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    388 State St Salem, OR 97301

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    For Lease
    Contact for pricing

    Prime Salem Office Space: 6 Suites Available

    Lot size:
    7,141 SF

    Property Features for 388 State St

    General Information

    Property type
    Office Properties & Spaces
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    7,141 SF
    Class
    A
    Total Rate
    10211.63

    Building Details

    Year Built
    1926
    Buildings
    1

    Spaces For Lease

    at 388 State St, Salem, OR 97301 Contact us
    Unit 7th Floor | Suite 701

    $26 /Mo

    Size
    248 SF
    Contact us
    Unit 9th Floor | Suite 920-940

    $26 /Mo

    Size
    939 SF
    Contact us
    Unit 7th Floor | Suite 700

    $25 /Mo

    Size
    667 SF
    Contact us
    Unit 1ST Floor and Mezzaine

    $17 /Mo

    Size
    6,968 SF
    Contact us
    Unit 5th Floor | Suite 520

    $26 /Mo

    Size
    265 SF
    Contact us
    Show more

    We can help!

    Listing Contact
    Jennifer Martin
    Jennifer Martin

    Listing Agency: First Commercial Real Estate Services Listing Agent: Jennifer Martin

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

    Learn more

    Property Insight Report

    Overview

    Capitol Tower, located at 388 State Street, Salem, Oregon 97301, offers exceptional office space in the heart of the city's Central Business District (CBD). This Class A building, constructed in 1926 and boasting 7,141 total square feet, provides multiple tenancy options ranging from a minimum of 167 square feet to a maximum contiguous space of 6,968 square feet. Currently, 7,131 square feet are vacant, presenting a unique opportunity for businesses of various sizes. The building features one elevator (passenger type) and sits on a 0.11-acre lot, conveniently located at the corner of State and Liberty Streets with direct skybridge access from the Liberty Parkade. Significant capital improvements and upgrades have been recently completed. Tenants benefit from a shared conference room (available for two hours per month at no charge, with hourly rates thereafter), a shared break room with vending machines, and a mail station. The building is zoned for CBD use. This iconic Salem landmark provides a prestigious address and modern amenities. The property is ideal for businesses seeking a blend of historic charm and contemporary functionality. Multiple suite sizes are available to accommodate diverse business needs. Inquire today to explore the available options and secure your space in this desirable location.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Kim Chichester | Sensible ... Loan Service fresh elements farms Big Box & Wholesale Store Renew Vitality Testosterone ... Physician Joel M Suckow, ... Physician Kerry Moyer, MA ... Counselor

    Suggested Use

    Restaurant Real Estate Agency Law Firm Dental Office Spa & Massage Center Hair Salon Building Supply Nail Salon 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
    -123.0391998
    Latitude
    44.9398304

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    FAQs

    What type of property is this?
    Office Property / Space - Prime Salem Office Space: 6 Suites Available
    Where is this office property / space located?
    The property is located at 388 State St Salem, OR.
    What is the lease rate?
    The lease rate is $0.00-$26 SF/Yr.
    What are key features of this property?
    This property features: Salem's tallest building.; Move-in ready suites available now.; Janitorial services included in rent.
    (503) 559-2694 Call to check price and availability
    Request Owner's contact information
    388 State 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
    388 State 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 Jennifer Martin
    Jennifer Martin
    Real Estate License ID: 200303194
    (503) 559-2694
    Learn more
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