Adaptable Warehouse in West
For Sale
Contact for pricing
845 Bassett St NW, Salem, OR 97304
47,600 SF warehouse on 2.27 acres in Salem.
Property Size47,600 SF
Lot Size2.27 Acres
Price / SF$105.04
Days on Market170
Property Features for 845 Bassett St NW
General Information
Standard status
Active
Size
47,600 SF
Lot size
2.27 Acres
Property subtype
Industrial
Zoning
MU-III (Mixed Use-III)
Building Details
Year Built
1964
Listing Agency:
Tradition Real Estate Partners
(503) 939-7099
Listed By:
AJ Nash · License #OR 201208908
Source:
Crexi
Added: Feb 23
Changed: Aug 10
Last Checked: Aug 11 at 10:15AM
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 Tradition Real Estate Partners
Investment Insights
Based on property information with market context.
Located at 845 Bassett St NW in Salem, this 47,600-square-foot concrete tilt-up warehouse sits on a 2.27-acre site within a 6.67-acre industrial park in West Salem. Constructed in 1964, the property is zoned MU-III (Mixed Use-III), offering mixed-use flexibility and adaptive reuse options. The zoning supports general manufacturing with on-site retail, conditional larger-scale manufacturing, and industrial services, promoting infill redevelopment in urban corridors. The warehouse features a 26-foot clear height, 48-by-40-foot column spacing, and a full sprinkler system. It includes six primary east-side dock doors and six secondary west-side dock doors, along with 3,000 square feet of office space. The property also benefits from 490 feet of road frontage, a fenced yard, and three-phase power. The MU-III zoning allows for full General Industrial (IG) uses like heavy vehicle service, warehousing, and equipment operations without rezoning, especially for pre-2022 industrial buildings. Positioned in a West Salem logistics hub with highway access and rail proximity, this property presents an opportunity for adaptive industrial ventures, delivering operational versatility and investment returns.
Key Highlights
- MU‑III zoning allows for flexible mixed‑use development.
- Located in a prime West Salem logistics hub with excellent highway access.
- Large 47,600‑square‑foot warehouse with 26‑foot clear height and 48‑by‑40‑foot column spacing.**
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
$455,818
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
9.12%
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%
$9,116,360
$9.1M
Cap Rate 7%
$6,511,686
$6.5M
Cap Rate 9%
$5,064,644
$5.1M
Market Conditions
NOI Build-Up for 47,600 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
$685.4K $14.40/SF
− Vacancy
−$34.3K −$0.72/SF
EGI
$651.2K $13.68/SF
− OpEx
−$195.4K −$4.10/SF
NOI
$455.8K $9.58/SF
Area
Salem, OR
Vacancy
5.00%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
30.00%
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%
$9,116,360
Cap Rate 7%
$6,511,686
Cap Rate 9%
$5,064,644
Alternative Uses
Best Use
Warehouse
$7.25M
$6.34M – $8.46M
NOI $507,368 @ 7.0% cap · market cap 10.15%
Second Best
Industrial
$6.51M
$5.70M – $7.60M
NOI $455,818 @ 7.0% cap · market cap 9.12%
Theoretical Best
Office A
$12.64M
$11.06M – $14.74M
NOI $884,675 @ 7.0% cap · market cap 17.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
812
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 97304, OR
34,102
Population
14,547
Households
2.3
Avg Household Size
40
Median Age
39%
College-Educated
93%
High-School Grad
56.8 sq mi
ZIP Area
600
Density / Sq Mi
$91,731
Median Household Income
$53,370
Median Earnings
$1,441
Median Rent
$469,500
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Truitt. Bros. Inc. — 556 Murlark Ave NW #500, Salem, OR 97304
- DBR Mini Storage — 297 Moyer Ln NW, Salem, OR 97304
- IN Self Storage - Salem Wallace — 300 Musgrave Ave NW, Salem, OR 97304
- West Salem Storage — 650 2nd St NW, Salem, OR 97304
- US Storage Centers — 350 Glen Creek Rd NW, Salem, OR 97304
Frequently Asked Questions
What type of property is this?
Warehouse - 47,600 SF warehouse on 2.27 acres in Salem.
Where is this warehouse located?
The property is located at 845 Bassett St NW Salem, OR.
What is the asking price?
The asking price for this property is $5,000,000.
What are key features of this property?
This property features: MU‑III zoning allows for flexible mixed‑use development.; Located in a prime West Salem logistics hub with excellent highway access.; Large 47,600‑square‑foot warehouse with 26‑foot clear height and 48‑by‑40‑foot column spacing.**
