$8,215,000 41,472 SF

198 Commercial St SE, Salem, OR 97301
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198 Commercial St SE is a renovated office building in downtown Salem, located on a high-traffic corner within the Central Salem Core Business District. The property is positioned across from the Salem Convention Center and the Holman Hotel, with the Willamette River approximately one block away. Parking access is supported by a connected land bridge to an adjacent parking structure. The building reflects a combination of historic character and modern upgrades, and it is configured for office use with long-term tenant occupancy reported at full occupancy in the listing.

Ownership intelligence

Who controls the opportunity?

Owner of record from public deeds, plus portfolio, hold profile and investor signals where the data supports them. In the full report.

Owner contacts

Can we reach the decision maker?

Skip-traced phones and e-mails of the owner. Included with the full report.

Debts

What is owed, to whom, and when it comes due

Recorded lenders, amounts and estimated maturities of the owner's loan book — in the full report.

Property tax · 2023

What does the county charge?

$96k

Tax billed · 2023

Assessed value$4.90M

Effective rate1.96%

Value estimate

· Oct 2026

$6.51M

$5.85M – $7.16M

Submarket $/SF estimate$10.60M

NOI build-up

Gross scheduled income$896k

Vacancy & credit loss−$134k

Operating expenses−$190k

NOI · 6.95% cap applied$571k

Realmo valuation models over county records.

Recently sold

What actually traded nearby?

$257/SF

ZIP average, outlier-cleaned · 56 recorded sales of this use type

Observed band · Q1–Q3$149 – $374

Cap rate analysis

How does the asset earn?

6.95%

$571k estimated NOI · market benchmarks for this use type

Price anchors at 6 / 6.5 / 7% — in the full report.

Zoning insight

What can be built here?

CHAPTER 524. - CB-CENTRAL BUSINESS DISTRICT Sec. 524.001. - Purpose. The purpose of the Central Business District (CB) Zone is to impleme...

General categoryCOMMERCIAL

JurisdictionMARION

Location intelligence

Which uses thrive at this corner?

Best fit: Electrical Service

Demand heat for this use is drawn on the map · LocInt grid

Demand index

Electrical Service10.4

HVAC Service10.4

Laundry Service9.8

198 Commercial St SE Salem, OR 97301

County assessor Recorded deeds · 8 transfers Qualifying comp sales · not on file Zoning catalog

Every figure names its source: public record, benchmark, or modeled. Coverage varies by property — thin data is stated as missing, never invented.

Comparables

6 recorded sales · 18 properties nearby

Address Sale price Sold Size

454 17th NE, Salem, OR 97301-4223 $875,000 Dec 2025 5,481 SF

676 Church NE, Salem, OR 97301-2401 $925,000 Nov 2024 10,665 SF

494 State, Salem, OR 97301-3681 $2,000,000 Jun 2023 49,830 SF

960 Broadway NE, Salem, OR 97301-1275 $850,000 Sep 2022 9,613 SF

1311 Lancaster NE, Salem, OR 97301-1907 $1,300,000 Sep 2022 5,807 SF

694 High NE, Salem, OR 97301-2438 $570,000 Jul 2022 4,680 SF

Sale prices and dates as our records hold them, one row per building. A deed can cover more of a building than the size shown, so read the price against the size rather than dividing one by the other.

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