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Property profile & analytics
FOR SALE
Investment properties
246 State St Salem, OR 97301
Entity Owned
8-yr Hold
~
Est. High Equity
Property ID
US71-0848894
For Sale
1 / 15
$950,000
246 State St, Salem, OR 97301
View Listing →
Property profile
Verified
Property type
Investment properties
Use group
STORE/OFFICE (MIXED USE)
Year built
1900
Total area
4,573 SF
Lot
0.12 ac (5,227 SF)
Zoning code
CB
APN
073W27BA01000
UPID
US71-0848894
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
-
Salem Summit Co. Clothing Store
-
Youth Era | Salem Drop Charitable Organization Social Service Agency
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$724k
Blend (final)
Blend
$725k
Owner & transaction history
Bungalow Nw LLC · 8 yrs held
Bungalow Nw LLC
since 2017
6 recorded transactions
Zoning & alternative use
CB · Salem, OR
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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
OFFICE BUILDING
$1,175,000
Change: -9% · Conversion: Easy
RETAIL STORES
$1,125,000
Change: -13% · Conversion: Easy
Blend value · Realmo final
$725k
Range $653k – $798k · ±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
$159 / 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
$3,826
Tax year 2023
Assessed value
$194,940
Assessed 2023
Previous assessed
$189,270
+3.0% YoY
Effective rate
1.96%
On assessed value
Land market value
$159,540
Improvement market value
$163,090
Total market value
$322,630
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 Sale
Year built
1900
Heating
NONE
Stories
1
Total area
4,573 SF
Lot
0.12 ac (5,227 SF)
Zoning code
CB
APN
073W27BA01000
UPID
US71-0848894
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
OFFICE BUILDING
Est. value
$1.2M
RETAIL STORES
Est. value
$1.1M
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
1900
Heating
NONE
Stories
1
Lot
0.12 ac
Current owner
From public records · entity-resolved
Bungalow Nw LLC
Entity
Mailing address
3659 KASHMIR WAY SE, SALEM, OR 97317-9315
Ownership since
2017
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
6 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Oct 6, 2017
$650,000
Bungalow Nw LLC
Driggers Jed Trust
Warranty Deed
$480,000 · Umpqua Bk
Jul 7, 2016
—
Driggers,jed Trust
—
Deed
related
$222,700 · Umpqua Bk
Oct 28, 2010
—
Proctor Driggers LLC
Driggers Trust
Quit Claim Deed
related
—
May 22, 1984
—
Tco Partnership Dba
Unknown
Quit Claim Deed
related
—
—
—
Driggers Jed Trust
—
Deed Of Trust
related
$234,509 · Columbia State Bank
—
—
Driggers,jed Trust
—
Deed Of Trust
related
$222,700 · Umpqua 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.
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?”
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