698 12Th StSalem, OR 97301

Property Details for 698 12Th St

Year built

1997

Lot size

1.35 AC

Property size (Sq ft)

30,488 SF

Zone code

CO

Property type

Office buildings

APN

073W26CB03600

APU

073W26CB03600

Description

University Station, a Class A office building constructed in 1997 and upgraded in 2005, offers 2,915 square feet of immediately available space in a highly desirable Salem, Oregon location. This single, two-story building totals 30,488 square feet and sits on 1.35 acres of land, conveniently located near the Oregon State Capitol, Willamette University, Salem Health Hospital, and the Central Business District. Its strategic position adjacent to three major thoroughfares, including easy access to Interstate 5 via the Mission Street on-ramp, ensures exceptional visibility and convenient commuting for tenants and clients. The building features ample parking with a 3:1,000 ratio and elevators for easy access to all floors. The zoning is CR, and the property is situated in Marion County, within the Salem submarket. The building's design is well-suited for a variety of professional uses, including legal, medical, or governmental offices. This is a rare opportunity to secure premium office space in a highly sought-after location. The available space is part of a multi-tenant building.

• CAP approach

  CAP return

  Valuation

  6%

  $5,601,034

  6.5%

  $5,170,185

  7%

  $4,800,886

• Comparable approach

  Method

  Valuation

  Relative Method

  $4,801,984

  Geo Method

  $5,871,379

• Alternative Use

  Use

  Valuation

  Residential

  $6,411,030

  Hospitality

  $5,872,468

  Educational

  $4,885,825

  Medical

  $5,053,856

  Retail

  $7,600,172

Location Insight

City

Salem

County

Marion

State

Oregon

Latitude

44.9311

Longitude

-123.029

CBSA code

41420

CBSA name

SALEM, OR METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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