415 Cottage St Salem, OR 97301
- Office buildings
- 11,022 SF
- 0.25 lot acres
Current Use by Public Records
- Office buildings
Property Details for 415 Cottage St
- Lot size
- 0.25 lot acres
- Property size
- 11,022 SF
- Zone code
- CR
- Property type
- Office buildings
- APN
- 073W22DD03400
- APU
- 073W22DD03400
Description
This exceptional two-story, Class B office building in Salem, Oregon's central business district (CB zoning) presents a unique owner-user opportunity. The 23,202 square foot property, built in 1960 and renovated in 2019, sits on a 0.85-acre lot (APN 589454, 589453) and features five units currently occupied by three tenants under a NNN lease structure. The building offers approximately 5,300 square feet of vacant space, ideal for an owner-occupant seeking to expand their business. With a current asking price of $4,775,000 ($255.82/sq ft), and a pro-forma NOI of $378,643, this investment boasts a compelling 7.28% pro-forma cap rate. The estimated stabilized value is $5,200,000 once the vacant space is leased at market rates. The property includes off-street parking, adding significant value and convenience. This presents a strong investment opportunity with potential for significant return on investment, allowing for a buyer to carry the asset while securing a tenant or completing renovations to suit their needs. The building's location in Salem's vibrant downtown core provides excellent access to amenities and transportation. This is a rare chance to acquire a well-maintained, multi-tenant office building with substantial upside potential.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Salem
- County
- Marion
- State
- Oregon
- Longitude
- -123.033
- Latitude
- 44.9426
- CBSA code
- 41420
- CBSA name
- SALEM, OR METROPOLITAN STATISTICAL AREA
