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Property profile & analytics
OFF-MARKET Estimated value $2,205,000
Medical Office Space

350 Miller SE St Salem, OR 97302-4248

8,381 SF 0.39 ac lot Built 2005
Entity Owned 1-yr Hold ~ Est. High Equity
Property ID
US71-0784583
Property summary
AI-generated overview

This exceptional 8,960 square foot Class B office building, located at 350 Miller St SE in Salem, Oregon, presents a unique investment opportunity. Built in 2005 and extensively renovated in 2022, this multi-tenant property boasts medical-grade finishes and a desirable location on the Liberty Street Professional Office Corridor, just south of downtown. The building features two suites totaling 7,950 net rentable square feet, with the first floor encompassing 4,408 square feet and the second floor 3,542 square feet. Amenities include 26 on-site parking spaces with access from Liberty and Miller Streets, plus abundant on-street parking. A distinctive architectural feature, known locally as the "lighthouse property," enhances visibility and curb appeal. The building offers elevator service, full ADA compliance, and a private two-car garage attached to a full bathroom within the owner's office. The property sits on a 0.39-acre lot and is zoned for commercial office use. Its previous tenants included a plastic surgeon's office, a medical office, and an accounting firm, demonstrating its versatility and suitability for a variety of professional uses. The building's high-end exterior finishes and welcoming entrance create a professional and inviting atmosphere. This property is ideally suited for an owner-user seeking a prominent location and high-quality space.

Property profile
Verified
Property type Medical Office Space
Use group MEDICAL CLINIC
Year built 2005
Total area 8,381 SF
Lot 0.39 ac (16,988 SF)
Zoning code CO
APN 073W27CD03600
UPID US71-0784583
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
  • Robert T. Scott, DPM Physician
  • Liberty Spine & Pain Center, Pc Physician
  • Gennaya Mattison Physician Medical Clinic
  • Gennaya Lynn Mattison Physician Medical Clinic
  • Jamison Steven K CPA Accounting Firm Tax Preparation
Value estimations
Realmo proprietary · 4 methods
AI Approach AI
by Request
CAP Approach CAP
by Request
Comparable Approach Comparable
$2.99M
Blend (final) Blend
$2.21M
Owner & transaction history
Three River Rock LLC · 1 yrs held
Three River Rock LLC
since 2024
Last sale
$1.7M
7 recorded transactions
2024
$1.7M
2010
Price N/A
2005
Price N/A
2004
Price N/A
2004
Price N/A
1996
$135,000
1990
$135,000
Zoning & alternative use
CO · Salem, OR
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage $3.0M +5.6%
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