Back to Search
Property profile & analytics
FOR LEASE
Investment properties
241 Liberty St NE Salem, OR 97301
Entity Owned
3-yr Hold
~
Est. High Equity
Property ID
US71-0865822
For Lease
1 / 2
$9,105,000
241 Liberty St NE, Salem, OR 97301
View Listing →
Property profile
Verified
Property type
Investment properties
Use group
STORE/OFFICE (MIXED USE)
Year built
1920
Total area
24,242 SF
Lot
0.23 ac (10,019 SF)
Zoning code
CB
APN
073W22DC07301
UPID
US71-0865822
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
-
Kraftworks Taphouse Bar & Pub
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$7.67M
Blend (final)
Blend
$9.11M
Owner & transaction history
Kerley Commercial LLC · 3 yrs held
Kerley Commercial LLC
since 2023
Last sale
$9.7M
5 recorded transactions
Zoning & alternative use
CB · Salem, OR
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$10.7M
+55.8%
Auto repair, garage
$8.7M
+26.2%
Medical building
$8.2M
+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
$10,895,000
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)
$6,860,000
Current use
RESTAURANT
$10,685,000
Change: +56% · Conversion: Difficult
AUTO REPAIR, GARAGE
$8,655,000
Change: +26% · Conversion: Difficult
MEDICAL BUILDING
$8,195,000
Change: +19% · Conversion: Easy
OFFICE BUILDING
$6,240,000
Change: -9% · Conversion: Easy
RETAIL STORES
$5,970,000
Change: -13% · Conversion: Easy
Blend value · Realmo final
$9.11M
Range $8.19M – $10.02M · ±10% · vs last sale $9.65M (Jan 12 2023)
Last sale anchor
$9.65M
Jan 12 2023
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
$376 / 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
$40,528
Tax year 2023
Assessed value
$2,064,900
Assessed 2023
Previous assessed
$2,004,760
+3.0% YoY
Effective rate
1.96%
On assessed value
Land market value
$304,500
Improvement market value
$2,551,210
Total market value
$2,855,710
Applied tax rate
24,970.0000
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
STORE/OFFICE (MIXED USE)
Status
For Lease
Year built
1920
Heating
NONE
Stories
1
Total area
24,242 SF
Lot
0.23 ac (10,019 SF)
Zoning code
CB
APN
073W22DC07301
UPID
US71-0865822
Jurisdiction
MARION
Zoning & alternative use
CB · Salem, OR
Zoning CB · permitted uses
CB · 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
$6.9M
RESTAURANT
Est. value
$10.7M
AUTO REPAIR, GARAGE
Est. value
$8.7M
MEDICAL BUILDING
Est. value
$8.2M
OFFICE BUILDING
Est. value
$6.2M
RETAIL STORES
Est. value
$6.0M
COMMERCIAL (GENERAL) Current
RESTAURANT
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
1920
Heating
NONE
Stories
1
Lot
0.23 ac
Current owner
From public records · entity-resolved
Kerley Commercial LLC
Entity
Mailing address
PO BOX 5517, SALEM, OR 97304-0517
Ownership since
2023
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jan 12, 2023
$9,650,000
Kerley Commercial LLC
Newberry LLC
Warranty Deed
$8,650,000 · Newberry LLC
Nov 14, 2005
$800,000
Owner Name Unavailable
Fox,harvey H & Dorothy E
Warranty Deed
related
—
Dec 30, 1986
$450,000
Harvey H Fox
Unknown
Grant Deed
—
—
—
Newberry LLC
—
Deed Of Trust
related
$1,500,000 · Pacific Cont'l Bk
—
—
Newberry LLC
—
Deed Of Trust
related
$650,000 · Willamette Valley Bank
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.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
Full reports are paid
Unlock the full Property Analytics report
Start free for 7 days — no card required. Full owner contacts, all 4 valuations with methodology, refine flow, comparable adjustments, foot-traffic deep dive, export to PDF / CSV.
