415 Cottage St Salem, OR 97301

This exceptional two-story, Class B office building in Salem, Oregon's central business district (CB zoning) presents a unique owner-user opportunity. The 23,202 square foot property, built in 1960 and renovated in 2019, sits on a 0.85-acre lot (APN 589454, 589453) and features five units currently occupied by three tenants under a NNN lease structure. The building offers approximately 5,300 square feet of vacant space, ideal for an owner-occupant seeking to expand their business. With a current asking price of $4,775,000 ($255.82/sq ft), and a pro-forma NOI of $378,643, this investment boasts a compelling 7.28% pro-forma cap rate. The estimated stabilized value is $5,200,000 once the vacant space is leased at market rates. The property includes off-street parking, adding significant value and convenience. This presents a strong investment opportunity with potential for significant return on investment, allowing for a buyer to carry the asset while securing a tenant or completing renovations to suit their needs. The building's location in Salem's vibrant downtown core provides excellent access to amenities and transportation. This is a rare chance to acquire a well-maintained, multi-tenant office building with substantial upside potential.