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    Property profile & analytics

    876 Welcome SE Way Salem, OR 97302-3936

    • Medical Office Space
    • 4,307 SF
    • 0.93 lot acres
    OFF-MARKET
    Last Sale
    Jan 28, 2020
    $745,000
    Value Estimations
    $1,090,000
    Show details
    Cap Rate Potential
    4.4%
    Medical Office Space
    Location Intelligence
    Property ID
    US71-0506943
    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

    • Kristen M. Smith DMD PC / Dental Office
    • Adams Kinley K DDS / Dental Office
    • Taylor Real Estate & Management / Real Estate Agency
    • Taylor Law / Law Firm
    • Wonderly Joyce / Dental Office

    Property Details for 876 Welcome SE Way

    Year built
    1979
    Lot size
    0.93 lot acres
    Property size
    4,307 SF
    Zone code
    CO
    Property type
    Medical Office Space
    Property subtype
    Medical space
    APN
    083W10AB06900
    APU
    083W10AB06900

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,315,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $960,000
      6.5%
      $885,000
      7%
      $825,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,271,000
      Market price range: $528k - $1.90M

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $1,455,000
      Current use
      AUTO REPAIR, GARAGE
      $1,540,000
      Change: +6% Conversion: Difficult
      OFFICE BUILDING
      $1,365,000
      Change: -6% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Salem
    County
    Marion
    State
    Oregon
    Longitude
    -123.037
    Latitude
    44.8947
    CBSA code
    41420
    CBSA name
    SALEM, OR METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $13,719
    $0.00
    $0.00
    $698,970
    -
    $317,610
    $569,100
    $886,710

    Comparable in this City

    • Value Estimation
      $645,000
      1,497 SF

      2600 12th SE St

      DENTAL BUILDING • 1,497 SF
      2600 12th SE St, Salem, OR 97302-2155
      View Details
    • Value Estimation
      $4,730,000
      10,531 SF

      2450 12th SE St

      MEDICAL CLINIC • 10,531 SF
      2450 12th SE St, Salem, OR 97302-2152
      View Details
    • Value Estimation
      $10,555,000
      23,054 SF

      3099 Riv S Rd

      MEDICAL CLINIC • 23,054 SF
      3099 Riv S Rd, Salem, OR 97302-9754
      View Details
    • Value Estimation
      $2,065,000
      5,637 SF

      3230 Liberty S Rd

      MEDICAL CLINIC • 5,637 SF
      3230 Liberty S Rd, Salem, OR 97302-4560
      View Details
    • Value Estimation
      $1,770,000
      4,777 SF

      1170 12th SE St

      MEDICAL CLINIC • 4,777 SF
      1170 12th SE St, Salem, OR 97302
      View Details
    • Value Estimation by Request
      0.83 Acres

      Salem, OR 97302

      MEDICAL CLINIC • 0.83 Acres
      Salem, OR 97302
      View Details

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    • Contact for pricing
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      Charming office building south of downtown Salem with recent upgrades.
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    • $719,900
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      Salem Office Building with Apartment

      Two-story office building with studio apartment in South Salem.
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      Salem Office Building for Sale

      Office building with 45 parking spaces in Salem, Oregon.
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      1,985 SF

      Two-Story Office Building For Sale

      Two-story office building with high visibility and commuter traffic.
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      4,416 SF

      Redevelopment Opportunity in South Salem

      High-visibility mixed-use redevelopment opportunity on 0.62 acres.
      3212 Triangle Dr SE, Salem, OR 97302
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Liberty Place Office Space Available

      Up to 7,500 SF available in South Salem.
      3550 Liberty Rd S, Salem, OR 97302
      View Details
    • Contact for pricing

      Medical Office Suites on Liberty

      Medical office suites available near downtown and Salem Hospital.
      1515-1535 Liberty St SE, Salem, OR 97302
      View Details
    • Contact for pricing

      Renovated Medical Office Space Available

      Multi-tenant medical office in coveted commercial corridor.
      2720 Commercial St SE, Salem, OR 97302
      View Details
    • $2 SF/Yr

      Renovated Medical Office Space Available

      Multi-tenant medical office with strong demographics and modern construction.
      2720 Commercial St SE, Salem, OR 97302
      View Details
    • Contact for pricing

      Freestanding Retail Building with Drive-Thru

      3,612 SF former bank building with high visibility.
      2710 Commercial St SE, Salem, OR 97302
      View Details
    • $2 SF/Yr
      6,000 SF

      Salem Office Space For Rent

      Office suites available for lease in Salem, Oregon.
      835 Commercial St SE, Salem, OR 97302
      View Details
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    876 Welcome SE Way
    Salem, OR 97302-3936
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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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