Property profile

245 Commercial St SE Salem, OR 97301

FOR LEASE
Banks
Property ID
US71-0971777
0.66 ac lot
Individually Owned 24-yr Hold Absentee Owner Free & Clear
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Property summary

AI-generated overview

This exceptional 7,453 square foot office space is available for lease in downtown Salem, Oregon. Located at the highly visible corner of Commercial Street SE and Ferry Street, this property offers unparalleled access and exposure. Situated across from the Salem Convention Center and the new Holman Hilton Hotel, this location boasts high traffic and visibility. The suite occupies the entire first floor of a two-story building and features ten private offices, a breakroom, a second kitchenette, a storage/server room, a drive-up teller window, and a vault. The space includes two entrances, a large lobby, and ample parking with 21 spaces. The building sits on a 0.66-acre lot and is zoned CB. The total building size is 17,665 square feet, with a minimum divisible space of 7,453 square feet. This is a multi-tenant building in Marion County. The gross lease rate is $2.25 per square foot, with pass-through increases on operating expenses. Please note that this space is currently vacant. Do not disturb existing tenants.

Property profile

Verified
Property type Banks
Use group FINANCIAL BUILDING
Lot 0.66 ac (28,750 SF)
Zoning code CB
APN 073W27BA02400
UPID US71-0971777

Cap rate & NOI

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

Current use

Occupant on record · Public records
  • Law Firm
  • Law Firm
  • Publishing House Newspaper & Magazine
  • Engineer
  • Loan Service Bank

Location

245 Commercial St SE Salem, OR 97301
Salem metro Census 200 SALEM, OR METROPOLITAN STATISTICAL AREA
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Value estimations

Realmo proprietary · 4 methods
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Blend (final) Blend
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Owner & transaction history

since 2002
4 recorded transactions
2002
Price N/A
1969
Price N/A
1969
Price N/A
1969
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

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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