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    2651 Commercial SE St Salem, OR 97302-4872
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    Property profile & analytics

    2651 Commercial SE St, Salem, OR 97302-4872

    View on Map
    • Investment properties
    • 1,570 SF
    • 2.84 lot acres
    Off-Market
    Property ID
    US71-0963550
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    $555,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Genesis One Christian Ministries / Church
    • Allen Financial Wealth Management / LPL Financial / Financial Advisor
    • Jenna Li / Counselor
    • Illuminate Acupuncture and Wellness / Medical Clinic / Alternative Medicine Practice
    • Jim Parent Insurance / Insurance Agency

    Property Details for 2651 Commercial SE St

    Year built
    1979
    Lot size
    2.84 lot acres
    Zone code
    CR; RS
    Property type
    Investment properties
    Property subtype
    Retail residential properties
    APN
    073W34CC02200
    APU
    073W34CC02200

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Jun 18, 2020 — Candalaria Inv Co — Deed · related $822k · Pioneer Tr Bk
    Dec 30, 2004 — Candalaria Investment Co — Trustees Deed · related $75k · Pioneer Trust Bank NA
    — — Candalaria Investment Co — Deed Of Trust · related —
    — — Candalaria Investment Co — Deed Of Trust · related $412k · Pioneer Trust Bank NA
    — — Candalaria Inv Co — Deed Of Trust · related $822k · Pioneer Tr Bk
    — — Candalaria Investment Co — Deed Of Trust · related $750k · Pioneer Trust Bank NA

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $553,000
      Market price range: $79.1k - $553k
      AI Estimate
      $553,000
      Market price range: $79.1k - $553k

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $380,000
      Current use
      AUTO REPAIR, GARAGE
      $560,000
      Change: +48% Conversion: Difficult
      MEDICAL BUILDING
      $530,000
      Change: +40% Conversion: Easy
      OFFICE BUILDING
      $500,000
      Change: +32% Conversion: Easy
      RETAIL STORES
      $385,000
      Change: +2% Conversion: Easy
      WAREHOUSE, STORAGE
      $380,000
      Change: +1% Conversion: Difficult

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Salem
    County
    Marion
    State
    Oregon
    Longitude
    -123.046
    Latitude
    44.9148
    CBSA code
    41420
    CBSA name
    SALEM, OR METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $91,747
    $0.00
    $0.00
    $4,674,560
    -
    $2,608,320
    $3,700,430
    $6,308,750

    Comparable in this City

    • Value Estimation
      $620,000
      2,064 SF

      345 Owens SE St

      STORE/OFFICE (MIXED USE)
      345 Owens SE St, Salem, OR 97302-4144
      View Details
    • Value Estimation by Request
      3,576 SF

      3212 Triangle SE Dr

      STORE/OFFICE (MIXED USE)
      3212 Triangle SE Dr, Salem, OR 97302-4506
      View Details
    • Value Estimation by Request
      0.03 Acres

      Salem, OR 97302

      STORE/OFFICE (MIXED USE)
      Salem, OR 97302
      View Details
    • Value Estimation by Request
      2,044 SF

      1215 Commercial SE St

      STORE/OFFICE (MIXED USE)
      1215 Commercial SE St, Salem, OR 97302-4203
      View Details
    • Value Estimation
      $745,000
      5,752 SF

      1201 Commercial SE St

      STORE/OFFICE (MIXED USE)
      1201 Commercial SE St, Salem, OR 97302-4203
      View Details
    • Value Estimation
      $7,230,000
      20,517 SF

      2725 Commercial SE St

      STORE/OFFICE (MIXED USE)
      2725 Commercial SE St, Salem, OR 97302-4480
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      4,416 SF

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      High-visibility mixed-use redevelopment opportunity on 0.62 acres.
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      Mixed-Use Property with Redevelopment Potential

      South Salem corner lot with high visibility and redevelopment opportunities.
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    • $985,000
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      Historic Charm, Modern Office Space, Prime Location
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      4,096 SF

      South Salem Fourplex Investment Opportunity

      Well-maintained four-unit property with stable tenants in South Salem.
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      15,000 SF

      Retail Flex Investment Opportunity

      15,000 SF retail flex space in Salem, Oregon.
      2425-2475 25Th St SE, Salem, OR 97302
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      7,168 SF

      Retail Showroom with Warehouse Space

      Single-story building featuring retail showroom and warehouse with upgrades.
      1515 13Th St SE, Salem, OR 97302
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    Similar Nearby for Lease

    • $1.80 SF/Yr
      2,773 SF

      Updated Creekside Office Space

      Two-story office with creek views, updated interior and exterior.
      4160 Commercial St SE, Salem, OR 97302
      View Details
    • $2 SF/Yr

      Renovated Medical Office Space Available

      Multi-tenant medical office with strong demographics and modern construction.
      2720 Commercial St SE, Salem, OR 97302
      View Details
    • Contact for pricing

      Salem Industrial Complex Flex Space

      Flexible industrial spaces suitable for various business operations.
      1835 22Nd St SE, Salem, OR 97302
      View Details
    • Contact for pricing
      4,886 SF

      Highly Visible Office Space Available

      Northern wing office space with sweeping views for lease.
      340 Vista Ave SE, Salem, OR 97302
      View Details
    • Contact for pricing
      1,500 SF

      Professional Office Space in Salem

      South Salem office building with on-site parking and management.
      3295 Triangle Dr SE, Salem, OR 97302
      View Details
    • Contact for pricing
      143 SF

      South Salem Office Space Available

      Two-story office building in South Salem with flexible spaces.
      358 Superior St SE, Salem, OR 97302
      View Details
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    Salem, OR 97302-4872
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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