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Property profile & analytics
OFF-MARKET
Estimated value
$1,805,000
Medical Office Space
655 Medical Ctr NE Dr, Salem, OR 97301-2751
Individually Owned
4-yr Hold
~
Est. High Equity
Property ID
US71-0585176
Property profile
Verified
Property type
Medical Office Space
Use group
MEDICAL CLINIC
Year built
1948
Total area
7,234 SF
Lot
0.48 ac (20,909 SF)
Zoning code
CR
APN
073W24CC04300
UPID
US71-0585176
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
-
Medical Center Eye Clinic Medical Clinic Ophthalmologist
-
Medical Center Eye Clinic | Ryan W. Lapour, M.D. Ophthalmologist
-
Medical Center Eye Clinic |Tibolt Robert E MD Ophthalmologist
-
Medical Center Eye Clinic | East Marcus A MD Ophthalmologist
-
Sornson Elmer T MD Ophthalmologist
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.99M
Blend (final)
Blend
$1.81M
Owner & transaction history
Ryan N Riggs · 4 yrs held
Ryan N Riggs
since 2022
7 recorded transactions
Zoning & alternative use
CR · Salem, OR
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$2.6M
+5.6%
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
MEDICAL BUILDING
$2,445,000
Current use
AUTO REPAIR, GARAGE
$2,585,000
Change: +6% · Conversion: Difficult
COMMERCIAL (GENERAL)
$2,045,000
Change: -16% · Conversion: Easy
Blend value · Realmo final
$1.81M
Range $1.62M – $1.99M · ±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
$250 / 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
$17,461
Tax year 2023
Assessed value
$889,650
Assessed 2023
Previous assessed
$863,740
+3.0% YoY
Effective rate
1.96%
On assessed value
Land market value
$182,560
Improvement market value
$1,033,920
Total market value
$1,216,480
Applied tax rate
24,010.0000
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
Medical Office Space
Use group
MEDICAL CLINIC
Status
Off-Market
Year built
1948
Heating
NONE
Stories
1
Total area
7,234 SF
Lot
0.48 ac (20,909 SF)
Zoning code
CR
APN
073W24CC04300
UPID
US71-0585176
Jurisdiction
MARION
Zoning & alternative use
CR · Salem, OR
Zoning CR · permitted uses
CR · 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
MEDICAL BUILDING Current
Est. value
$2.4M
AUTO REPAIR, GARAGE
Est. value
$2.6M
COMMERCIAL (GENERAL)
Est. value
$2.0M
MEDICAL BUILDING Current
AUTO REPAIR, GARAGE
COMMERCIAL (GENERAL)
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
1948
Heating
NONE
Stories
1
Lot
0.48 ac
Current owner
From public records · entity-resolved
Ryan N Riggs
Individual
Mailing address
655 MEDICAL CTR DR NE, SALEM, OR 97301-2751
Ownership since
2022
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
8 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Apr 27, 2022
—
Ryan N Riggs
Kim B Amen
Special Warranty Deed
$472,500 · Pioneer Trust Bank NA
Jul 19, 2017
—
Medical Center Eye Clinic Buil
—
Deed
related
$400,000 · Pioneer Tr Bk
Feb 7, 2007
—
Medical Center Eye Clinic Buil
Sornson,e T
Grant Deed
related
—
Sep 10, 1993
$500,000
Medical Properties INC
Unknown
Grant Deed
—
—
—
Medical Center Eye Clinic Buil
—
Deed Of Trust
related
$250,000 · Pioneer Trust Bank NA
—
—
Medical Center Eye Clinic Buil
—
Deed Of Trust
related
$100,000 · Pioneer Tr Bk
—
—
Medical Center Eye Clinic Buil
—
Deed Of Trust
related
$400,000 · Pioneer Tr Bk
—
—
Medical Center Eye Clinic Buil
—
Deed Of Trust
related
$100,000 · Pioneer Tr Bk
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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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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