Multi-Tenant Industrial
New
For Sale
$8,900,000
572-576 Patterson Street NW, Salem, OR 97304
Two single-story buildings offer flexible industrial configurations with office space, loading access, and multiple occupancy options.
Property Size65,423 SF
Lot Size4.00 Acres
Price / SF$136.04
Days on Market2
Property Features for 572-576 Patterson Street NW
General Information
Standard status
Active
Size
65,423 SF
Lot size
4.00 Acres
Property subtype
Industrial
Zoning
IG-General Industrial
Warehouse & Industrial
Clear Height
24 ft
Dock-High Doors
2
Drive-In Doors
5
Building Details
Building Size
65,423 SF
Year Built
1947
Year Renovated
2008
Buildings
2
Stories
1
Tenancy
Multi
Listing Agency:
Capacity Commercial Group
Listed By:
Curt Arthur, SIOR · License ##910200259
(503) 559-7990
Source:
Buildout
Added: Sep 1
Last Checked: Sep 1 at 8:39PM
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
Investment Insights
Based on property information with market context.
This multi-tenant industrial property includes two single-story buildings totaling 65,423 SF on approximately 4 acres. The asset includes a small office component, platform loading infrastructure, staging space, and layouts that can accommodate separate occupancies. Clear heights range from 14' to 24' in the larger building, while the second structure includes multiple suite configurations and grade-level loading access.
The property is located at 572-576 Patterson Street NW in Salem, Oregon, within an industrial/retail area. Seven units are identified, and the buildings include two platform loading docks, five grade-level doors, and configurations ranging from 1,275 SF to 10,200 SF. Originally built in 1947, the property was renovated in 2008.
The property is located at 572-576 Patterson Street NW in Salem, Oregon, within an industrial/retail area. Seven units are identified, and the buildings include two platform loading docks, five grade-level doors, and configurations ranging from 1,275 SF to 10,200 SF. Originally built in 1947, the property was renovated in 2008.
Key Highlights
- 65,423 SF across two single‑story industrial buildings
- Approximately 4 acres with 7 units
- Two platform loading docks and full‑side staging area
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
$697,344
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
7.84%
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%
$13,946,880
$13.9M
Cap Rate 7%
$9,962,057
$10.0M
Cap Rate 9%
$7,748,267
$7.7M
Market Conditions
NOI Build-Up for 65,423 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
$863.6K $13.20/SF
− Vacancy
−$43.2K −$0.66/SF
EGI
$820.4K $12.54/SF
− OpEx
−$123.1K −$1.88/SF
NOI
$697.3K $10.66/SF
Area
Salem, OR
Vacancy
5.00%
Lease Rate
$13.20 /SF/Yr
Expense Ratio
15.00%
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%
$13,946,880
Cap Rate 7%
$9,962,057
Cap Rate 9%
$7,748,267
Alternative Uses
Best Use
Warehouse
$9.96M
$8.72M – $11.62M
NOI $697,344 @ 7.0% cap · market cap 7.84%
Second Best
Flex RnD
$9.59M
$8.39M – $11.19M
NOI $671,554 @ 7.0% cap · market cap 7.55%
Theoretical Best
Office A
$17.37M
$15.20M – $20.27M
NOI $1,215,926 @ 7.0% cap · market cap 13.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
24 ft
Clear height
2
Dock-high doors
5
Drive-in doors
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
812
Businesses Nearby
Explore this area
Business Placement
Demographics for 97304, OR
34,102
Population
14,547
Households
2.3
Avg Household Size
40
Median Age
39%
College-Educated
93%
High-School Grad
56.8 sq mi
ZIP Area
600
Density / Sq Mi
$91,731
Median Household Income
$53,370
Median Earnings
$1,441
Median Rent
$469,500
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Industrial property - Two single-story buildings offer flexible industrial configurations with office space, loading access, and multiple occupancy options.
Where is this industrial property located?
The property is located at 572-576 Patterson Street NW Salem, OR.
What is the asking price?
The asking price for this property is $8,900,000.
What are key features of this property?
This property features: 65,423 SF across two single‑story industrial buildings; Approximately 4 acres with 7 units; Two platform loading docks and full‑side staging area
