Property profile

181 High St NE Salem, OR 97301

FOR LEASE
Investment properties
Property ID
US71-0563161
9,950 SF Built 1900
Entity Owned 10-yr Hold Absentee Owner Free & Clear
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Property summary

AI-generated overview

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

Verified
Property type Investment properties
Use group STORE/OFFICE (MIXED USE)
Year built 1900
Total area 9,950 SF
Zoning code CB
APN 073W27AB90001
UPID US71-0563161

Cap rate & NOI

Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors

Location

181 High St NE Salem, OR 97301
Salem metro Census 200 SALEM, OR METROPOLITAN STATISTICAL AREA
Google Maps

Value estimations

Realmo proprietary · 4 methods
AI Approach AI
by Request
CAP Approach CAP
by Request
Comparable Approach Comparable
$2.06M
Blend (final) Blend
$365k

Owner & transaction history

since 2016
7 recorded transactions
2020
Price N/A
2017
Price N/A
2016
Price N/A
2015
Price N/A
2014
Price N/A
2010
Price N/A
2009
Price N/A

Zoning & alternative use

CB · Salem, OR
Zoning description

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…

General category COMMERCIAL
Top alternative use upside
Medical building $3.4M +19.4%

Comparables

6 recent transactions · within 1.5 mi
Comparable in this city
6 recent transactions
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
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