Property profile

475 Cottage St NE Salem, OR 97301

FOR LEASE
Retail properties & Spaces
Property ID
US71-0797716
23,202 SF 0.85 ac lot Built 1960
Entity Owned
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Property summary

AI-generated overview

This exceptional Class A commercial property, Center Point, presents a unique opportunity for businesses seeking prime downtown office space. Located at the corner of Cottage and Marion, this two-story building boasts 23,202 square feet, with 5,266 square feet currently vacant and immediately available for lease. Built in 1960 and extensively renovated in 2019, the building features a shared, beautifully appointed lobby. The available space is located on the main level and offers the flexibility to create a customized layout, accommodating a variety of needs, from executive offices and open work areas to conference rooms and a reception area. The property sits on 0.85 acres and is zoned CB (central business district), providing convenient access to the vibrant downtown area. Ample on-street parking is available, supplemented by a private parking lot for employees and clients. The building includes an elevator for easy access to both floors. Lease rates are negotiable and will be considered based on tenant creditworthiness and lease term length. Tenant improvement allowances may be available. This is an ideal location for businesses seeking a prestigious address and convenient access to downtown amenities.

Property profile

Verified
Property type Retail properties & Spaces
Year built 1960
Total area 23,202 SF
Lot 0.85 ac (37,026 SF)
UPID US71-0797716

Cap rate & NOI

Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors

Current use

Occupant on record · Public records
  • Real Estate Agency
  • Business Administration Service
  • Accounting Firm
  • Charitable Organization Social Service Agency
  • Accounting Firm Tax Preparation

Location

475 Cottage St NE Salem, OR 97301
Salem metro
Google Maps

Value estimations

Realmo proprietary · 4 methods
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Comparable Approach Comparable
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Blend (final) Blend
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Owner & transaction history

since 2026
2 recorded transactions
2026
$3.8M
2018
Price N/A

Comparables

6 recent transactions · within 1.5 mi
Comparable in this city
6 recent transactions
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
More about this property
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