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Property profile & analytics
OFF-MARKET
Estimated value
$13,635,000
Retail properties & Spaces
450 Marion NE St, Salem, OR 97301-3663
Individually Owned
20-yr Hold
Free & Clear
Property ID
US71-0534569
Property profile
Verified
Property type
Retail properties & Spaces
Use group
DEPARTMENT STORE
Year built
1987
Total area
80,180 SF
Lot
1.22 ac (53,143 SF)
Zoning code
CB
APN
073W22DC00101
UPID
US71-0534569
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
-
Kohl's Department Store
-
SEPHORA at Kohl's Cosmetic Store
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$15.18M
Blend (final)
Blend
$13.64M
Owner & transaction history
Owner Name Unavailable · 20 yrs held
Owner Name Unavailable
since 2006
4 recorded transactions
Zoning & alternative use
CB · Salem, OR
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$22.7M
+14.9%
Office building
$20.6M
+4.5%
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
RETAIL STORES
$19,750,000
Current use
COMMERCIAL (GENERAL)
$22,690,000
Change: +15% · Conversion: Easy
OFFICE BUILDING
$20,635,000
Change: +4% · Conversion: Easy
Blend value · Realmo final
$13.64M
Range $12.27M – $15.00M · ±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
$170 / 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
$131,306
Tax year 2023
Assessed value
$6,855,390
Assessed 2023
Previous assessed
$6,855,390
+0.0% YoY
Effective rate
1.92%
On assessed value
Land market value
$1,593,540
Improvement market value
$5,261,850
Total market value
$6,855,390
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
Retail properties & Spaces
Use group
DEPARTMENT STORE
Status
Off-Market
Year built
1987
Heating
NONE
Stories
1
Total area
80,180 SF
Lot
1.22 ac (53,143 SF)
Zoning code
CB
APN
073W22DC00101
UPID
US71-0534569
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
RETAIL STORES Current
Est. value
$19.8M
COMMERCIAL (GENERAL)
Est. value
$22.7M
OFFICE BUILDING
Est. value
$20.6M
RETAIL STORES Current
COMMERCIAL (GENERAL)
OFFICE BUILDING
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
1987
Heating
NONE
Stories
1
Lot
1.22 ac
Current owner
From public records · entity-resolved
Owner Name Unavailable
Individual
Free & Clear · 20 yrs held
Mailing address
PO BOX 2148, MILWAUKEE, WI 53201-2148
Ownership since
2006
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Mar 28, 2006
$2,000,000
Owner Name Unavailable
Mds Rlty I LLC
Warranty Deed
related
—
Jan 17, 2006
—
Mds Realty I LLC
—
Deed Of Trust
related
$575,000,000 · Greenwich Capital Fin'l INC
Sep 23, 2004
—
Mds Realty I LLC
Mervyns LLC
Grant Deed
$675,000,000 · Greenwich Capital Fin'l INC
Apr 20, 1986
$786,215
Dayton,hudson Corp.
Unknown
Grant 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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