Remodeled Office
For Sale
$575,000
630 630 Mary Av, Salem, OR 97302
CO-zoned property with private offices, shared kitchenette, lower-level storage, and a one-car garage.
Property Size1,861 SF
Price / SF$308.97
Days on Market8
Property Features for 630 630 Mary Av
General Information
Standard status
Active
Size
1,861 SF
Total Parking Spaces
1
Property subtype
Office
Zoning
CO
Additional Details
Road Access
Yes
Amenities
shared kitchenette/copy room
storage
Building Details
Year Built
1948
Year Renovated
2018
Buildings
1
Stories
2
Tenancy
Single
Owner Occupied
No
Listing Agency:
FIRST COMMERCIAL REAL ESTATE
(503) 559-2694
Listed By:
CONRAD VENTI · License #201252758
(503) 559-2694
Source:
Xome
Added: Aug 3
Changed: Aug 9
Last Checked: Aug 9 at 2:46PM
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 FIRST COMMERCIAL REAL ESTATE
Investment Insights
Based on property information with market context.
This office property contains 1,861 square feet and was originally constructed in 1948 before receiving a remodel in 2018. The main floor includes three private offices, a shared kitchenette and copy area, and a restroom. Below, the building provides a one-car garage and substantial storage space that could be converted into additional office or meeting area. The property is currently tenant occupied.
Positioned on a hillside just off South Commercial Street SE, the building offers access to one of Salem’s active commercial corridors. The property is zoned Commercial Office (CO), supporting its established office configuration.
Positioned on a hillside just off South Commercial Street SE, the building offers access to one of Salem’s active commercial corridors. The property is zoned Commercial Office (CO), supporting its established office configuration.
Key Highlights
- 1,861‑square‑foot office property
- Built in 1948 and remodeled in 2018
- Three private offices on the main level
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
$25,626
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
4.46%
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%
$512,520
$512.5K
Cap Rate 7%
$366,086
$366.1K
Cap Rate 9%
$284,733
$284.7K
Market Conditions
NOI Build-Up for 1,861 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
$40.2K $21.60/SF
− Vacancy
−$6.0K −$3.24/SF
EGI
$34.2K $18.36/SF
− OpEx
−$8.5K −$4.59/SF
NOI
$25.6K $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%
$512,520
Cap Rate 7%
$366,086
Cap Rate 9%
$284,733
Alternative Uses
Best Use
Office B
$366.1K
$320.3K – $427.1K
NOI $25,626 @ 7.0% cap · market cap 4.46%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$494.1K
$432.4K – $576.5K
NOI $34,588 @ 7.0% cap · market cap 6.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Single-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
879
Businesses Nearby
Explore this area
Business Placement
Demographics for 97302, OR
39,776
Population
17,888
Households
2.2
Avg Household Size
41
Median Age
43%
College-Educated
95%
High-School Grad
23.5 sq mi
ZIP Area
1,693
Density / Sq Mi
$83,697
Median Household Income
$44,623
Median Earnings
$1,230
Median Rent
$415,200
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - CO-zoned property with private offices, shared kitchenette, lower-level storage, and a one-car garage.
Where is this office building located?
The property is located at 630 630 Mary Av Salem, OR.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: 1,861‑square‑foot office property; Built in 1948 and remodeled in 2018; Three private offices on the main level
