223 Commercial StSalem, OR 97301

Property Details for 223 Commercial St

Year built

1867

Lot size

0.17 AC

Property size (Sq ft)

14,850 SF

Zone code

CB

Property type

Mixed-use properties

Property subtype

Other investment properties

APN

073W22DC08900

APU

073W22DC08900

Description

This beautifully renovated, two-story building in Salem, Oregon's central business district (CBD) offers 14,850 square feet of prime office space across 18 suites. The property, known as the Starkey Building, is located at 223 Commercial St NE, 97301, and features a mix of traditional, executive, and creative office spaces, with a minimum divisible space of 185 square feet. Currently, 2,946 square feet are vacant. The building boasts modern amenities including a high-glass wall shared conference room on the second floor, an elevator, and shared bathrooms. Security features ensure a safe and productive work environment. Tenants will appreciate the common areas with additional seating. A unique offering includes ten fully furnished micro salon suites ranging from 85 to 193 square feet, each featuring sliding glass doors, VLP flooring, and dimmable lighting. Two larger, fully furnished private salon suites with two salon stations and black cabinetry sinks are also available. Landlord provides industry-standard chairs, and internet is included in the full-service lease rates. This exceptional property presents a rare opportunity in Salem's vibrant downtown core. The building's historic charm is complemented by modern updates, creating a sophisticated and functional workspace.

• CAP approach

  CAP return

  Valuation

  6%

  $3,382,886

  6.5%

  $3,122,664

  7%

  $2,899,617

• Comparable approach

  Method

  Valuation

  Relative Method

  $3,625,350

  Geo Method

  $4,432,710

• Alternative Use

  Use

  Valuation

  Residential

  $3,122,664

  Hospitality

  $2,860,344

  Educational

  $2,379,772

  Medical

  $2,461,616

  Retail

  $3,701,868

Location Insight

City

Salem

County

Marion

State

Oregon

Latitude

44.9419

Longitude

-123.04

CBSA code

41420

CBSA name

SALEM, OR METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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