Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    2973 12th SE St Salem, OR 97302-3162
    Back to Search
    Property profile & analytics

    2973 12th SE St Salem, OR 97302-3162

    View on Map
    • Medical Office Space
    • 11,341 SF
    • 1.35 lot acres
    Off-Market
    Last Sale Dec 13, 2024
    $5,370,000
    Property ID
    US71-0881787
    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
    $5,370,000
    Show details
    Cap Rate Potential
    2.8%
    Medical Office Space
    Location Intelligence

    Current Use by Public Records

    • Erika Mccarthy / Physician / Medical Clinic
    • Philip Rosen / Physician / Medical Clinic
    • Willamette urology / Medical Clinic / Physician
    • JOHN MARK MHOON / Physician / Medical Clinic
    • Vitaly Layvant / Physician / Medical Clinic

    Property Details for 2973 12th SE St

    Year built
    2012
    Lot size
    1.35 lot acres
    Property size
    11,341 SF
    Zone code
    CG
    Property type
    Medical Office Space
    Property subtype
    Medical centers
    APN
    073W34DD07100
    APU
    073W34DD07100

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $5,370,000
      ML approach
      $5,370,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $4,365,000
      Market price range: $2.14M - $5.37M
      AI Estimate
      $3,551,000
      Market price range: $1.39M - $5.02M

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $3,835,000
      Current use
      RESTAURANT
      $5,000,000
      Change: +30% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $4,050,000
      Change: +6% Conversion: Difficult
      OFFICE BUILDING
      $3,600,000
      Change: -6% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Salem
    County
    Marion
    State
    Oregon
    Longitude
    -123.031
    Latitude
    44.9119
    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
    $38,323
    $0.00
    $0.00
    $1,952,570
    -
    $808,590
    $2,247,670
    $3,056,260

    Comparable in this City

    • Value Estimation
      $4,730,000
      10,531 SF

      2450 12th SE St

      MEDICAL CLINIC • 10,531 SF
      2450 12th SE St, Salem, OR 97302-2152
      View Details
    • Value Estimation
      $10,555,000
      23,054 SF

      3099 Riv S Rd

      MEDICAL CLINIC • 23,054 SF
      3099 Riv S Rd, Salem, OR 97302-9754
      View Details
    • Value Estimation
      $2,065,000
      5,637 SF

      3230 Liberty S Rd

      MEDICAL CLINIC • 5,637 SF
      3230 Liberty S Rd, Salem, OR 97302-4560
      View Details
    • Value Estimation
      $1,770,000
      4,777 SF

      1170 12th SE St

      MEDICAL CLINIC • 4,777 SF
      1170 12th SE St, Salem, OR 97302
      View Details
    • Value Estimation by Request
      0.83 Acres

      Salem, OR 97302

      MEDICAL CLINIC • 0.83 Acres
      Salem, OR 97302
      View Details
    • Value Estimation by Request

      1855 Nob Hl SE St, Unit 2

      MEDICAL BUILDING
      1855 Nob Hl SE St, Salem, OR 97302-5287
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      1,682 SF

      Well-Maintained Office Building For Sale

      Charming office building south of downtown Salem with recent upgrades.
      830 Saginaw St S, Salem, OR 97302
      View Details
    • Contact for pricing
      4,416 SF

      Redevelopment Opportunity in South Salem

      High-visibility mixed-use redevelopment opportunity on 0.62 acres.
      3212 Triangle Dr SE, Salem, OR 97302
      View Details
    • Contact for pricing
      2,130 SF

      Home-to-Office Conversion with Parking

      Office building with parking lot on sprawling half-acre lot.
      1230 Fairview Ave SE, Salem, OR 97302
      View Details
    • Contact for pricing

      Salem Office Space Available

      Office property located in Salem, Oregon.
      2925 River Rd S, Salem, OR 97302
      View Details
    • New
      $719,900
      2,754 SF

      Salem Office with Studio Apartment

      Two-story office conversion with studio apartment and parking lot.
      1705 Commercial St SE, Salem, OR 97302
      View Details
    • Contact for pricing

      Class A Office Building Suites

      Two professional office suites with private offices and shared amenities.
      3155 River Rd S, Salem, OR 97302
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Liberty Place Office Space Available

      Up to 7,500 SF available in South Salem.
      3550 Liberty Rd S, Salem, OR 97302
      View Details
    • Contact for pricing

      Medical Office Suites on Liberty

      Medical office suites available near downtown and Salem Hospital.
      1515-1535 Liberty 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
    • $1.15 SF/Yr
      5,940 SF

      Office Suites with Warehouse Option

      Office suites available for lease with warehouse option.
      3995 Fairview Industrial Dr SE, Salem, OR 97302
      View Details
    • Contact for pricing
      4,000 SF

      Sierra Building Basement Office Space

      Basement office space in Sierra Building with minimal light.
      1431-1449 Liberty St SE, Salem, OR 97302
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    2973 12th SE St
    Salem, OR 97302-3162
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    2973 12th SE St, Salem, OR, 97302
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!