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OR
Salem
97301
494 State St

Property profile

494 State St Salem, OR 97301

FOR SALE

Office buildings

Property ID

US71-0645175

49,830 SF 0.28 ac lot Built 1912

Individually Owned 1-yr Hold ~ Est. High Equity

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494 State St, Salem, OR 97301
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The property at 494 State Street, Salem, Oregon is a historic multi-tenant commercial building configured with multiple office suites and versatile floor plans. It encompasses approximately 43,280 square feet and is elevator served. The building includes accessible parking and is positioned with convenient access to major roadways. It is situated near the Oregon State Capitol, Willamette University, the Marion County Courthouse, and the downtown district, with Riverfront Park and nearby retail and dining options in the surrounding area. The space is set up as offices, with building services described as full-service except for janitorial, for which services are available.

Property type Office buildings

Use group OFFICE BUILDING (MULTI-STORY)

Year built 1912

Total area 49,830 SF

Lot 0.28 ac (12,197 SF)

Zoning code CB

APN 073W27AB03100

UPID US71-0645175

Implied cap rate, NOI & suggested price

Cap rate vs submarket · NOI estimate · 3 price anchors

Clothing Store
Law Firm
Financial Advisor
Law Firm
Law Firm

494 State St Salem, OR 97301

Salem metro Census 200 SALEM, OR METROPOLITAN STATISTICAL AREA

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Blend (final) Blend

$2.26M

since 2025

Last sale

$2.0M

7 recorded transactions

2025

$600,000

2023

Price N/A

2021

Price N/A

2018

$2.0M

1997

$631,030

1996

$6.3M

1986

$2.5M

Zoning description

CHAPTER 524. - CB-CENTRAL BUSINESS DISTRICT Sec. 524.001. - Purpose. The purpose of the Central Business District (CB) Zone is to implement the central business district designation of the Salem Area Comprehensive Plan t…

General category COMMERCIAL

Comparables

6 recent transactions · within 1.5 mi

Comparable in this City

Value Estimation
$1,260,000

8,458 SF

2555 Silverton NE Rd

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2555 Silverton NE Rd, Salem, OR 97301-0837

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Value Estimation
$470,000

1,976 SF

1745 State St

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1745 State St, Salem, OR 97301-4342

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Value Estimation
$6,095,000

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680 State St

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680 State St, Salem, OR 97301-3867

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Value Estimation
$765,000

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796 Winter NE St

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796 Winter NE St, Salem, OR 97301

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Value Estimation
$575,000

2,932 SF

2493 State St

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2493 State St, Salem, OR 97301-4543

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Value Estimation
$3,770,000

21,137 SF

456 State St

OFFICE BUILDING

456 State St, Salem, OR 97301-3680

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