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    Property profile & analytics

    475 Cottage St Salem, OR 97301

    • Commercial real estate
    • 23,202 SF
    • 0.85 lot acres
    For Lease
    View listing
    $24 SF/Yr
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US71-0797716
    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

    • Johnson & Ray Investment / Property Management Company / Real Estate Agency
    • Small Business Lender Salem OR / Business Administration Service
    • Sandy L. Traeger / Certified Public Accountant
    • Bridges Oregon / Non-Profit Organization
    • Grove Mueller & Swank PC / Accountant

    Property Details for 475 Cottage St

    Year built
    1960
    Lot size
    0.85 lot acres
    Property size
    23,202 SF
    Property type
    Commercial real estate

    Description

    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.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Salem
    County
    Marion
    State
    Oregon
    Longitude
    -123.03193742756
    Latitude
    44.942858634307

    Comparable in this City

    • $15 SF/Yr
      1,602 SF

      Downtown Salem Office Suites

      Hip industrial spaces, flexible lease terms.
      249 Liberty St, Salem, OR 97301
      View Details
    • $17 SF/Yr
      7,141 SF

      Capitol Tower Office Suites in Salem, OR

      Prime Salem Office Space: 6 Suites Available
      388 State St, Salem, OR 97301
      View Details
    • $1,450 /Mo
      1,358 SF

      Downtown Salem Retail/Office Space

      Modern retail/office space in downtown Salem, across from Riverfront Park.
      156 Front St NE, Salem, OR 97301
      View Details
    • $18 SF/Yr
      38,450 SF

      Salem's Historic Grand Office Space

      Downtown Salem Office Suites, Flexible Sizes
      181 High St, Salem, OR 97301
      View Details
    • $22 SF/Yr
      44,960 SF

      Academy Square Retail Center

      Salem, OR: Prime Retail Space Available
      922 Lancaster Dr, Salem, OR 97301
      View Details
    • $1.41 SF/Yr
      543 SF

      Versatile Flex Space Available

      Flexible spaces suitable for retail, office, or flex use.
      2195 Hyacinth St NE, Salem, OR 97301
      View Details

    Similar Nearby for Sale

    • $5,025,000
      30,937 SF

      Historic Salem Mixed-Use Building

      Iconic Salem building, 30,937 sq ft, prime location.
      190 High St, Salem, OR 97301
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    • $5,950,000
      61,521 SF

      Downtown Salem Investment Opportunity

      Fully occupied commercial property in Salem's Central Business District.
      300-390 High St SE, Salem, OR 97301
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    • $4,575,000
      38,450 SF

      Salem's Historic Grand Investment

      Mixed-use building, prime location.
      181 High St, Salem, OR 97301
      View Details
    • $4,575,000
      38,450 SF

      Historic Mixed-Use Building in Salem

      38,450 SF historic building with office, retail, and event spaces.
      181-195 High St NE, Salem, OR 97301
      View Details
    • $2,750,000
      21,704 SF

      Salem Office Building For Sale

      Office building with I-5 access and ample parking.
      3850 Portland Rd NE, Salem, OR 97301
      View Details
    • $4,775,000
      23,202 SF

      Downtown Salem Office Building

      Multi-tenant office, high cap rate
      415 Cottage St, Salem, OR 97301
      View Details

    Similar Nearby for Lease

    • $15 SF/Yr
      1,602 SF

      Downtown Salem Office Suites

      Hip industrial spaces, flexible lease terms.
      249 Liberty St, Salem, OR 97301
      View Details
    • $17 SF/Yr
      7,141 SF

      Capitol Tower Office Suites in Salem, OR

      Prime Salem Office Space: 6 Suites Available
      388 State St, Salem, OR 97301
      View Details
    • $1,450 /Mo
      1,358 SF

      Downtown Salem Retail/Office Space

      Modern retail/office space in downtown Salem, across from Riverfront Park.
      156 Front St NE, Salem, OR 97301
      View Details
    • $18 SF/Yr
      38,450 SF

      Salem's Historic Grand Office Space

      Downtown Salem Office Suites, Flexible Sizes
      181 High St, Salem, OR 97301
      View Details
    • $22 SF/Yr
      44,960 SF

      Academy Square Retail Center

      Salem, OR: Prime Retail Space Available
      922 Lancaster Dr, Salem, OR 97301
      View Details
    • $1.41 SF/Yr
      543 SF

      Versatile Flex Space Available

      Flexible spaces suitable for retail, office, or flex use.
      2195 Hyacinth St NE, Salem, OR 97301
      View Details
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    475 Cottage 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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