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494 State St, Salem, OR 97301
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Commercial property located at 494 State Street in Salem, Oregon, within a historic multi-tenant building configured with multiple office suites. The building is elevator served and features flexible floor plans suitable for office use. It includes accessible parking and provides convenient access to major roadways. The total building size is approximately 43,280 square feet. The area is near downtown Salem, with proximity to Oregon State Capitol, Willamette University, Marion County…

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?

$64k

Tax billed · 2023

Assessed value$3.27M

Effective rate1.96%

Value estimate

· Oct 2026

$2.26M

$2.03M – $2.49M

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?

No income signal is modeled for this parcel yet — the Cap Rates tab runs the workflow.

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

Dry Cleaner9.2

494 State St Salem, OR 97301

County assessor Recorded deeds · 9 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

198 Commercial SE, Salem, OR 97301-3489 $6,500,000 Dec 2025 41,472 SF

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

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.

Comparable nearby

Value Estimation
$8,550,000

41,472 SF

198 Commercial SE St

OFFICE BUILDING

198 Commercial SE St, Salem, OR 97301-3489

View Details
Value Estimation
$11,535,000

31,398 SF

1241 State St

OFFICE BUILDING (MULTI-STORY)

1241 State St, Salem, OR 97301-4156

View Details
Value Estimation
$3,445,000

11,362 SF

235 Un NE St

OFFICE BUILDING

235 Un NE St, Salem, OR 97301-1054

View Details
Value Estimation
$1,470,000

5,712 SF

205 Chemeketa NE St

OFFICE BUILDING

205 Chemeketa NE St, Salem, OR 97301-3440

View Details
Value Estimation
$1,255,000

4,620 SF

659 Cottage NE St

OFFICE BUILDING

659 Cottage NE St, Salem, OR 97301-2419

View Details
Value Estimation
$1,180,000

4,464 SF

1375 Frnt NE St

OFFICE BUILDING

1375 Frnt NE St, Salem, OR 97301-6409

View Details

Similar Nearby for Sale

$3,329,000

45,666 SF

Kenneth A. Holmes Office Building

Downtown office property with glass-fronted street exposure, multiple tenants, and secure structured parking.

200 - 234 High Street Northeast, Salem, OR 97301

View Details
New

$7,560,000

55,481 SF

Three-Building Office Campus

Central Salem campus with flexible commercial space and mixed-use zoning near major civic and medical institutions.

1309 - 1310 Ferry St SE & 1340 State St, Salem, OR 97301

View Details
New

$8,215,000

41,472 SF

Fully Leased Office Building

Fully leased Salem office building with 3 leases and significant interior renovation completed between 2021 and 2025.

198 Commercial Street SE, Salem, OR 97301

View Details
New

Contact for pricing
38,348 SF

Two-Story Medical Office NNN

Class A medical office leased to a regional hospital group through February 2030, with robust parking and loading.

3260 State St, Salem, OR 97301

View Details
$9,000,000

36,100 SF

Three-Story Class A Office Building

Well-maintained office building with basement, updated roof and HVAC, and 130 on-site parking spaces.

250 Church St SE, Salem, OR 97301

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Contact for pricing
77,414 SF

Two-Building Office Campus

Two Robertson office buildings offer suites with private offices and conference rooms within the MU-I zone.

1215-1241 State St, Salem, OR 97301

View Details

Similar Nearby for Lease

$24 SF/Yr

Office Building for Lease

For-rent office property at 1215–1241 State Street in Salem, Oregon, suitable for professional tenants.

1215 - 1241 State Street, Salem, OR 97301

View Details
Contact for pricing

Professional Office Building Near Capitol

Conveniently located office building near Oregon State Capitol.

698 12th Street SE, Salem, OR 97301

View Details
Contact for pricing
24,000 sqft

Build-to-Suit Office Building

Planned general office development with a build-to-suit configuration and proposed parking for both sites.

863 Hawthorne Ave NE, Salem, OR 97301

View Details
New

$16 SF/Yr

Class A Office Space Available

Flexible, high-quality Class A space in Salem's premier campus.

680 Hawthorne Avenue Southeast, Salem, OR 97301

View Details
New

$745/Mo

Downtown Two-Story Office Building

Professional office space with shared amenities and nearby client parking in central Salem.

305 - 321 Court Street NE, Salem, OR 97301

View Details
$21 SF/Yr

48,857 sqft

Salem Office Space For Lease

Single-level office building with recent upgrades and tenant improvements available.

4600 25th Avenue NE, Salem, OR 97301

View Details

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494 State St Salem, OR 97301

Property summary