Property profile

447 State St Salem, OR 97301

OFF-MARKET
Office Spaces
8,050 SF
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Property summary

AI-generated overview

This exceptional 8,050-square-foot office space in downtown Salem, Oregon, offers a unique blend of historic charm and modern amenities. Located at 447 State St, this tri-level building boasts soaring ceilings on the main level, creating an expansive and welcoming reception and lobby area. The main level also features four large private offices, a stunning conference room with a brick accent wall, and ample open workspace, easily adaptable to various business needs. A mezzanine level, overlooking the main floor, provides five additional private offices enclosed by glass walls. Both the main and mezzanine levels share common restrooms. The lower level offers a contemporary feel, including six private offices, a spacious conference room, a substantial IT room, a large breakroom, and a stylish lounge area. Two private restrooms are conveniently located on this level as well. Multiple access points throughout the building provide easy access to nearby establishments such as Ritter's and Archive Coffee & Bar. The property sits on a 0.16-acre lot and is zoned CB (Central Business). This prime location in Salem's Central Business District offers unparalleled convenience, with proximity to restaurants, shopping, entertainment, the Marion County Courthouse, and Riverfront Park. The space, totaling 8,050 square feet, is currently vacant and will be available for lease in December 2024. The gross lease rate is $2.30 per square foot, with pass-through increases on operating expenses. The property is suitable for a large business seeking a unique and trendy workspace in a vibrant downtown setting. Please note that the property is currently occupied, and tenants should not be disturbed.

Property profile

Verified
Property type Office Spaces
Total area 8,050 SF

Cap rate & NOI

Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors

Current use

Occupant on record · Public records
  • Financial Advisor
  • Financial Advisor
  • Accounting Firm Tax Preparation
  • Restaurant

Location

447 State St Salem, OR 97301
Salem metro
Google Maps

Value estimations

Realmo proprietary · 4 methods
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Owner & transaction history

Comparables

6 recent transactions · within 1.5 mi
Comparable in this city
6 recent transactions
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
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