
    423 SF
    Type
    Office
    Contact us

    Suite 204 $1.50/Mo

    Size
    861 SF
    Type
    Office
    Contact us

    Suite 201 $1.50/Mo

    Size
    406 SF
    Type
    Office
    Contact us

    Suite 205B $1.50/Mo

    Size
    295 SF
    Type
    Office
    Contact us
    Show more

    We can help!

    Listing Contact
    Terry Hancock

    Listing agent Terry Hancock License #OR 200110013

    Listing office Hancock Real Estate

    Listing date Oct 16, 2020

    Source Crexi

    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 Hancock Real Estate

    HighLights

    • Centrally located downtown, just three blocks from the Marion County Courthouse.
    • Enjoy a strong walk score of 85.
    • Located on the corner of Union & Church Street NE on several bus routes.
    • Three blocks from the main bus terminal.
    • Office space available on the first and second floors.
    • Features private offices and storage areas.

    Overview

    Office space is available on the first and second floors. The layout includes private offices and storage areas. The property has a strong walk score of 85. It is centrally located within three blocks of Marion County Courthouse and is situated on the corner of Union & Church Street NE, with access to several bus routes. The property is also located three blocks from the main bus terminal.
    Location Intelligence

    Current Use by Public Records

    Cox Sandi Family Counselor Grant Neda L Family Counselor Kassirer Ishara Family Counselor Salem Pastoral Counseling ... Family Counselor Youth Villages Charitable Organization

    Suggested Use

    Restaurant Real Estate Agency Law Firm Dental Office Spa & Massage Center Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Salem
    County
    Marion
    State
    Oregon
    Longitude
    -123.0331309
    Latitude
    44.9451354

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    FAQs

    What type of property is this?
    Office units - First and second floor office space with high walk score.
    Where is this office units located?
    The property is located at 565 Union St NE Salem, OR.
    What is the lease rate?
    The lease rate is $18 SF/Yr.
    What are key features of this property?
    This property features: Centrally located downtown, just three blocks from the Marion County Courthouse.; Enjoy a strong walk score of 85.; Located on the corner of Union & Church Street NE on several bus routes.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Terry Hancock
    Real Estate License ID: OR 200110013
    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.

    More about this property
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    565 Union St NE, Salem, OR 97301
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