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Property profile & analytics
FOR LEASE
Office buildings
1184 Mcgee Ct NE, Salem, OR 97303
Entity Owned
2-yr Hold
Free & Clear
Property ID
US71-0239092
For Lease
1 / 2
$1.25 SF/Yr
1184 Mcgee Ct NE, Salem, OR 97303
View Listing →
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
2007
Total area
7,330 SF
Lot
0.61 ac (26,572 SF)
Zoning code
MU
APN
063W26DB06700
UPID
US71-0239092
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$1.76M
CAP Approach
CAP
$1.66M
Comparable Approach
Comparable
$2.17M
Blend (final)
Blend
$1.76M
Owner & transaction history
Hawks Point Apartments LLC · 2 yrs held
Hawks Point Apartments LLC
since 2024
Last sale
$1.8M
7 recorded transactions
Zoning & alternative use
MU · Keizer, OR
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$2.6M
+28.6%
Medical building
$2.5M
+21.8%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Salem submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Salem submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$1,760,000
ML approach
$1,760,000
CAP Approach
CAP Return
Estimation
6%
$1,795,000
6.5%
$1,655,000
7%
$1,540,000
Alternative Use
Use
Estimation
OFFICE BUILDING
$2,035,000
Current use
AUTO REPAIR, GARAGE
$2,615,000
Change: +29% · Conversion: Difficult
MEDICAL BUILDING
$2,475,000
Change: +22% · Conversion: Easy
COMMERCIAL (GENERAL)
$1,920,000
Change: -6% · Conversion: Easy
RETAIL STORES
$1,805,000
Change: -11% · Conversion: Moderate
Blend value · Realmo final
$1.76M
Range $1.58M – $1.94M · ±10% · vs last sale $1.76M (Apr 30 2024)
Last sale anchor
$1.76M
Apr 30 2024
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$240 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$15,694
Tax year 2023
Assessed value
$943,900
Assessed 2023
Previous assessed
$916,410
+3.0% YoY
Effective rate
1.66%
On assessed value
Land market value
$219,220
Improvement market value
$1,118,940
Total market value
$1,338,160
Applied tax rate
24,200.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office buildings
Use group
OFFICE BUILDING
Status
For Lease
Year built
2007
Heating
NONE
Stories
1
Total area
7,330 SF
Lot
0.61 ac (26,572 SF)
Zoning code
MU
APN
063W26DB06700
UPID
US71-0239092
Jurisdiction
MARION
Zoning & alternative use
MU · Keizer, OR
Zoning MU · permitted uses
MU · Keizer, OR
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Keizer. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$2.0M
AUTO REPAIR, GARAGE
Est. value
$2.6M
MEDICAL BUILDING
Est. value
$2.5M
COMMERCIAL (GENERAL)
Est. value
$1.9M
RETAIL STORES
Est. value
$1.8M
OFFICE BUILDING Current
AUTO REPAIR, GARAGE
MEDICAL BUILDING
COMMERCIAL (GENERAL)
RETAIL STORES
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
2007
Heating
NONE
Stories
1
Lot
0.61 ac
Current owner
From public records · entity-resolved
Hawks Point Apartments LLC
Entity
Free & Clear · 2 yrs held
Mailing address
PO BOX 2099, SALEM, OR 97308-2099
Ownership since
2024
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
8 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Apr 30, 2024
$1,758,423
Hawks Point Apartments LLC
3rd Day LLC
Warranty Deed
—
Mar 2, 2022
$449,000
Julie G Dillard
Mark E Harklerode
Warranty Deed
$359,200 · Broker Solutions INC
Apr 22, 2021
$1,634,597
3rd Day LLC
Sunrise Building LLC
Warranty Deed
$1,226,250 · Us Bk
Jan 15, 2021
—
Sunrise Building LLC
—
Deed
related
$250,000 · Pioneer Tr Bk
Jan 24, 2020
—
Sunrise Building LLC
—
Deed
related
$150,000 · Pioneer Tr Bk
Jan 26, 2007
$184,681
Sunrise Building LLC
North River Road Dev LLC
Warranty Deed
$1,340,000 · Cit Small Business Lending Co
—
—
Sunrise Building LLC
—
Deed Of Trust
related
$150,000 · Pioneer Tr Bk
—
—
Sunrise Building LLC
—
Loan Modification
related
$250,000 · Pioneer Tr Bk
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
Try Rey
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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