Property summary
Salem's Historic Grand, a landmark building constructed in 1900, offers a unique opportunity for businesses seeking prime office space in Salem's vibrant Central Business District (CBD). This three-story building, encompassing 38,450 square feet, features a diverse mix of executive and traditional office suites, along with retail and other commercial spaces. The property boasts a highly desirable location at the corner of High St NE and Court St NE, benefiting from excellent visibility and high traffic counts of 7,870 vehicles per day. With a walk score of 79, the building provides easy access to a variety of amenities, including restaurants and cafes. Available spaces range from a minimum of 225 square feet to a maximum contiguous space of 7,015 square feet, offering flexibility for businesses of all sizes. The building includes 24 parking spaces and features modern amenities such as secured entry with on-site security cameras and access to shared conference rooms. On-site property management ensures efficient operations. The property sits on a 0.5-acre lot and is zoned for CBD use. Currently, 13,827 square feet of space is vacant, presenting a significant opportunity for new tenants. Lease rates are competitive, ranging from $1.58 to $2.05 per square foot, full-service less janitorial. The building's rich history and central location make it an ideal choice for businesses seeking a prestigious and convenient address in Salem's downtown core. The building consists of eight total suites.
Property profile
VerifiedCap rate & NOI
Location
Value estimations
Owner & transaction history
Zoning & alternative use
CHAPTER 524. - CB-CENTRAL BUSINESS DISTRICT Sec. 524.001. - Purpose. The purpose of the Central Business District (CB) Zone is to implement the central business district designation of the Salem Area Comprehensive Plan t…
Comparables
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Value estimation
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Cap rate
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Price sensitivity
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Property tax & assessments
Tax year 2023Property description
Physical attributes from public recordsZoning & alternative use
CB · Salem, ORCHAPTER 524. - CB-CENTRAL BUSINESS DISTRICT Sec. 524.001. - Purpose. The purpose of the Central Business District (CB) Zone is to implement the central business district designation of the Salem Area Comprehensive Plan t…
Zoning
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Zoning designation
Official district profile
CHAPTER 524. - CB-CENTRAL BUSINESS DISTRICT Sec. 524.001. - Purpose. The purpose of the Central Business District (CB) Zone is to implement the central business district designation of the Salem Area Comprehensive Plan t…
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