Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    2720 Commercial St Salem, OR 97302

    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    Class A Medical Office Space in Salem, OR

    Lot size:
    15,015 SF

    Property Features for 2720 Commercial St

    General Information

    Property type
    Medical offices
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    15,015 SF
    Total Rate
    37537.5

    Building Details

    Year Built/Renovated
    2000/2010
    Buildings
    1
    Stories
    2

    Spaces For Lease

    at 2720 Commercial St, Salem, OR 97302 Contact us
    Unit Suite 250

    $30 /Mo

    Size
    3,942 SF
    Contact us
    Unit Suite 150

    $30 /Mo

    Size
    2,944 SF
    Contact us

    We can help!

    Listing Contact
    Nick Williams, Ccim
    Nick Williams, Ccim

    Listing Agency: SVN COMMERCIAL ADVISORS, LLC Listing Agent: Nick Williams, Ccim

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

    Learn more

    Property Insight Report

    Overview

    Located at 2720 Commercial St SE, Salem, OR 97302, this exceptional Class A medical office building, Petra Plaza, offers 15,015 square feet of space in a prime location along a highly coveted commercial corridor. Built in 2000 and renovated in 2010, the two-story building features two suites, with one vacant suite available on each floor, ranging from 2,944 to 3,942 contiguous square feet. The property boasts modern construction, abundant parking, and easy ingress and egress. Fully ADA compliant and elevator-served, the building offers a highly usable floor plan, attracting both medical and conventional office users. The building is primarily powered by solar panels, appealing to environmentally conscious tenants. Current tenants include a national oncology clinic and a local IT firm. Leases are offered as full-service, base year. The 0.78-acre property is zoned MU-I and has a convenient location, served by Cherriots route 21 and surrounded by numerous amenities. The building's cross street is Waldo. The APN is 585442. This is a rare opportunity to secure high-quality medical office space in a thriving Salem, Oregon market.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    John Cooper Girod Physician John Girod, MD Physician Shaw E David ... Physician Campbell Daniel J ... Physician Cascade Infectious Dis ... Medical Clinic

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Salem
    County
    Marion
    State
    Oregon
    Longitude
    -123.0445458
    Latitude
    44.9142471

    Nearby Similar for Lease

    • $1.70 SF/Yr
      58,492 SF

      Historic Retail Space for Lease

      Unique retail spaces in a historic, vibrant, and centrally located campus.
      1313 Mill St SE, Salem, OR 97301
      View Details
    • $2 SF/Yr
      15,015 SF

      Renovated Medical Office Space Available

      Multi-tenant medical office with strong demographics and modern construction.
      2720 Commercial St SE, Salem, OR 97302
      View Details
    • $4,000 /Mo
      5,405 SF

      Salem Industrial Property with Fenced Yard

      Versatile industrial property with office, warehouse, and secure yard.
      5755 State St, Salem, OR 97317
      View Details
    • $1.80 SF/Yr
      2,773 SF

      Updated Creekside Office Space

      Two-story office with creek views, updated interior and exterior.
      4160 Commercial St SE, Salem, OR 97302
      View Details
    • $1.50 SF/Yr
      5,622 SF

      West Salem Retail/Office Space

      Bright, versatile retail/office space in West Salem's active corridor.
      1109 Edgewater St Northwest, Salem, OR 97304
      View Details
    • $1.68 SF/Yr
      43,280 SF

      Historic Office Spaces in Salem

      Prime downtown Salem location with flexible office layouts for rent.
      494 State St, Salem, OR 97301
      View Details
    • $1.05 SF/Yr
      7,006 SF

      Office Space Near I-5

      Office space in industrial park, close to I-5 and central Salem.
      4937 Indian School Rd, Salem, OR 97305
      View Details
    • $2 SF/Yr
      28,362 SF

      Premier Office Campus with Creek Frontage

      High-quality office space in Salem's finest business campus.
      650-680 Hawthorne Ave SE, Salem, OR 97301
      View Details
    • $1.25 SF/Yr
      82,422 SF

      Downtown Salem Office Space Available

      Remodeled office space in downtown Salem's central business district.
      280 Church St NE, Salem, OR 97301
      View Details
    • $1.85 SF/Yr
      30,488 SF

      Professional Office Building Near Downtown

      Conveniently located office building near Oregon State Capitol and Salem Hospital.
      698 12Th St SE, Salem, OR 97301
      View Details
    • $1.00 SF/Yr
      12,006 SF

      Industrial Flex Building with Yard

      Modern industrial flex building with office space and spacious yard.
      3124 Blossom Dr NE, Salem, OR 97305
      View Details
    • $4,000 /Mo
      5,405 SF

      Warehouse with Fenced Yard

      Versatile industrial property with office, warehouse space, and fenced yard.
      5755 State St, Salem, OR 97317
      View Details

    FAQs

    What type of property is this?
    Medical office - Class A Medical Office Space in Salem, OR
    Where is this medical office located?
    The property is located at 2720 Commercial St Salem, OR.
    What is the lease rate?
    The lease rate is $30 SF/Yr.
    What are key features of this property?
    This property features: Ample parking and high-traffic location on a coveted commercial corridor.; Excellent signage opportunities.; Solar-powered, efficiently designed 15,015 SF Class A medical office building.
    (503) 588-0400 Call to check price and availability
    Request Owner's contact information
    2720 Commercial St Salem, OR 97302
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    2720 Commercial St
    Salem, OR 97302
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    2720 Commercial St Salem, OR 97302
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Nick Williams, Ccim
    Nick Williams, Ccim
    Real Estate License ID: #201230204
    (503) 588-0400 (503) 400-7851 (503) 569-4449
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!