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1320 Chemeketa St NE, Salem, OR 97301
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Property summary
AI-generated overview
This exceptional two-story medical office building, located at 1320 Chemeketa St NE in Salem, Oregon, presents a unique investment opportunity. Originally constructed in 1923 and thoughtfully converted, this property offers 2,941 square feet of versatile space, previously occupied by a dental practice and possessing conditional use approval. The building boasts updated electrical and plumbing systems, ensuring modern functionality within its historic character. Ample parking is available on-site, supplemented by convenient street parking. The property's prominent location provides excellent signage opportunities for enhanced visibility and brand recognition. The building sits on a lot zoned RS and includes a 340 square foot garage. With eight parking spaces and a total building size ranging from 340 to 2,941 square feet, this property is ideal for a variety of medical or professional office uses. The asking price is $890,000. This is a rare chance to acquire a well-maintained, historically significant building in a desirable Salem location.
Property profile
Verified
Property type
Medical Office Space
Use group
DENTAL BUILDING
Year built
1923
Total area
3,281 SF
Lot
0.22 ac (9,583 SF)
Zoning code
RH
APN
073W26BA09900
UPID
US71-0980072
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Dental Office
-
Dental Office
-
Dental Office
Location
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$925k
Blend (final)
Blend
$435k
Owner & transaction history
since 2008
4 recorded transactions
Zoning & alternative use
RH · Salem, OR
Top alternative use upside
Auto repair, garage
$1.2M
+5.6%
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
Value estimation
Instant AI valuation built from comps, income signals, and proprietary benchmarks. A defensible range, not a single guess.
17% off on annual
Unlock the complete Valuation workflow
Full NOI reconstruction, selected comps, alternative-use scenarios, data audit and PDF export.
Full NOI build-up · 6 steps
3 alternative uses screened
Sensitivity value band
Source audit · 6 inputs
PDF export
Analytics Standard · 5 reports
from $99/month
from $99/month
Summary
1
Valuation conclusion
Included free
Estimated market value
$435k
Value range
$392k – $479k
±10% around blend
Estimated value / SF
$133 / SF
Confidence
Property data
100
Market benchmarks
67
Comparable evidence
60
Income certainty
100
$392k
blend $435k
$479k
Market-derived valuation under stabilized market assumptions. Desktop analysis. No physical inspection performed.
2
Subject property
Included free
GBA
3,281 SF
Lot area
0.22 ac
Year built
1923
Stories
1
APN
073W26BA09900
Zoning
RH
Assessed value
$413,880
Annual tax
$8,123
3
Income approach: direct capitalization
Partial preview
Estimated Stabilized NOI, derived from market rent, vacancy and expense benchmarks. Actual property income not reported.
Estimated market rent / SF
Potential gross income
Vacancy allowance
Effective gross income
Benchmark operating expenses
Stabilized NOI
Property tax
$8,123
Selected cap rate
4
Sales comparison
Partial preview
Sales approach indication
$925k
Range $619k – $1.55M
Evidence
6 found
Recent peer sales in this city
5
Sensitivity & risk
Partial preview
Downside
−10%
Base
$435k
Upside
+10%
Bounds of the ±10% band vs the blend — never simulated scenarios.
6
Current market position
Included free
Benchmark
Observed band ($/SF)AverageSubject delta
Submarket 24 sales
$338
-61%
County 35 sales
$321
-59%
Band = middle half (Q1–Q3) of recorded sale $/SF for this use type per geography; the diamond marks the subject at $133/SF. Delta below average reads as headroom. Source: Realmo CRE sales derivatives (county records).
7
Alternative use screening
Partial preview
Top alternative use
Auto Repair, Garage
Gross theoretical uplift
+6%
vs current-use indication
Medical Building · current use
Commercial (general)
Values shown before conversion costs, entitlement costs, capital expenditures and stabilization risk.
8
Data & methodology
Included free
Building area
County record
Property tax
County record
Assessed value
County record
Zoning designation
County record
Operating expenses
Modeled
Market rent
Market benchmark
Not analyzed due to unavailable source data: actual rent roll, tenant leases, physical condition and capital
requirements are outside a desktop analysis.
Cost Approach excluded: income and sales evidence cover the value conclusion.
Automated valuation analysis, not a licensed appraisal. Figures are derived from public
records and proprietary models. Desktop analysis: no physical inspection, tenant leases or reported
property income. Verify with a licensed appraiser before transacting.
Cap rate
Cap rate calculated from real income and expense signals, benchmarked against sales of similar assets nearby.
17% off on annual
Unlock the complete Cap Rate workflow
Full market tables, editable assumptions, comparable evidence, saved work and exports.
9-scenario matrix
NOI build-up · 9 steps
Market rates by use type
PDF export
Analytics Standard · 5 reports
from $99/month
from $99/month
Overview
Selected market yield
6.55%
Selected cap rate for this medical office space
Derived from the Salem market rent, vacancy and expense benchmarks for this use type.
Lower yield / higher price
Higher yield / lower price
5.0%
This property · 6.55%
9.0%
NOI (est.)
$45k *
* derived from a real price signal at a 7% cap
Price sensitivity
The rate is the decision lever; valuation is the consequence.
Test a cap rate
Implied value$690k
Move the market yield to see immediate price impact.
Value / SF
$210
Vs. selected
Base
Derivation
NOI ÷ cap
Arithmetic over the derived NOI * — not market scenario modeling.
NOI × cap matrix
Preview
Preview of 9 modeled outcomes.
NOI
6.05%6.55%7.05%
$41k
$672k
$621k
$577k
$45k
$747k
$690k
$641k
$50k
$821k
$759k
$705k
NOI sensitivity ±10% across the selected-rate band (±0.5 pp) — derivation of the NOI above.
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$8,123
Tax year 2023
Assessed value
$413,880
Assessed 2023
Previous assessed
$401,830
+3.0% YoY
Effective rate
1.96%
On assessed value
Land market value
$151,680
Improvement market value
$327,680
Total market value
$479,360
Applied tax rate
24,010.0000
Automated cap rate analysis. Based on public records, market benchmarks and proprietary
models. Verify with a licensed professional before transacting.
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Medical Office Space
Use group
DENTAL BUILDING
Status
For Sale
Year built
1923
Heating
NONE
Stories
1
Total area
3,281 SF
Lot
0.22 ac (9,583 SF)
Zoning code
RH
APN
073W26BA09900
UPID
US71-0980072
Jurisdiction
MARION
Zoning & alternative use
RH · Salem, ORZoning RH · permitted uses
RH · Salem, OR
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Alternative use value scenarios
Repositioning upside vs current use
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Building & site characteristics
From public records
Year built
1923
Heating
NONE
Stories
1
Lot
0.22 ac
Zoning
The recorded zoning designation, what the district officially allows, and the municipal source it comes from.
Zoning designation
County-recorded code
RH
Jurisdiction
Salem, OR
Recorded code
RH
Zoning Insight
What can be built and operated here — officially.
The district profile from the municipal source: what is on file for RH in Salem, OR.
What opens after registration
Zoning profile
Official documentVerified municipal sources with file download
Match provenanceAssignment basis, match tier and confidence
Private report access
See the official zoning profile for this address.
Registration is required before the official district profile is shown.
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Ownership Intelligence
Find the owner behind the property.
Unlock the evidence behind ownership: portfolio, transactions, debt and signals that help you decide who to contact next.
What opens after registration
Ownership report
Owner identityResolved entity and name variants
Portfolio holdingsLinked properties and estimated value
Deal signalsSell-side activity worth following
Debt & historyRecorded loans and transaction history
Private report access
See the ownership record for this address.
Registration is required before any owner information is shown.
One complete report on every paid plan · 5 · 30 · 100 reports per month.
Owner of record and activity signals are derived from public records and modeled classifications.
They do not confirm beneficial ownership or intent to transact.
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