Multi-Tenant Office
For Sale
$1,600,000
659 Cottage Street Northeast, Salem, OR 97301
Established office property serving medical, professional, and personal service users near Downtown Salem.
Property Size9,570 SF
Days on Market51
Property Features for 659 Cottage Street Northeast
General Information
Standard status
Active
Size
9,570 SF
Class
C
Property subtype
Office
Net Operating Income
$114,429
Building Details
Building Size
9,570 SF
Tenancy
Multi
Listing Agency:
Capacity Commercial Group
Listed By:
Curt Arthur, SIOR · License ##910200259
(503) 559-7990
Source:
Buildout
Added: Aug 26
Changed: Aug 28
Last Checked: Oct 14 at 8:30PM
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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Investment Insights
Based on property information with market context.
This multi-tenant office property at 659 Cottage Street Northeast in Salem accommodates a varied group of local service providers. The tenant roster includes medical and naturopathic practitioners, professional event planners, massage therapists, salons, and counselors. The improvements are described as well maintained, with parking identified among the property’s features.
The asset sits on the northern edge of Downtown Salem, offering a downtown-fringe setting for office and service-oriented occupants. Its tenant mix spans healthcare, professional services, personal care, and counseling uses, creating a range of established office functions within one property.
The asset sits on the northern edge of Downtown Salem, offering a downtown-fringe setting for office and service-oriented occupants. Its tenant mix spans healthcare, professional services, personal care, and counseling uses, creating a range of established office functions within one property.
Key Highlights
- Multi‑tenant office property at 659 Cottage Street Northeast
- Located on the northern edge of Downtown Salem
- Tenant mix includes medical and naturopathic practitioners
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
Healthcare Medical
$1.83M
$1.60M – $2.14M
NOI $128,161 @ 7.0% cap · market cap 8.01%
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.
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Property Analytics
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in West region
Frequently Asked Questions
What type of property is this?
Office building - Established office property serving medical, professional, and personal service users near Downtown Salem.
Where is this office building located?
The property is located at 659 Cottage Street Northeast 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: Multi‑tenant office property at 659 Cottage Street Northeast; Located on the northern edge of Downtown Salem; Tenant mix includes medical and naturopathic practitioners
