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    Premier Office Campus with Creek Frontage Title is generated by Realmo AI

    650-680 Hawthorne Ave SE, Salem, OR 97301

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    For Lease
    $2 SF/Yr $4,963/Mo (calc)

    High-quality office space in Salem's finest business campus.

    Type:Office
    Property size:
    28,362 SF
    Added:
    Jan 26, 2026
    Days on Market:
    110
    Last Refresh:
    Apr 5 at 8:31 pm

    Property Features for 650-680 Hawthorne Ave SE

    General Information

    Standard status
    Active
    Size
    28,362 SF
    Property subtype
    Office

    Building Details

    Year Built
    2004

    Spaces For Lease

    at 650-680 Hawthorne Ave SE Contact us

    We can help!

    Listing Contact
    Curt Arthur, SIOR

    Listing agent Curt Arthur, SIOR License ##910200259

    Listing office

    Listing date Jan 26, 2026

    Source Corfac

    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 Curt Arthur, SIOR

    HighLights

    • Unmatched corporate identity and meticulously maintained campus.
    • Excellent access: Located one mile from the I‑5 at Highway 22 interchange.
    • Onsite amenities: Restaurant, walking trails, and three ponds, plus Mill Creek frontage.
    • High‑quality tenant base, including Aldrich Advisors.
    • Reputable and forward‑thinking ownership ensures ongoing investment.
    • Located in Salem, Oregon, the State Capital and 2nd largest MSA.

    Overview

    Creekside Corporate Center is a distinguished business campus offering a prominent corporate identity. The brick-faced buildings provide a timeless professional aesthetic, complemented by meticulous landscaping. The location is considered a second home for employees and clients alike. The property features an on-site restaurant, paved walking trails, three ponds, and frontage on Mill Creek. Located in Salem, Oregon, the state capital, the complex offers convenient access to local and regional transportation, situated one mile from the I-5 at Highway 22 interchange. The property is owned by Peregrine Realty Partners, known for their commitment to maintaining best-in-class facilities. Demise options are available at building 680. The location is conveniently situated between State and Mission Streets, just one mile from Interstate 5. The 28,362 square foot property is home to a high-quality tenant base, including Aldrich Advisors. A northwest-facing suite features window coverage on two sides.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Office Units

    Suggested Use

    Real Estate Agency Restaurant Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Salem
    County
    Marion
    State
    Oregon
    Longitude
    -122.993
    Latitude
    44.9221

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    FAQs

    What type of property is this?
    Office units - High-quality office space in Salem's finest business campus.
    Where is this office units located?
    The property is located at 650-680 Hawthorne Ave SE Salem, OR.
    What is the lease rate?
    The lease rate is $2 SF/Yr.
    What are key features of this property?
    This property features: Unmatched corporate identity and meticulously maintained campus.; Excellent access: Located one mile from the I‑5 at Highway 22 interchange.; Onsite amenities: Restaurant, walking trails, and three ponds, plus Mill Creek frontage.
    (503) 588-4146
    We can help!
    Listing Contact
    Curt Arthur, SIOR
    Real Estate License ID: #910200259
    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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    650-680 Hawthorne Ave SE, Salem, OR 97301
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