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Property profile & analytics
OFF-MARKET
Estimated value
$4,730,000
Medical Office Space
2450 12th SE St Salem, OR 97302-2152
Individually Owned
38-yr Hold
Free & Clear
Property ID
US71-1274428
Property profile
Verified
Property type
Medical Office Space
Use group
MEDICAL CLINIC
Year built
1987
Total area
10,531 SF
Lot
1.38 ac (60,113 SF)
Zoning code
CG
APN
073W35CB03301
UPID
US71-1274428
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
-
Farmer Samuel G MD Ophthalmologist
-
Dr. Edmund G. Servais, MD Ophthalmologist
-
Scott M. McClintic, MD | Retina Consultants, LLC Ophthalmologist
-
Westfall Andrew C MD Ophthalmologist
-
Retina Consultants, LLC Ophthalmologist
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$4.99M
Blend (final)
Blend
$4.73M
Owner & transaction history
Charles E Hikes · 38 yrs held
Charles E Hikes
since 1987
7 recorded transactions
Zoning & alternative use
CG · Salem, OR
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description
The purpose of the General Commercial (CG) Zone is to implement the commercial designation of the Salem Area Comprehensive Plan through the identification of allowed uses and the establishment of development standards.
Zone name
General Commercial
General category
COMMERCIAL
Zone area
183.30 ac
Source
Realmo
Top alternative use upside
Restaurant
$4.6M
+30.4%
Auto repair, garage
$3.8M
+5.6%
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
MEDICAL BUILDING
$3,560,000
Current use
RESTAURANT
$4,645,000
Change: +30% · Conversion: Difficult
AUTO REPAIR, GARAGE
$3,760,000
Change: +6% · Conversion: Difficult
OFFICE BUILDING
$3,345,000
Change: -6% · Conversion: Easy
Blend value · Realmo final
$4.73M
Range $4.26M – $5.20M · ±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
$449 / 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
$47,118
Tax year 2023
Assessed value
$2,460,010
Assessed 2023
Previous assessed
$2,613,080
-5.9% YoY
Effective rate
1.92%
On assessed value
Land market value
$826,280
Improvement market value
$1,633,730
Total market value
$2,460,010
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
Medical Office Space
Use group
MEDICAL CLINIC
Status
Off-Market
Year built
1987
Heating
NONE
Total area
10,531 SF
Lot
1.38 ac (60,113 SF)
Zoning code
CG
APN
073W35CB03301
UPID
US71-1274428
Jurisdiction
MARION
Zoning & alternative use
CG · Salem, ORZoning CG · permitted uses
CG · Salem, OR
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Zoning description
The purpose of the General Commercial (CG) Zone is to implement the commercial designation of the Salem Area Comprehensive Plan through the identification of allowed uses and the establishment of development standards.
Zone name
General Commercial
General category
COMMERCIAL
Zone area
183.30 ac
Source
Realmo
Alternative use value scenarios
Repositioning upside vs current use
MEDICAL BUILDING Current
Est. value
$3.6M
RESTAURANT
Est. value
$4.6M
AUTO REPAIR, GARAGE
Est. value
$3.8M
OFFICE BUILDING
Est. value
$3.3M
MEDICAL BUILDING Current
RESTAURANT
AUTO REPAIR, GARAGE
OFFICE BUILDING
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
1987
Heating
NONE
Lot
1.38 ac
Current owner
From public records · entity-resolved
Charles E Hikes
Individual
Free & Clear · 38 yrs held
Mailing address
2450 12TH ST SE, SALEM, OR 97302-2152
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
1987
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
7 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Feb 7, 2018
—
Retina Consultants Props LLC
—
Deed
related
$2,380,000 · Pioneer Tr Bk
Jun 15, 2016
—
Retina Consultants Props LLC
—
Deed
related
—
Sep 30, 1987
$200,015
Charles E Hikes
Unknown
Grant Deed
—
—
—
Retina Consultants Props LLC
—
Loan Modification
related
—
—
—
Retina Consultants Props LLC
—
Loan Modification
related
—
—
—
Randall S Riderbusch
—
Deed Of Trust
related
$30,000 · Bann-cor Mortgage
—
—
Retina Consultants Props LLC
—
Deed Of Trust
related
$2,380,000 · Pioneer Tr Bk
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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