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    245 Commercial St Salem, OR 97301

    Sponsored
    For Lease
    $27 SF/Yr

    7,453 SF Creative/Traditional Office Suite

    Lot size:
    17,665 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    This exceptional 7,453 square foot office space is available for lease in downtown Salem, Oregon. Located at the highly visible corner of Commercial Street SE and Ferry Street, this property offers unparalleled access and exposure. Situated across from the Salem Convention Center and the new Holman Hilton Hotel, this location boasts high traffic and visibility. The suite occupies the entire first floor of a two-story building and features ten private offices, a breakroom, a second kitchenette, a storage/server room, a drive-up teller window, and a vault. The space includes two entrances, a large lobby, and ample parking with 21 spaces. The building sits on a 0.66-acre lot and is zoned CB. The total building size is 17,665 square feet, with a minimum divisible space of 7,453 square feet. This is a multi-tenant building in Marion County. The gross lease rate is $2.25 per square foot, with pass-through increases on operating expenses. Please note that this space is currently vacant. Do not disturb existing tenants.

    Property Features for 245 Commercial St

    General Information

    Property type
    Office space
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    17,665 SF
    Total Rate
    39746.25

    Building Details

    Buildings
    1
    Stories
    2

    Unit(s) available at that property

    Space
    1st floor suite
    Size
    7,453 SF
    Rate per SF
    $27

    HighLights

    • 7,453 SF of vacant office space available for lease in downtown Salem, OR.
    • High‑visibility corner location at Commercial St SE & Ferry St, across from the Salem Convention Center and Holman Hilton Hotel.
    • Entire first floor of a two‑story building, featuring 10 private offices, breakroom, kitchenette, storage/server room, drive‑up window, and vault.
    • Two entrances, large lobby, and 21 parking spaces on a 0.66‑acre lot; CB zoning.
    • Gross lease rate: $2.25/SF, plus operating expense pass‑throughs.
    Property Profile Location Intelligence

    Current Use by Public Records

    Elmer Law, PC Personal Injury Attorney Connolly & Malstrom Law ... Law Firm Capital Press Newspaper Publisher Keller Associates Engineering ... Engineer Tim Beck Mortgage Lender

    Suggested Use

    Restaurant Realty agency Building Supply Dental Office Law Firm Wholesale Shop Auto Repair Shop Spa & Massage Hair Salon Hotel & Motel

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

    Location Insight

    • Map
    • Local Demand
    City
    Salem
    County
    Marion
    State
    Oregon
    Longitude
    -123.04093721499
    Latitude
    44.939372484278

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    FAQs

    What type of property is this?
    Office space - 7,453 SF Creative/Traditional Office Suite
    Where is this office space located?
    The property is located at 245 Commercial St Salem, OR.
    What is the lease rate?
    The lease rate is $27 SF/Yr.
    What are key features of this property?
    This property features: 7,453 SF of vacant office space available for lease in downtown Salem, OR.; High-visibility corner location at Commercial St SE & Ferry St, across from the Salem Convention Center and Holman Hilton Hotel.; Entire first floor of a two-story building, featuring 10 private offices, breakroom, kitchenette, storage/server room, drive-up window, and vault.
    Request Owner's contact information
    245 Commercial St Salem, OR 97301
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    Salem, OR 97301
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    Realmo Value Estimation

    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.

    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.

    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
    245 Commercial St Salem, OR 97301
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