1191 Capitol StSalem, OR 97301

Property Details for 1191 Capitol St

Year built

1936

Lot size

0.12 AC

Property size (Sq ft)

3,152 SF

Zone code

CO

Property type

Office properties

Property subtype

Office buildings

APN

073W23BD10800

APU

073W23BD10800

Description

This fully furnished, turn-key office building presents a unique investment opportunity in Salem, Oregon. Located at 1191 Capitol St NE, this three-story, Class B building boasts 3,152 square feet of net rentable space, currently at 40% occupancy. The property, built in 1936 and extensively renovated in 2023, features a new presidential-style roof with copper gutters and downspouts, a new HVAC system with mini-split heat pumps on the upper level, and refinished hardwood floors on the main level with all new flooring on the lower level. Modern upgrades include new LED canned lighting throughout, new tile flooring in the kitchen, entry office, and bathroom, and fresh interior and exterior paint. The property sits on a 0.12-acre lot and is zoned CO. All furnishings are included, selected and designed to complement each space, making this a truly move-in ready opportunity. The asking price is $750,000, translating to $237.94 per square foot. This is a gross lease, multi-tenancy property with a Marion County APN of 585123. The building offers a blend of creative and traditional office spaces, ideal for a variety of businesses.

• CAP approach

  CAP return

  Valuation

  6%

  $579,063

  6.5%

  $534,519

  7%

  $496,339

• Comparable approach

  Method

  Valuation

  Relative Method

  $496,453

  Geo Method

  $607,012

• Alternative Use

  Use

  Valuation

  Residential

  $662,804

  Hospitality

  $607,125

  Educational

  $505,121

  Medical

  $522,493

  Retail

  $785,743

Location Insight

City

Salem

County

Marion

State

Oregon

Latitude

44.9489

Longitude

-123.024

CBSA code

41420

CBSA name

SALEM, OR METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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