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Property profile & analytics
OFF-MARKET
Estimated value
$2,445,000
Medical Office Space
338 Hawthorne NE Ave, Salem, OR 97301-4607
Entity Owned
4-yr Hold
~
Est. High Equity
Property ID
US71-0550843
Property profile
Verified
Property type
Medical Office Space
Use group
MEDICAL CLINIC
Year built
1997
Total area
8,550 SF
Lot
0.86 ac (37,462 SF)
Zoning code
CO
APN
073W25AD02300
UPID
US71-0550843
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
-
Oregon Association of Conservation Districts Charitable Organization Social Service Agency
-
Family Focus Eye Care - Dry Eye Center of Salem Physician
-
Travis Taylor Physician
-
Dry Eye Center of Salem Physician
-
Creamer & Associates PC Tax Preparation
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$1.76M
Comparable Approach
Comparable
$3.26M
Blend (final)
Blend
$2.45M
Owner & transaction history
Pa Jack LLC · 4 yrs held
Pa Jack LLC
since 2022
Last sale
$1.9M
7 recorded transactions
Zoning & alternative use
CO · Salem, OR
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$3.8M
+30.4%
Auto repair, garage
$3.1M
+5.6%
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
$3,185,000
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$1,910,000
6.5%
$1,760,000
7%
$1,635,000
Alternative Use
Use
Estimation
MEDICAL BUILDING
$2,890,000
Current use
RESTAURANT
$3,770,000
Change: +30% · Conversion: Difficult
AUTO REPAIR, GARAGE
$3,055,000
Change: +6% · Conversion: Difficult
COMMERCIAL (GENERAL)
$2,420,000
Change: -16% · Conversion: Easy
Blend value · Realmo final
$2.45M
Range $2.20M – $2.69M · ±10% · vs last sale $1.90M (Feb 28 2022)
Last sale anchor
$1.90M
Feb 28 2022
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
$286 / 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
$28,636
Tax year 2023
Assessed value
$1,459,000
Assessed 2023
Previous assessed
$1,416,510
+3.0% YoY
Effective rate
1.96%
On assessed value
Land market value
$309,060
Improvement market value
$1,467,460
Total market value
$1,776,520
Applied tax rate
24,010.0000
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
Medical Office Space
Use group
MEDICAL CLINIC
Status
Off-Market
Year built
1997
Heating
NONE
Stories
1
Bathrooms
2
Total area
8,550 SF
Lot
0.86 ac (37,462 SF)
Zoning code
CO
APN
073W25AD02300
UPID
US71-0550843
Jurisdiction
MARION
Zoning & alternative use
CO · Salem, OR
Zoning CO · permitted uses
CO · 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
MEDICAL BUILDING Current
Est. value
$2.9M
RESTAURANT
Est. value
$3.8M
AUTO REPAIR, GARAGE
Est. value
$3.1M
COMMERCIAL (GENERAL)
Est. value
$2.4M
MEDICAL BUILDING Current
RESTAURANT
AUTO REPAIR, GARAGE
COMMERCIAL (GENERAL)
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
1997
Heating
NONE
Stories
1
Bathrooms
2
Lot
0.86 ac
Current owner
From public records · entity-resolved
Pa Jack LLC
Entity
Mailing address
338 HAWTHORNE AVE NE, SALEM, OR 97301-4607
Ownership since
2022
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
12 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Feb 28, 2022
$1,900,000
Pa Jack LLC
David F Bartz JR
Warranty Deed
$2,393,000 · Pacific Western National Bank
Aug 1, 2014
$1,300,000
Parkwood-salem LLC
Hawthorne Property Invs LLC
Warranty Deed
—
Jan 12, 2007
$1,435,000
Hawthorne Property Invs LLC
Hawthorne Ave LLC
Deed Of Trust
related
$1,160,000 · North Cascades Nat'l Bank
Nov 17, 2006
—
Hawthorne Ave LLC
—
Trustees Deed
related
$300,000 · Us Bank NA
Feb 13, 2006
—
Hawthorne Ave LLC
Carney,richard J
Warranty Deed
related
—
Feb 4, 2005
—
Richard J Carney
—
Grant Deed
related
$1,500,000 · Us Bank NA
Jun 26, 2001
—
Richard J Carney
—
Deed Of Trust
related
$1,000,000 · Western Fsb
Apr 8, 1997
—
Richard J Carney
—
Grant Deed
related
$543,000 · Western Bank
Jul 16, 1992
—
Gary R Barker
Unknown
Grant Deed
related
—
—
—
Richard J Carney
—
Deed Of Trust
related
$250,000 · Western Fsb
—
—
Richard J Carney
—
Deed Of Trust
related
$250,000 · Wells Fargo Bank
—
—
Richard J Carney
—
Deed Of Trust
related
$750,000 · Washington Mutual Fsb
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.
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