Well-Maintained Office Building For
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830 Saginaw St S, Salem, OR 97302
Charming office building south of downtown Salem with recent upgrades.
Property Size1,682 SF
Price / SF$312.13
Days on Market174
Property Features for 830 Saginaw St S
General Information
Standard status
Active
Size
1,682 SF
Total Parking Spaces
10
Property subtype
Office
Zoning
CO
Building Details
Year Built
1910
Year Renovated
2010
Buildings
1
Stories
2
Listing Agency:
First Commercial Real Estate Services
(503) 364-7400
Listed By:
Ruth Dana · License #OR 900300123
Source:
Crexi
Added: Feb 27
Changed: Aug 11
Last Checked: Aug 19 at 1:09PM
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 Services
Investment Insights
Based on property information with market context.
This well-maintained, two-story office building with basement storage is located just south of downtown Salem. The property has undergone upgrades in recent years, including new Hardie Plank siding. The main level features a front reception area, a large private office, a kitchen, four treatment rooms (two equipped with a sink), and two restrooms. The second floor includes two additional private offices. An on-site parking lot with approximately 10 spaces provides parking for staff and clients, with additional street parking available nearby. The property offers a move-in ready opportunity for professional or medical users.
Key Highlights
- Move‑in ready condition with new Hardie Plank siding.
- Ideal for professional or medical use, featuring a reception area, offices, and two treatment rooms with sinks.
- Convenient on‑site parking lot with approximately 10 spaces.
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
$23,161
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
4.41%
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%
$463,220
$463.2K
Cap Rate 7%
$330,871
$330.9K
Cap Rate 9%
$257,344
$257.3K
Market Conditions
NOI Build-Up for 1,682 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
$36.3K $21.60/SF
− Vacancy
−$5.4K −$3.24/SF
EGI
$30.9K $18.36/SF
− OpEx
−$7.7K −$4.59/SF
NOI
$23.2K $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%
$463,220
Cap Rate 7%
$330,871
Cap Rate 9%
$257,344
Alternative Uses
Best Use
Office B
$330.9K
$289.5K – $386.0K
NOI $23,161 @ 7.0% cap · market cap 4.41%
Second Best
Healthcare Medical
$321.8K
$281.6K – $375.4K
NOI $22,525 @ 7.0% cap · market cap 4.29%
Theoretical Best
Office A
$446.6K
$390.8K – $521.0K
NOI $31,261 @ 7.0% cap · market cap 5.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,543
Businesses Nearby
Well-served
Demand for This Use
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?
Medical Office Space - Charming office building south of downtown Salem with recent upgrades.
Where is this medical office space located?
The property is located at 830 Saginaw St S Salem, OR.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: Move‑in ready condition with new Hardie Plank siding.; Ideal for professional or medical use, featuring a reception area, offices, and two treatment rooms with sinks.; Convenient on‑site parking lot with approximately 10 spaces.
