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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    388 State St Salem, OR 97301

    • Office buildings
    • 46,206 SF
    • 0.11 lot acres
    For Lease
    View listing
    $17 SF/Yr
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US71-0377168
    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

    • Kim Chichester | Sensible Mortgage, LLC / Mortgage Broker
    • fresh elements farms / Wholesaler
    • Renew Vitality Testosterone Clinic of Salem / Men'S Health Physician / Medical Center
    • Joel M Suckow, MD-LLC / Psychiatrist / Medical Office
    • Kerry Moyer, MA LPC / Counselor

    Property Details for 388 State St

    Year built
    1926
    Lot size
    0.11 lot acres
    Property size
    46,206 SF
    Zone code
    CB
    Property type
    Office buildings
    APN
    073W27AB07200
    APU
    073W27AB07200

    Description

    Capitol Tower, located at 388 State Street, Salem, Oregon 97301, offers exceptional office space in the heart of the city's Central Business District (CBD). This Class A building, constructed in 1926 and boasting 7,141 total square feet, provides multiple tenancy options ranging from a minimum of 167 square feet to a maximum contiguous space of 6,968 square feet. Currently, 7,131 square feet are vacant, presenting a unique opportunity for businesses of various sizes. The building features one elevator (passenger type) and sits on a 0.11-acre lot, conveniently located at the corner of State and Liberty Streets with direct skybridge access from the Liberty Parkade. Significant capital improvements and upgrades have been recently completed. Tenants benefit from a shared conference room (available for two hours per month at no charge, with hourly rates thereafter), a shared break room with vending machines, and a mail station. The building is zoned for CBD use. This iconic Salem landmark provides a prestigious address and modern amenities. The property is ideal for businesses seeking a blend of historic charm and contemporary functionality. Multiple suite sizes are available to accommodate diverse business needs. Inquire today to explore the available options and secure your space in this desirable location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $7,499,000
      Market price range: $6.90M - $17.3M
      AI Estimate
      $7,499,000
      Market price range: $6.90M - $17.3M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $11,895,000
      Current use
      RETAIL STORES
      $11,380,000
      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
    44.9398
    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
    $68,042
    $0.00
    $0.00
    $3,466,764
    -
    $138,180
    $6,080,480
    $6,218,660

    Comparable in this City

    • Value Estimation by Request
      0.06 Acres

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      0.12 Acres

      1854 State St

      OFFICE BUILDING • 0.12 Acres
      1854 State St, Salem, OR 97301
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    • Value Estimation by Request
      0.15 Acres

      2395 Liberty NE St

      OFFICE BUILDING • 0.15 Acres
      2395 Liberty NE St, Salem, OR 97301
      View Details
    • Value Estimation by Request
      0.43 Acres

      Salem, OR 97301

      OFFICE BUILDING • 0.43 Acres
      Salem, OR 97301
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    • Value Estimation by Request
      2,558 SF

      1070 Broadway NE St

      OFFICE BUILDING • 2,558 SF
      1070 Broadway NE St, Salem, OR 97301-1276
      View Details
    • Value Estimation
      $7,525,000
      29,246 SF

      1011 Commercial NE St

      OFFICE BUILDING • 29,246 SF
      1011 Commercial NE St, Salem, OR 97301-1049
      View Details

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    Similar Nearby for Lease

    • $3,850,000
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      Historic Oregon Building Office Space

      Renovated historic office building in Salem, Oregon available for lease.
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      Prime 3,016 SF suite in Salem's prestigious Meridian building.
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    388 State St
    Salem, OR 97301
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    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
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