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Property profile & analytics
FOR LEASE
Investment properties

223 Commercial St NE Salem, OR 97301

14,850 SF 0.17 ac lot Built 1867
Entity Owned 5-yr Hold ~ Est. High Equity
Property ID
US71-0270653
Property summary
AI-generated overview

This beautifully renovated, two-story building in Salem, Oregon's central business district (CBD) offers 14,850 square feet of prime office space across 18 suites. The property, known as the Starkey Building, is located at 223 Commercial St NE, 97301, and features a mix of traditional, executive, and creative office spaces, with a minimum divisible space of 185 square feet. Currently, 2,946 square feet are vacant. The building boasts modern amenities including a high-glass wall shared conference room on the second floor, an elevator, and shared bathrooms. Security features ensure a safe and productive work environment. Tenants will appreciate the common areas with additional seating. A unique offering includes ten fully furnished micro salon suites ranging from 85 to 193 square feet, each featuring sliding glass doors, VLP flooring, and dimmable lighting. Two larger, fully furnished private salon suites with two salon stations and black cabinetry sinks are also available. Landlord provides industry-standard chairs, and internet is included in the full-service lease rates. This exceptional property presents a rare opportunity in Salem's vibrant downtown core. The building's historic charm is complemented by modern updates, creating a sophisticated and functional workspace.

Property profile
Verified
Property type Investment properties
Use group STORE/OFFICE (MIXED USE)
Year built 1867
Total area 14,850 SF
Lot 0.17 ac (7,405 SF)
Zoning code CB
APN 073W22DC08900
UPID US71-0270653
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
  • Sean & Susan, Reed Homes NW Real Estate Agency
  • Alyssa Rife Hair Salon
  • Hailey Sells, Realtor Real Estate Agency
  • Sara Guthrie Counselor
  • Contact Lewis Design, LLC Marketing & Advertising Advertising Agency
Value estimations
Realmo proprietary · 4 methods
AI Approach AI
by Request
CAP Approach CAP
$2.50M
Comparable Approach Comparable
by Request
Blend (final) Blend
$3.84M
Owner & transaction history
Kerley Commercial LLC · 5 yrs held
Kerley Commercial LLC
since 2021
Last sale
$2.5M
7 recorded transactions
2021
$2.5M
2020
Price N/A
2020
Price N/A
2019
Price N/A
2018
Price N/A
2018
Price N/A
2018
Price N/A
Zoning & alternative use
CB · Salem, OR
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage $5.3M +26.2%
Medical building $5.0M +19.4%
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