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Property profile & analytics
OFF-MARKET
Estimated value
$690,000
Showrooms
964 Norway NE St Salem, OR 97301
Entity Owned
5-yr Hold
Free & Clear
Property ID
US71-0353195
Property profile
Verified
Property type
Showrooms
Use group
SHOW ROOM, WAREHOUSE
Year built
1966
Total area
2,340 SF
Lot
0.46 ac (20,038 SF)
Zoning code
RM2
APN
073W23BA12900
UPID
US71-0353195
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
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$690k
Owner & transaction history
I595 Capitol Street LLC · 5 yrs held
I595 Capitol Street LLC
since 2021
Last sale
$480,000
2 recorded transactions
Zoning & alternative use
RM2 · Salem, OR
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description
The purpose of the Multiple Family Residential-II (RM-II) Zone is to implement the multiple family residential designation of the Salem Area Comprehensive Plan through the identification of allowed uses and the establishment of development standards.
Zone name
Multiple Family Residential 2
General category
RESIDENTIAL
Zone area
2,089.96 ac
Source
Realmo
Top alternative use upside
Auto repair, garage
$835,000
+26.2%
Medical building
$790,000
+19.4%
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
$740,000
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$660,000
Current use
AUTO REPAIR, GARAGE
$835,000
Change: +26% · Conversion: Difficult
MEDICAL BUILDING
$790,000
Change: +19% · Conversion: Easy
OFFICE BUILDING
$600,000
Change: -9% · Conversion: Easy
RETAIL STORES
$575,000
Change: -13% · Conversion: Easy
Blend value · Realmo final
$690k
Range $621k – $759k · ±10% · vs last sale $480k (Feb 26 2021)
Last sale anchor
$480k
Feb 26 2021
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
$295 / 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
$7,176
Tax year 2023
Assessed value
$365,630
Assessed 2023
Previous assessed
$354,990
+3.0% YoY
Effective rate
1.96%
On assessed value
Land market value
$154,600
Improvement market value
$482,050
Total market value
$636,650
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
Showrooms
Use group
SHOW ROOM, WAREHOUSE
Status
Off-Market
Year built
1966
Heating
NONE
Buildings
2
Stories
1
Total area
2,340 SF
Lot
0.46 ac (20,038 SF)
Zoning code
RM2
APN
073W23BA12900
UPID
US71-0353195
Jurisdiction
MARION
Zoning & alternative use
RM2 · Salem, ORZoning RM2 · permitted uses
RM2 · Salem, OR
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Zoning description
The purpose of the Multiple Family Residential-II (RM-II) Zone is to implement the multiple family residential designation of the Salem Area Comprehensive Plan through the identification of allowed uses and the establishment of development standards.
Zone name
Multiple Family Residential 2
General category
RESIDENTIAL
Zone area
2,089.96 ac
Source
Realmo
Alternative use value scenarios
Repositioning upside vs current use
COMMERCIAL (GENERAL) Current
Est. value
$660,000
AUTO REPAIR, GARAGE
Est. value
$835,000
MEDICAL BUILDING
Est. value
$790,000
OFFICE BUILDING
Est. value
$600,000
RETAIL STORES
Est. value
$575,000
COMMERCIAL (GENERAL) Current
AUTO REPAIR, GARAGE
MEDICAL BUILDING
OFFICE BUILDING
RETAIL STORES
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
1966
Heating
NONE
Stories
1
Buildings
2
Lot
0.46 ac
Current owner
From public records · entity-resolved
I595 Capitol Street LLC
Entity
Free & Clear · 5 yrs held
Mailing address
1475 CAPITOL ST NE, SALEM, OR 97301-7850
Ownership since
2021
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Feb 26, 2021
$480,000
I595 Capitol Street LLC
Anthony Holgate
Warranty Deed
—
Nov 4, 2005
$375,000
Owner Name Unavailable
Owner Name Unavailable
Warranty Deed
related
$281,250 · Marion & Polk Schools Cu
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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