Multi-Tenant Office
For Sale
Contact for pricing
659-695 Cottage St NE, Salem, OR 97301
Well-maintained office property with parking and a varied roster of service-oriented occupants.
Property Size9,570 SF
Price / SF$167.19
Days on Market52
Property Features for 659-695 Cottage St NE
General Information
Standard status
Active
Size
9,570 SF
Property subtype
OFFICE
Net Operating Income
$114,429
Building Details
Tenancy
Multi
Listing Agency:
Capacity Commercial Group
(503) 326-9000
Listed By:
Curt Arthur · License #910200259
(503) 559-7990
Source:
Moodyscre
Added: Aug 25
Changed: Oct 9
Last Checked: Oct 15 at 2:25AM
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
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 9,570-square-foot office building contains multiple tenant spaces and is described as well maintained. Existing occupants include medical and naturopathic practitioners, professional event planners, massage therapists, salons, and counselors, creating a service-oriented tenant mix across the property.
The property is located at 659-695 Cottage St NE in Salem, Oregon, on the northern edge of Downtown Salem. Its downtown-fringe setting places the asset within an established central-city office context, while on-site parking supports the needs of occupants and visitors. The property is offered for sale.
The property is located at 659-695 Cottage St NE in Salem, Oregon, on the northern edge of Downtown Salem. Its downtown-fringe setting places the asset within an established central-city office context, while on-site parking supports the needs of occupants and visitors. The property is offered for sale.
Key Highlights
- 9,570‑square‑foot multi‑tenant office building
- Tenant mix includes medical practitioners, event planners, salons, massage therapists, and counselors
- Well‑maintained office property
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$131,779
Cap Rate
8.24%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,635,580
$2.6M
Cap Rate 7%
$1,882,557
$1.9M
Cap Rate 9%
$1,464,211
$1.5M
Market Conditions
NOI Build-Up for 9,570 SF
Gross rent
$206.7K $21.60/SF
− Vacancy
−$31.0K −$3.24/SF
EGI
$175.7K $18.36/SF
− OpEx
−$43.9K −$4.59/SF
NOI
$131.8K $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 Rate 5%
$2,635,580
Cap Rate 7%
$1,882,557
Cap Rate 9%
$1,464,211
Alternative Uses
Best Use
Office B
$1.88M
$1.65M – $2.20M
NOI $131,779 @ 7.0% cap · market cap 8.24%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.54M
$2.22M – $2.96M
NOI $177,864 @ 7.0% cap · market cap 11.12%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
3,382
Businesses Nearby
Explore this area
Business Placement
Demographics for 97301, OR
56,393
Population
21,419
Households
2.6
Avg Household Size
34
Median Age
18%
College-Educated
81%
High-School Grad
11.3 sq mi
ZIP Area
4,991
Density / Sq Mi
$57,497
Median Household Income
$33,220
Median Earnings
$1,197
Median Rent
$310,800
Median Home Value
Market
Vacancy Rate% for Office in West region
Frequently Asked Questions
What type of property is this?
Office building - Well-maintained office property with parking and a varied roster of service-oriented occupants.
Where is this office building located?
The property is located at 659-695 Cottage St NE Salem, OR.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: 9,570‑square‑foot multi‑tenant office building; Tenant mix includes medical practitioners, event planners, salons, massage therapists, and counselors; Well‑maintained office property
