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Property profile & analytics
OFF-MARKET
Estimated value
$640,000
Investment properties
2376 State St Salem, OR 97301-4542
Individually Owned
28-yr Hold
Free & Clear
Property ID
US71-0949906
Property profile
Verified
Property type
Investment properties
Use group
OFFICE/RESIDENTIAL (MIXED USE)
Year built
1947
Total area
2,556 SF
Lot
0.33 ac (14,375 SF)
Zoning code
MUII
APN
073W26DA16600
UPID
US71-0949906
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
-
Jori Zan's Body Piercing Tattoo & Piercing Shop
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$640k
Blend (final)
Blend
$640k
Owner & transaction history
Raymond R Boucher · 28 yrs held
Raymond R Boucher
since 1997
4 recorded transactions
Zoning & alternative use
MUII · Salem, OR
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$915,000
+26.2%
Medical building
$865,000
+19.4%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Salem submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Salem submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$725,000
Current use
AUTO REPAIR, GARAGE
$915,000
Change: +26% · Conversion: Difficult
MEDICAL BUILDING
$865,000
Change: +19% · Conversion: Easy
OFFICE BUILDING
$660,000
Change: -9% · Conversion: Easy
RETAIL STORES
$630,000
Change: -13% · Conversion: Easy
Blend value · Realmo final
$640k
Range $576k – $704k · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$250 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$3,384
Tax year 2023
Assessed value
$172,400
Assessed 2023
Previous assessed
$167,380
+3.0% YoY
Effective rate
1.96%
On assessed value
Land market value
$104,240
Improvement market value
$268,060
Total market value
$372,300
Applied tax rate
24,010.0000
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
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Investment properties
Use group
OFFICE/RESIDENTIAL (MIXED USE)
Status
Off-Market
Year built
1947
Heating
BASEBOARD
Buildings
2
Stories
1
Bathrooms
3
Total area
2,556 SF
Lot
0.33 ac (14,375 SF)
Zoning code
MUII
APN
073W26DA16600
UPID
US71-0949906
Jurisdiction
MARION
Zoning & alternative use
MUII · Salem, OR
Zoning MUII · permitted uses
MUII · Salem, OR
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Salem. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
COMMERCIAL (GENERAL) Current
Est. value
$725,000
AUTO REPAIR, GARAGE
Est. value
$915,000
MEDICAL BUILDING
Est. value
$865,000
OFFICE BUILDING
Est. value
$660,000
RETAIL STORES
Est. value
$630,000
COMMERCIAL (GENERAL) Current
AUTO REPAIR, GARAGE
MEDICAL BUILDING
OFFICE BUILDING
RETAIL STORES
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1947
Heating
BASEBOARD
Stories
1
Buildings
2
Bathrooms
3
Lot
0.33 ac
Current owner
From public records · entity-resolved
Raymond R Boucher
Individual
Free & Clear · 28 yrs held
Mailing address
2376 STATE ST, SALEM, OR 97301-4542
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
1997
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jul 14, 1997
—
Raymond R Boucher
Levin,nathan J
Grant Deed
related
—
Oct 27, 1995
$150,000
Nathan J Levin
Miller Trust
Grant Deed
$105,000 · Seller
Jan 13, 1985
—
Miller,owen & Edith-trustee Etal
Unknown
Grant Deed
related
—
—
—
Blaze Northwest LLC
—
Deed Of Trust
related
$150,000 · Frontier Investment Co
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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