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    415 Cottage St Salem, OR 97301

    For Sale
    $4,775,000

    Multi-tenant office, high cap rate

    Property size:
    23,202 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    370
    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.

    Property Features for 415 Cottage St

    General Information

    Property type
    Office Properties & Spaces
    Square Feet
    23,202 SF
    Class
    B
    Lot Size
    37,026 SF

    Building Details

    Year Built/Renovated
    1960/2019
    Buildings
    1
    Stories
    2
    Units
    5

    HighLights

    • $4,775,000 asking price for a Class B office building.
    • 23,202 square feet, multi‑tenant (3 tenants) with 5 units.
    • Located in Salem, Oregon's central business district (CB zoning), at 415 & 475 Cottage St NE.
    • 7.28% pro‑forma cap rate, generating $378,643 pro‑forma NOI.
    • NNN lease type, 0.85‑acre lot, built in 1960, renovated in 2019.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Restaurant Realty agency Building Supply Law Firm Dental Office Spa & Massage Wholesale Shop Auto Repair Shop 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
    -123.03189506483
    Latitude
    44.942944231785

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    FAQs

    What type of property is this?
    Office Property / Space - Multi-tenant office, high cap rate
    Where is this office property / space located?
    The property is located at 415 Cottage St Salem, OR.
    What is the asking price?
    The asking price for this property is $4,775,000.
    What are key features of this property?
    This property features: $4,775,000 asking price for a Class B office building.; 23,202 square feet, multi-tenant (3 tenants) with 5 units.; Located in Salem, Oregon's central business district (CB zoning), at 415 & 475 Cottage St NE.
    Request Owner's contact information
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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
    415 Cottage St Salem, OR 97301
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