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    2345 Mcgilchrist SE St Salem, OR 97302-1381

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    2345 Mcgilchrist SE St Salem, OR 97302-1381

    View on Map
    • Warehouses
    • 19,150 SF
    • 1.10 lot acres
    Off-Market
    Property ID
    US71-1179276
    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.
    Value Estimations
    $2,240,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Catalyst Community Fitness / Gym & Fitness Center
    • Salem-Keizer Brazilian Jiu-Jitsu Academy / Training Center / Sports School
    • Environmental Testing & Training Northwest / Environmental Consultant
    • ISO Plumbing & Mechanical / Plumbing Service / General Contractor
    • Kwik Wash Pressure Washers / Landscaping / General Contractor

    Property Details for 2345 Mcgilchrist SE St

    Year built
    2018
    Lot size
    1.10 lot acres
    Property size
    19,150 SF
    Zone code
    IG
    Property type
    Warehouses
    Property subtype
    Self storage facilities
    APN
    073W35DA01500
    APU
    073W35DA01500

    Description

    This exceptional Salem, Oregon industrial property, located at 2345 McGilchrist St SE, 97302, offers three warehouse suites totaling 19,150 square feet on a 47,916 square foot lot in Marion County. The property is zoned IG and features multiple tenancy options. Each suite boasts a convenient 12x14 roll-up door and a private restroom. Suites 12 and 13 are currently combined but can be easily separated to accommodate individual tenant needs, offering flexibility for various business sizes. Individual suite sizes range from 1,300 to 1,650 square feet. The property provides ample parking, both on-site and on the street, with convenient ingress and egress points from McGilchrist Street and 23rd Street. The lease includes a base rent

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,239,000
      Market price range: $2.24M - $6.57M
      AI Estimate
      $2,239,000
      Market price range: $2.24M - $6.57M

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

    Location Insight

    • Map
    • Local Demand
    City
    Salem
    County
    Marion
    State
    Oregon
    Longitude
    -123.014
    Latitude
    44.9172
    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
    $3,577
    $0.00
    $0.00
    $182,270
    -
    $197,900
    $2,377,110
    $2,575,010

    Comparable in this City

    • Value Estimation
      $5,420,000
      20,694 SF

      3147 22nd SE St

      MINI-WAREHOUSE, STORAGE • 20,694 SF
      3147 22nd SE St, Salem, OR 97302-1161
      View Details
    • Value Estimation
      $2,720,000
      7,932 SF

      4780 Liberty S Rd

      MINI-WAREHOUSE, STORAGE • 7,932 SF
      4780 Liberty S Rd, Salem, OR 97302-5037
      View Details
    • Value Estimation
      $1,825,000
      8,112 SF

      2363 12th SE St

      MINI-WAREHOUSE, STORAGE • 8,112 SF
      2363 12th SE St, Salem, OR 97302-2149
      View Details
    • Value Estimation
      $1,640,000
      14,000 SF

      1205 14th SE St

      MINI-WAREHOUSE, STORAGE • 14,000 SF
      1205 14th SE St, Salem, OR 97302-1409
      View Details
    • Value Estimation
      $1,660,000
      5,088 SF

      1785 Salishan SE St

      MINI-WAREHOUSE, STORAGE • 5,088 SF
      1785 Salishan SE St, Salem, OR 97302-3343
      View Details
    • Value Estimation
      $890,000
      3,500 SF

      1965 Davcor SE St

      MINI-WAREHOUSE, STORAGE • 3,500 SF
      1965 Davcor SE St, Salem, OR 97302-1146
      View Details

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      Retail Showroom with Warehouse Space

      Single-story building featuring retail showroom and warehouse with upgrades.
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    Similar Nearby for Lease

    • $1.05 SF/Yr
      8,958 SF

      Salem Warehouse with Showroom/Office

      8,958 SF warehouse with showroom/office space for lease.
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      View Details
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      84,000 SF

      New Industrial Flex Space Available

      Light industrial space with flexible options for lease.
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      View Details
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      Insulated Warehouse with Office/Showroom

      Centrally located warehouse with office/showroom, suitable for distribution or retail.
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      View Details
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      Salem Industrial Flex Space Available

      Industrial flex building with warehouse and office space for lease.
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      View Details
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      Gravel Industrial Yard For Lease

      1.75 acre graveled industrial yard site available for lease.
      Salem, OR 97302
      View Details
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    Salem, OR 97302-1381
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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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    2345 Mcgilchrist SE St, Salem, OR, 97302

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