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    2859 22nd SE St Salem, OR 97302-1554
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    Property profile & analytics

    2859 22nd SE St, Salem, OR 97302-1554

    View on Map
    • Warehouses
    • 16,840 SF
    • 0.96 lot acres
    Off-Market
    Property ID
    US71-0300312
    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
    $5,140,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Photo Electric, LLC / Electrical Service / General Contractor
    • American Hospice / Nursing Home
    • Contract Interiors LLC / Interior Design / Home Decor Store
    • NW Current Energy / Electrical Service / General Contractor

    Property Details for 2859 22nd SE St

    Year built
    2004
    Lot size
    0.96 lot acres
    Zone code
    IG
    Property type
    Warehouses
    Property subtype
    Self storage facilities
    APN
    073W35DC00600
    APU
    073W35DC00600

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    May 24, 2021 — Photo Electric INC Lakeview Industrial Park LLC Lease $3M · Bank Of The West
    May 14, 2020 — Lakeview Industrial Park LLC — Deed · related —
    Jan 28, 2009 — Garrison Family Trust Garrison,don C Quit Claim Deed · related —
    Aug 6, 2004 $168,720 2859 22nd Street LLC Ziebell,richard L & Linda Grant Deed $769k · West Coast Bank
    Oct 19, 1994 $6,980 Westpac Investment Co Ziebell,richard L & Linda Grant Deed —
    Jul 29, 1994 — Richard L Ziebell — Grant Deed · related $100k · Key Bank Of Oregon
    Sep 30, 1991 $171,000 Richard L Ziebell Unknown Grant Deed —
    — — Lakeview Industrial Park LLC — Deed Of Trust · related $2.6M · Pioneer Tr Bk
    — — Lakeview Industrial Park LLC — Deed Of Trust · related $1.6M · Wells Fargo Bank
    — — Lakeview Industrial Park LLC — Loan Modification · related —
    — — Lakeview Industrial Park LLC — Deed Of Trust · related $3M · Bank Of The West

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $5,137,000
      Market price range: $1.97M - $5.77M
      AI Estimate
      $5,137,000
      Market price range: $1.97M - $5.77M

    • Alternative Use

      Use
      Estimation
      WAREHOUSE, STORAGE
      $4,085,000
      Current use
      RESTAURANT
      $7,425,000
      Change: +82% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $6,010,000
      Change: +47% Conversion: Easy
      MEDICAL BUILDING
      $5,690,000
      Change: +39% Conversion: Difficult
      OFFICE BUILDING
      $5,345,000
      Change: +31% Conversion: Difficult
      RETAIL STORES
      $4,150,000
      Change: +2% Conversion: Moderate
      COMMERCIAL (GENERAL)
      $4,050,000
      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
    -123.019
    Latitude
    44.9126
    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
    $24,247
    $0.00
    $0.00
    $1,235,420
    -
    $125,450
    $1,564,980
    $1,690,430

    Comparable in this City

    • Value Estimation
      $1,850,000
      5,400 SF

      2142 Turner SE Rd

      MINI-WAREHOUSE, STORAGE
      2142 Turner SE Rd, Salem, OR 97302-2004
      View Details
    • Value Estimation
      $6,840,000
      53,890 SF

      4080 Reed SE Rd

      MINI-WAREHOUSE, STORAGE
      4080 Reed SE Rd, Salem, OR 97302-1100
      View Details
    • Value Estimation
      $10,290,000
      30,000 SF

      3925 Fairview Industrial SE Dr

      MINI-WAREHOUSE, STORAGE
      3925 Fairview Industrial SE Dr, Salem, OR 97302-1182
      View Details
    • Value Estimation
      $12,525,000
      41,427 SF

      3501 Fairview Industrial SE Dr

      MINI-WAREHOUSE, STORAGE
      3501 Fairview Industrial SE Dr, Salem, OR 97302-1155
      View Details
    • Value Estimation
      $5,425,000
      27,500 SF

      3995 Fairview Industrial SE Dr

      MINI-WAREHOUSE, STORAGE
      3995 Fairview Industrial SE Dr, Salem, OR 97302-1288
      View Details
    • Value Estimation
      $1,805,000
      10,808 SF

      2244 Judson SE St

      MINI-WAREHOUSE, STORAGE
      2244 Judson SE St, Salem, OR 97302-1263
      View Details

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      Land Near Costco For Development

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    Similar Nearby for Lease

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      82,800 SF

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      Large food production facility with cold storage and warehouse space.
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      View Details
    • Contact for pricing

      Insulated Warehouse with Office/Showroom

      Centrally located warehouse with office/showroom, suitable for distribution or retail.
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      View Details
    • $0.70 SF/Yr

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      View Details
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    2859 22nd SE St
    Salem, OR 97302-1554
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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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    2859 22nd SE St, Salem, OR, 97302
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