Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    3217 Market NE St Salem, OR 97301-1816

    • Commercial real estate
    • 6,880 SF
    • 0.38 lot acres
    OFF-MARKET
    Last Sale
    Apr 17, 2020
    $700,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US71-0660059
    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.

    Current Use by Public Records

    • Salem Oregon Animal Rehabilitation - SOAR / Veterinary Clinic

    Property Details for 3217 Market NE St

    Year built
    1960
    Lot size
    0.38 lot acres
    Property size
    6,880 SF
    Zone code
    CR
    Property type
    Commercial real estate
    APN
    073W24AC00701
    APU
    073W24AC00701

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Salem
    County
    Marion
    State
    Oregon
    Longitude
    -122.996
    Latitude
    44.9509
    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
    $10,648
    $0.00
    $0.00
    $542,530
    -
    $205,950
    $480,540
    $686,490

    Comparable in this City

    • Value Estimation by Request
      0.13 Acres

      1245 Capitol NE St

      COMMERCIAL (GENERAL) • 0.13 Acres
      1245 Capitol NE St, Salem, OR 97301
      View Details
    • Value Estimation by Request
      0.11 Acres

      401 Ctr NE St

      COMMERCIAL (GENERAL) • 0.11 Acres
      401 Ctr NE St, Salem, OR 97301-3661
      View Details
    • Value Estimation by Request
      0.04 Acres

      401 Ctr NE St

      COMMERCIAL (GENERAL) • 0.04 Acres
      401 Ctr NE St, Salem, OR 97301-3661
      View Details
    • Value Estimation by Request
      0.85 Acres

      480 Ctr NE St

      COMMERCIAL (GENERAL) • 0.85 Acres
      480 Ctr NE St, Salem, OR 97301-3679
      View Details
    • Value Estimation by Request
      0.12 Acres

      1170 Ctr NE St

      COMMERCIAL (GENERAL) • 0.12 Acres
      1170 Ctr NE St, Salem, OR 97301
      View Details
    • Value Estimation by Request
      0.32 Acres

      305 Liberty NE St

      COMMERCIAL (GENERAL) • 0.32 Acres
      305 Liberty NE St, Salem, OR 97301-3519
      View Details

    Similar Nearby for Sale

    • $1,100,000

      Salem Commercial Land - High Visibility

      Prime Salem location, 36,590 sq ft commercial pad.
      1302 Lancaster Dr, Salem, OR 97301
      View Details
    • Contact for pricing
      3.00 Acres

      Salem Industrial Land Opportunity

      Prime Salem acreage, I-5 access
      1940-2045 Hyacinth St, Salem, OR 97301
      View Details
    • $11,999,000
      140,931 SF

      Prime Salem Sports & Entertainment Venue

      140,931 SF, 13.27 Acres, Willamette Riverfront
      1105 Front St, Salem, OR 97301
      View Details
    • $1,625,000
      9,950 SF

      Downtown Salem Retail Gem

      9,950 SF Vacant Storefront, $1.625M
      187 High St, Salem, OR 97301
      View Details
    • $2,700,000
      11,923 SF

      Salem Warehouse: Riverfront Redevelopment

      11,923 SF Warehouse, $2.7M, Riverfront
      110 Division St, Salem, OR 97301
      View Details
    • $1,150,000
      6,208 SF

      Salem Office Condo: High St NE

      Historic Downtown Salem Office Suite, 6208 SF
      183 High St, Salem, OR 97301
      View Details

    Similar Nearby for Lease

    • $21 SF/Yr
      233,358 SF

      Capitol City Office Space

      Salem, OR Office Building - 26,826 SF Available
      4600 25Th Ave, Salem, OR 97301
      View Details
    • Contact for pricing
      5,886 SF

      Prestigious Salem Office Space

      Executive Suites & Ballroom Available
      495 State St, Salem, OR 97301
      View Details
    • $27 SF/Yr
      32,643 SF

      Prime Salem Executive Office Space

      Class A Office Suites, Downtown Salem
      250 Church St, Salem, OR 97301
      View Details
    • Contact for pricing
      99,313 SF

      Salem Retail Pad Site - Huge Potential

      99,313 SF Vacant Retail Space in Salem, OR
      1010 Hawthorne Ave, Salem, OR 97301
      View Details
    • $3,850,000
      1,868 SF

      Historic Oregon Building Office Space

      Renovated historic office building in Salem, Oregon available for lease.
      494 State St, Salem, OR 97301
      View Details
    • $800 /Mo
      189 SF

      Office Space with Shared Amenities

      Executive suites with shared amenities, natural light, and great location.
      Liberty St NE 1220, Salem, OR 97301
      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.
    3217 Market NE St
    Salem, OR 97301-1816
    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

    Google sign-in failed. Please try again or use another login method.