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Property profile & analytics
OFF-MARKET
Estimated value
$3,150,000
Retail space
1221 23rd SE St, Salem, OR 97302-1364
Entity Owned
11-yr Hold
~
Est. High Equity
Property ID
US71-0974817
Property profile
Verified
Property type
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Year built
2007
Total area
9,305 SF
Lot
1.26 ac (54,886 SF)
Zoning code
IC
APN
073W35AA09500
UPID
US71-0974817
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
Current use
Occupant on record · Public records
-
Healing Center For the Art Rk Alternative Medicine Practice
-
Miracle-Ear Hearing Aid Center Hearing Aid Store Hearing Aid Repair Service
-
Habaneros Mexican Food- Mission Restaurant
-
Good Vibes Tattoo Co. Tattoo & Piercing Shop
-
Momiji Sushi Restaurant - Mission Restaurant
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$3.27M
Blend (final)
Blend
$3.15M
Owner & transaction history
South Town Center LLC · 11 yrs held
South Town Center LLC
since 2014
5 recorded transactions
Zoning & alternative use
IC · Salem, OR
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$4.1M
+79.0%
Auto repair, garage
$3.3M
+44.9%
Medical building
$3.1M
+37.2%
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
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
RETAIL STORES
$2,290,000
Current use
RESTAURANT
$4,100,000
Change: +79% · Conversion: Easy
AUTO REPAIR, GARAGE
$3,320,000
Change: +45% · Conversion: Difficult
MEDICAL BUILDING
$3,145,000
Change: +37% · Conversion: Difficult
OFFICE BUILDING
$2,955,000
Change: +29% · Conversion: Easy
WAREHOUSE, STORAGE
$2,260,000
Change: -1% · Conversion: Difficult
COMMERCIAL (GENERAL)
$2,240,000
Change: -2% · Conversion: Easy
Blend value · Realmo final
$3.15M
Range $2.84M – $3.47M · ±10%
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
$339 / 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
$46,086
Tax year 2023
Assessed value
$2,348,100
Assessed 2023
Previous assessed
$2,279,710
+3.0% YoY
Effective rate
1.96%
On assessed value
Land market value
$684,430
Improvement market value
$1,977,470
Total market value
$2,661,900
Applied tax rate
24,010.0000
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
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Status
Off-Market
Year built
2007
Heating
NONE
Buildings
2
Stories
1
Total area
9,305 SF
Lot
1.26 ac (54,886 SF)
Zoning code
IC
APN
073W35AA09500
UPID
US71-0974817
Jurisdiction
MARION
Zoning & alternative use
IC · Salem, OR
Zoning IC · permitted uses
IC · Salem, OR
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Salem. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
RETAIL STORES Current
Est. value
$2.3M
RESTAURANT
Est. value
$4.1M
AUTO REPAIR, GARAGE
Est. value
$3.3M
MEDICAL BUILDING
Est. value
$3.1M
OFFICE BUILDING
Est. value
$3.0M
WAREHOUSE, STORAGE
Est. value
$2.3M
COMMERCIAL (GENERAL)
Est. value
$2.2M
RETAIL STORES Current
RESTAURANT
AUTO REPAIR, GARAGE
MEDICAL BUILDING
OFFICE BUILDING
WAREHOUSE, STORAGE
COMMERCIAL (GENERAL)
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
Buildings
2
Lot
1.26 ac
Current owner
From public records · entity-resolved
South Town Center LLC
Entity
Mailing address
PO BOX 1008, BEAVERTON, OR 97075-1008
Ownership since
2014
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Sep 26, 2014
—
South Town Center LLC
Rushing Mission Street LLC
Grant Deed
related
$2,950,000 · Columbia Cu
Oct 7, 2008
—
Priceless Restaurants INC
—
Deed Of Trust
related
$21,351,600 · Ge Capital Commercial INC
Mar 30, 2007
$3,000,000
Barnes-mission Street LLC
Wilcox Dairy Farms LLC
Grant Deed
$4,209,500 · Pacific Continental Bank
Jul 1, 2002
—
Wilcox Dairy Farms LLC
Curlys Dairy INC
Grant Deed
$8,000,000 · Northwest Farm Credit Svcs
—
—
Barnes-mission Street LLC
—
Deed Of Trust
related
$4,190,500 · Pacific Continental Bank
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.
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