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Property profile & analytics
OFF-MARKET
Estimated value
$3,705,000
Medical Office Space
891 23rd NE St, Salem, OR 97301-1793
Individually Owned
1-yr Hold
~
Est. High Equity
Property ID
US71-0388143
Property profile
Verified
Property type
Medical Office Space
Use group
MEDICAL CLINIC
Year built
2006
Total area
10,797 SF
Lot
1.21 ac (52,708 SF)
Zoning code
PH
APN
073W24CC04001
UPID
US71-0388143
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
-
Dr. Jacob Lowen Physician Medical Clinic
-
Childhood Health Associates-Salem: Temple Brian W MD Pediatrician Medical Clinic
-
Childhood Health Associates of Salem Medical Clinic
-
Dr. Lauren Terry Pediatrician Medical Clinic
-
Roxanne Rich Pediatrician Medical Clinic
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$4.09M
Blend (final)
Blend
$3.71M
Owner & transaction history
Ne Salem Apartments Limited Partner · 1 yrs held
Ne Salem Apartments Limited Partner
since 2024
7 recorded transactions
Zoning & alternative use
PH · Salem, OR
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$4.8M
+30.4%
Auto repair, garage
$3.9M
+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
$3,650,000
Current use
RESTAURANT
$4,760,000
Change: +30% · Conversion: Difficult
AUTO REPAIR, GARAGE
$3,855,000
Change: +6% · Conversion: Difficult
COMMERCIAL (GENERAL)
$3,055,000
Change: -16% · Conversion: Easy
Blend value · Realmo final
$3.71M
Range $3.33M – $4.08M · ±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
$343 / 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
$35,870
Tax year 2023
Assessed value
$1,827,610
Assessed 2023
Previous assessed
$1,774,380
+3.0% YoY
Effective rate
1.96%
On assessed value
Land market value
$436,840
Improvement market value
$1,826,590
Total market value
$2,263,430
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
2006
Heating
NONE
Stories
1
Total area
10,797 SF
Lot
1.21 ac (52,708 SF)
Zoning code
PH
APN
073W24CC04001
UPID
US71-0388143
Jurisdiction
MARION
Zoning & alternative use
PH · Salem, OR
Zoning PH · permitted uses
PH · 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
$3.7M
RESTAURANT
Est. value
$4.8M
AUTO REPAIR, GARAGE
Est. value
$3.9M
COMMERCIAL (GENERAL)
Est. value
$3.1M
MEDICAL BUILDING Current
RESTAURANT
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
2006
Heating
NONE
Stories
1
Lot
1.21 ac
Current owner
From public records · entity-resolved
Ne Salem Apartments Limited Partner
Individual
Mailing address
891 23RD ST NE, SALEM, OR 97301-1793
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2024
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
11 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Dec 4, 2024
$2,710,000
Ne Salem Apartments Limited Partner
Green Light Home First LLC
Warranty Deed
$23,000,000 · Housing And Community Services Depa
Dec 4, 2024
$3,633,715
Green Light Home First LLC
City Of Salem
Warranty Deed
$17,850,000 · State Of Oregon
Jan 31, 2024
$3,983,715
City Of Salem
Salem Health And Hospitals & Clinic
Warranty Deed
—
Jan 30, 2024
—
Salem Health Hospitals & Clinics
Hospital Facliity Authorithy
Bargain & Sale Deed
—
Mar 20, 2023
—
Off Center Development LLC
—
Deed
related
$2,950,000 · Pioneer Trust Bank NA
Jun 16, 2021
—
Salem Health Hospitals & Clini
Salem Health
Quitclaim Deed
related
—
Feb 5, 2021
—
Off Center Dev LLC
—
Deed
related
—
Jun 18, 2009
$360,117
Off Center Dev LLC
Salem Hospital
Grant Deed
$3,000,000 · Pioneer Tr Bk
—
—
Off Center Dev LLC
—
Loan Modification
related
—
—
—
Off Center Dev LLC
—
Loan Modification
related
—
—
—
Off Center Dev LLC
—
Deed Of Trust
related
—
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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