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    1174 Cornucopia St NW Salem, OR 97304

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    1174 Cornucopia St NW Salem, OR 97304

    View on Map
    • Office buildings
    • 17,338 SF
    • 0.79 lot acres
    For Lease
    $2,955,000
    View Listing →
    Medical Office Space For Rent For Lease
    $2,955,000
    6,023 SF

    Medical Office Space For Rent

    Professional medical space in West Salem with shared parking.

    1174 Cornucopia St NW, Salem, OR 97304
    View Listing
    Property ID
    US71-0816299
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Office buildings

    Property Details for 1174 Cornucopia St NW

    Year built
    2006
    Lot size
    0.79 lot acres
    Property size
    17,338 SF
    Zone code
    CR
    Property type
    Office buildings
    APN
    07322-C0-00600
    APU
    07322C000600

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $4,245,000
      6.5%
      $3,920,000
      7%
      $3,640,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $2,265,000
      Market price range: $1.29M - $4.25M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $4,815,000
      Current use
      COMMERCIAL (GENERAL)
      $4,545,000
      Change: -6% Conversion: Easy
      RETAIL STORES
      $4,270,000
      Change: -11% Conversion: Moderate

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Salem
    County
    Polk
    State
    Oregon
    Longitude
    -123.048
    Latitude
    44.9515
    CBSA code
    41420
    CBSA name
    SALEM, OR METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $36,800
    $246,026
    $1,706,545
    $1,952,571
    -
    $569,420
    $3,155,540
    $3,724,960

    Comparable in this City

    • Value Estimation by Request
      3,864 SF

      1055 Edgewater NW St

      OFFICE BUILDING • 3,864 SF
      1055 Edgewater NW St, Salem, OR 97304-4046
      View Details
    • Value Estimation
      $535,000
      2,200 SF

      6785 Spg Vly NW Rd

      OFFICE BUILDING • 2,200 SF
      6785 Spg Vly NW Rd, Salem, OR 97304-9723
      View Details
    • Value Estimation
      $805,000
      3,503 SF

      540 Patterson NW St

      OFFICE BUILDING • 3,503 SF
      540 Patterson NW St, Salem, OR 97304-3950
      View Details
    • Value Estimation
      $1,975,000
      14,870 SF

      525 Gln Crk Rd Nw Ste, Unit 100

      OFFICE BUILDING • 14,870 SF
      525 Gln Crk Rd Nw Ste, Salem, OR 97304-3155
      View Details
    • Value Estimation by Request
      320 SF

      4780 Bethel Hts NW Rd

      OFFICE BUILDING • 320 SF
      4780 Bethel Hts NW Rd, Salem, OR 97304-9796
      View Details
    • Value Estimation
      $680,000
      3,740 SF

      4490 Salem Dallas NW Hwy

      OFFICE BUILDING • 3,740 SF
      4490 Salem Dallas NW Hwy, Salem, OR 97304-3338
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      47,600 SF

      Adaptable Warehouse in West Salem

      47,600 SF warehouse on 2.27 acres in Salem.
      845 Bassett St NW, Salem, OR 97304
      View Details
    • $195,000
      0.50 Acres

      Residential Lot with City Views

      Half-acre lot in West Salem with city and mountain views.
      1660 Snowbird Ct NW, Salem, OR 97304
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    • $5,000,000

      Development Opportunity in Salem, Oregon

      Land with development potential, multiple uses, and existing infrastructure.
      1990 Wallace Rd NW, Salem, OR 97304
      View Details
    • $825,000
      3,570 SF

      West Salem Multifamily Property

      Multifamily property in West Salem with a lovely setting.
      1519 6Th St NW, Salem, OR 97304
      View Details
    • Contact for pricing
      82,000 SF

      West Salem Industrial Warehouse Space

      Industrial warehouse space for lease in West Salem.
      841 Bassett St NW, Salem, OR 97304
      View Details
    • Contact for pricing
      7,940 SF

      Retail Building on Edgewater Street

      Retail building with three leased spaces and recent renovations.
      1111-1117 Edgewater St NW, Salem, OR 97304
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      1,177 SF

      New Construction Office Space Available

      1,177 SF office space for lease at $1.85/SF/Mo/NNN.
      572 Patterson St NW, Salem, OR 97304
      View Details
    • Contact for pricing

      West Salem Restaurant and Brewery

      Former Xicha Restaurant and Brewery available for lease in Salem.
      576 Patterson St NW, Salem, OR 97304
      View Details
    • Contact for pricing

      Medical Office Space For Rent

      Professional medical space in West Salem with shared parking.
      1174 Cornucopia St NW, Salem, OR 97304
      View Details
    • Contact for pricing
      479 SF

      West Salem Office Space Available

      Newly renovated office spaces for lease in West Salem.
      675 Orchard Heights Rd NW, Salem, OR 97304
      View Details
    • $1.50 SF/Yr

      West Salem Retail/Office Space

      Bright, versatile retail/office space in West Salem's active corridor.
      1109 Edgewater St Northwest, Salem, OR 97304
      View Details
    • Contact for pricing
      890 SF

      Glen Creek Road Office Space

      Office suites available in multi-tenant building on Glen Creek.
      525 Glen Creek Rd, Salem, OR 97304
      View Details
    View Listing
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    Salem, OR 97304
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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    1174 Cornucopia St NW, Salem, OR, 97304

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