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Property profile & analytics
FOR LEASE
Investment properties
360 State St Salem, OR 97301
Entity Owned
2-yr Hold
Absentee Owner
Free & Clear
Property ID
US71-0423142
For Lease
1 / 3
$21 SF/Yr
360 State St, Salem, OR 97301
View Listing →
Property summary
AI-generated overview
This exceptional opportunity presents two contiguous retail spaces totaling 6,732 square feet within a beautifully renovated, two-story building at 360 & 370 State Street in the heart of downtown Salem, Oregon. Each space offers unique potential: one at 3,060 square feet and the other at 3,672 square feet, both currently vacant. Built in 1888 and zoned CB, this property boasts a prime location amidst thriving businesses like Wild Pear, Taproot, Manna Bakery, Ritters, and Fork Forty. The complete historic renovation blends modern infrastructure with original historical elements and finishes. The upper level will feature new apartments. The City of Salem's Urban Development Department offers a Capital Improvement Grant for eligible tenant improvements. This is a chance to establish your business in a vibrant, historic setting, benefiting from high visibility and foot traffic in one of Salem's most desirable commercial corridors. The property is located in Marion County, Oregon, with a 97301 zip code.
Property profile
Verified
Property type
Investment properties
Use group
STORE/OFFICE (MIXED USE)
Year built
1880
Total area
5,832 SF
Lot
0.09 ac (3,920 SF)
Zoning code
CB
APN
073W27AB06800
UPID
US71-0423142
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
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.13M
Blend (final)
Blend
$1.14M
Owner & transaction history
Cooks Building LLC · 2 yrs held
Cooks Building LLC
since 2024
1 recorded transaction
Zoning & alternative use
CB · Salem, OR
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$1,650,000
Current use
OFFICE BUILDING
$1,500,000
Change: -9% · Conversion: Easy
RETAIL STORES
$1,435,000
Change: -13% · Conversion: Easy
Blend value · Realmo final
$1.14M
Range $1.02M – $1.25M · ±10%
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
$195 / 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
$5,989
Tax year 2023
Assessed value
$305,130
Assessed 2023
Previous assessed
$296,250
+3.0% YoY
Effective rate
1.96%
On assessed value
Land market value
$121,050
Improvement market value
$219,560
Total market value
$340,610
Applied tax rate
24,970.0000
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
Investment properties
Use group
STORE/OFFICE (MIXED USE)
Status
For Lease
Year built
1880
Heating
NONE
Stories
1
Total area
5,832 SF
Lot
0.09 ac (3,920 SF)
Zoning code
CB
APN
073W27AB06800
UPID
US71-0423142
Jurisdiction
MARION
Zoning & alternative use
CB · Salem, OR
Zoning CB · permitted uses
CB · 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
COMMERCIAL (GENERAL) Current
Est. value
$1.7M
OFFICE BUILDING
Est. value
$1.5M
RETAIL STORES
Est. value
$1.4M
COMMERCIAL (GENERAL) Current
OFFICE BUILDING
RETAIL STORES
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
1880
Heating
NONE
Stories
1
Lot
0.09 ac
Current owner
From public records · entity-resolved
Cooks Building LLC
Entity
Free & Clear · 2 yrs held
Mailing address
370 STATE ST S, SALEM, OR 97301-3532
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2024
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jul 12, 2024
$1,000,000
Cooks Building LLC
Cooke Stationery Co
Warranty Deed
—
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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