Add Listing
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

    387 Court St NE Salem, OR 97301

    • Office buildings
    • 4,200 SF
    • 0.09 lot acres
    For Sale
    View listing
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US71-0466405
    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

    • Rod M. Jones, Attorney / Law Firm

    Property Details for 387 Court St NE

    Year built
    1920
    Lot size
    0.09 lot acres
    Property size
    4,200 SF
    Zone code
    CB
    Property type
    Office buildings
    APN
    073W22DC07500
    APU
    073W22DC07500

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $815,000
      Market price range: $627k - $1.57M
      AI Estimate
      $815,000
      Market price range: $627k - $1.57M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $1,080,000
      Current use
      COMMERCIAL (GENERAL)
      $1,190,000
      Change: +10% Conversion: Easy
      RETAIL STORES
      $1,035,000
      Change: -4% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Salem
    County
    Marion
    State
    Oregon
    Longitude
    -123.039
    Latitude
    44.9414
    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
    $7,403
    $0.00
    $0.00
    $377,180
    -
    $112,500
    $407,880
    $520,380

    Comparable in this City

    • Value Estimation by Request
      0.28 Acres

      1321 Mccoy NE Ave

      OFFICE BUILDING • 0.28 Acres
      1321 Mccoy NE Ave, Salem, OR 97301
      View Details
    • Value Estimation by Request
      0.25 Acres

      Salem, OR 97301

      OFFICE BUILDING • 0.25 Acres
      Salem, OR 97301
      View Details
    • Value Estimation by Request
      760 SF

      1900 Commercial NE St

      OFFICE BUILDING • 760 SF
      1900 Commercial NE St, Salem, OR 97301-0745
      View Details
    • Value Estimation
      $3,505,000
      9,382 SF

      1149 Ct NE St

      OFFICE BUILDING • 9,382 SF
      1149 Ct NE St, Salem, OR 97301-4030
      View Details
    • Value Estimation
      $5,440,000
      14,555 SF

      1175 Ct NE St

      OFFICE BUILDING • 14,555 SF
      1175 Ct NE St, Salem, OR 97301-4030
      View Details
    • Value Estimation
      $1,295,000
      8,667 SF

      1790 Fairgrounds NE Rd

      OFFICE BUILDING • 8,667 SF
      1790 Fairgrounds NE Rd, Salem, OR 97301
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      77,414 SF

      Sophisticated Office Space in Salem

      Premier office building in Salem's business and government hub.
      1215 State St, Salem, OR 97301
      View Details
    • Contact for pricing
      51,384 SF

      Salem Office Building For Sale

      Multi-tenant office building in Salem's Central Business District.
      302 State St, Salem, OR 97301
      View Details
    • Contact for pricing
      3,268 SF

      Salem Office Building For Sale

      3,268 SF office building in a strategic Salem location.
      980 Market St NE, Salem, OR 97301
      View Details
    • $4,700,000

      Class A Office Building Available

      Class A office building in corporate center, available February 2026.
      680 Hawthorne Ave SE, Salem, OR 97301
      View Details
    • Contact for pricing
      4,200 SF

      Downtown Salem Professional Office Building

      Professional office building in the heart of downtown Salem.
      387 Court St NE, Salem, OR 97301
      View Details
    • Contact for pricing
      23,202 SF

      Urban Office Building For Sale

      Two-story office building with income-producing tenants and off-street parking.
      415 Cottage St NE, Salem, OR 97301
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Downtown Salem Office Space Available

      Two-story office building in Salem's central business district.
      200 High St SE, Salem, OR 97301
      View Details
    • Contact for pricing

      Professional Office/Retail Building For Rent

      5,750 SF professional office/retail building, space for up to five tenants.
      2355 Liberty St NE, Salem, OR 97301
      View Details
    • Contact for pricing

      Professional Office Building for Lease

      Office building at Commercial St SE and Mission St.
      780 Commercial St SE, Salem, OR 97301
      View Details
    • Contact for pricing

      Multi-Tenant Office Complex For Rent

      Office complex with river views and on-site parking.
      2111 Front St NE, Salem, OR 97301
      View Details
    • Contact for pricing
      6,118 SF

      Sophisticated Office Space in Salem

      Premier office space in Salem's business and government hub.
      1241 State St, Salem, OR 97301
      View Details
    • Contact for pricing

      Downtown Salem Office Building

      Modern office building in downtown Salem with ample parking.
      435 Commercial St NE, 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.
    387 Court St NE
    Salem, OR 97301
    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.
    Sign Up Successful!
    You now have access to more from Realmo!