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    695 Commercial St Salem, OR 97301

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    For Lease
    Contact for pricing

    Classic office building with modern updates.

    Lot size:
    10,307 SF

    Property Features for 695 Commercial St

    General Information

    Property type
    Office properties & Spaces
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    10,307 SF
    Total Rate
    18449.53

    Building Details

    Year Built/Renovated
    1968/2021
    Stories
    2

    Spaces For Lease

    at 695 Commercial St, Salem, OR 97301 Contact us
    Unit 007

    $22 /Mo

    Size
    1,771 SF
    Contact us
    Unit Suite 008

    $21 /Mo

    Size
    373 SF
    Contact us

    We can help!

    Listing Contact
    Ian Levin
    Ian Levin

    Listing Agency: Nathan Levin Co Listing Agent: Ian Levin

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    This exceptional two-story office building, constructed in 1968 and extensively renovated in 2021, offers a unique blend of vintage charm and contemporary functionality. Located at 695 Commercial Street, at the corner of Leslie St SE in Marion County, this 10,307 square foot building boasts a prime location just south of the downtown area, offering convenient walkability. The property is zoned for commercial office use and features a diverse tenant mix, including financial, architectural, property management, real estate, and personal service businesses. Two spaces are currently available, ranging from a minimum of 373 square feet to a maximum contiguous space of 1,472 square feet. The building retains some of its original architectural details, creating a sophisticated and stylish atmosphere. Ample parking is provided with a 3:1000 ratio, with additional spaces available for rent at $40 per month. The building's modern updates ensure a comfortable and efficient workspace for tenants. This is an excellent opportunity for businesses seeking a well-located, updated office space with a unique character. Minimum divisible space is 373 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Paint and Pinot Training Center Princeton Property Management Property Management Company Edward Jones - Financial ... Financial Advisor a n t h ... General Contractor Tipton's Coins Cards ... (Bike/Boat/Book/etc) Store

    Suggested Use

    Restaurant Real Estate Agency Law Firm Dental Office Spa & Massage Center Hair Salon Building Supply Nail Salon Gym & Fitness Center Auto Repair Shop

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

    Location Insight

    • Map
    • Local Demand
    City
    Salem
    County
    Marion
    State
    Oregon
    Longitude
    -123.0441634
    Latitude
    44.9347382

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    FAQs

    What type of property is this?
    Office property - Classic office building with modern updates.
    Where is this office property located?
    The property is located at 695 Commercial St Salem, OR.
    What is the lease rate?
    The lease rate is $21-$22 SF/Yr.
    What are key features of this property?
    This property features: 10,307 SF traditional office building in Marion County.; Two-story building with 33 parking spaces (3:1000 ratio; additional spaces available for $40/month).; Multiple suites available, ranging from 373 SF to 1,472 SF contiguous.
    (971) 707-4590 Call to check price and availability
    Request Owner's contact information
    695 Commercial St Salem, OR 97301
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    Salem, OR 97301
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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
    695 Commercial St Salem, OR 97301
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    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Ian Levin
    Ian Levin
    Real Estate License ID: 200510306
    (971) 707-4590 (503) 383-8173
    Learn more
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