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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1245 Columbia St Salem, OR 97301

    • Retail space
    • 3,555 SF
    • 0.53 lot acres
    For Lease
    View listing
    $18 SF/Yr
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US71-0487454
    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.

    Current Use by Public Records

    • Subway / Sandwich Shop / Caterer

    Property Details for 1245 Columbia St

    Year built
    2010
    Lot size
    0.53 lot acres
    Property size
    3,555 SF
    Zone code
    CG
    Property type
    Retail space
    APN
    073W14DC10300
    APU
    073W14DC10300

    Description

    Heritage Plaza, located at 1245 Columbia St NE in Salem, Oregon (zip code 97301), offers a fantastic retail or office opportunity within a newer strip center. This property, situated in Marion County, comprises a 4,000 square foot building on a 0.53-acre lot. The building is currently divided into two suites, with one suite of 2,000 square feet immediately available for lease, starting November 15, 2022. This particular space boasts exceptional visibility from the street, thanks to large windows that flood the interior with natural light. The layout is highly adaptable

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,248,000
      Market price range: $636k - $1.25M
      AI Estimate
      $1,020,000
      Market price range: $269k - $1.16M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $875,000
      Current use
      AUTO REPAIR, GARAGE
      $1,270,000
      Change: +45% Conversion: Difficult
      MEDICAL BUILDING
      $1,200,000
      Change: +37% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $1,005,000
      Change: +15% Conversion: Easy
      OFFICE BUILDING
      $915,000
      Change: +4% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Salem
    County
    Marion
    State
    Oregon
    Longitude
    -123.017
    Latitude
    44.959
    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
    $11,358
    $0.00
    $0.00
    $578,690
    -
    $286,210
    $383,230
    $669,440

    Comparable in this City

    • Value Estimation by Request
      2.12 Acres

      3599 Portland NE Rd

      RETAIL STORES (PERSONAL SERVICES) • 2.12 Acres
      3599 Portland NE Rd, Salem, OR 97301-2507
      View Details
    • Value Estimation
      $1,130,000
      4,471 SF

      411 Lancaster NE Dr

      RETAIL STORES (PERSONAL SERVICES) • 4,471 SF
      411 Lancaster NE Dr, Salem, OR 97301-4729
      View Details
    • Value Estimation
      $6,410,000
      24,942 SF

      474 Lancaster NE Dr

      RETAIL STORES (PERSONAL SERVICES) • 24,942 SF
      474 Lancaster NE Dr, Salem, OR 97301-4784
      View Details
    • Value Estimation by Request
      764 SF

      233 Liberty NE St

      RETAIL STORES (PERSONAL SERVICES) • 764 SF
      233 Liberty NE St, Salem, OR 97301-3531
      View Details
    • Value Estimation by Request
      1,936 SF

      175 Commercial NE St

      RETAIL STORES (PERSONAL SERVICES) • 1,936 SF
      175 Commercial NE St, Salem, OR 97301-3402
      View Details
    • Value Estimation
      $2,375,000
      10,744 SF

      311 Commercial NE St

      RETAIL STORES (PERSONAL SERVICES) • 10,744 SF
      311 Commercial NE St, Salem, OR 97301-3413
      View Details

    Similar Nearby for Sale

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      Iconic Salem building, 30,937 sq ft, prime location.
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    Similar Nearby for Lease

    • $1.25 SF/Yr
      716 SF

      Retail Space with Offices

      Retail space featuring a reception area and three offices.
      724-738 Hawthorne Ave NE, Salem, OR 97301
      View Details
    • $28 SF/Yr
      2,620 SF

      Retail Space with High Visibility

      Retail spaces with prime signage and high traffic exposure.
      2505 Liberty St NE, Salem, OR 97301
      View Details
    • $1.50 SF/Yr
      496 SF

      Corner Retail Space in Salem

      Retail space available at the corner of Liberty and Chemeketa.
      285 Liberty St NE, Salem, OR 97301
      View Details
    • $1,450 /Mo
      1,358 SF

      Downtown Salem Retail/Office Space

      Modern retail/office space in downtown Salem, across from Riverfront Park.
      156 Front St NE, Salem, OR 97301
      View Details
    • $19 SF/Yr
      1,583 SF

      Retail Space Available For Lease

      Retail space available for lease, approximately 1583 square feet.
      3760 Market St NE, Salem, OR 97301
      View Details
    • $1.70 SF/Yr
      58,492 SF

      Historic Retail Space for Rent

      Unique retail spaces in a vibrant, historic Salem center.
      1313 Mill St SE, Salem, OR 97301
      View Details
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    1245 Columbia St
    Salem, OR 97301
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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.

    More about this property
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