245 Commercial StSalem, OR 97301

Property Details for 245 Commercial St

Lot size

0.66 AC

Zone code

CB

Property type

Banks

APN

073W27BA02400

APU

073W27BA02400

Description

This exceptional 7,453 square foot office space is available for lease in downtown Salem, Oregon. Located at the highly visible corner of Commercial Street SE and Ferry Street, this property offers unparalleled access and exposure. Situated across from the Salem Convention Center and the new Holman Hilton Hotel, this location boasts high traffic and visibility. The suite occupies the entire first floor of a two-story building and features ten private offices, a breakroom, a second kitchenette, a storage/server room, a drive-up teller window, and a vault. The space includes two entrances, a large lobby, and ample parking with 21 spaces. The building sits on a 0.66-acre lot and is zoned CB. The total building size is 17,665 square feet, with a minimum divisible space of 7,453 square feet. This is a multi-tenant building in Marion County. The gross lease rate is $2.25 per square foot, with pass-through increases on operating expenses. Please note that this space is currently vacant. Do not disturb existing tenants.

• CAP approach

  CAP return

  Valuation

  6%

  $7,764,160

  6.5%

  $7,166,916

  7%

  $6,654,994

• Comparable approach

  Method

  Valuation

  Relative Method

  $11,411,169

  Geo Method

  $13,952,421

• Alternative Use

  Use

  Valuation

  Residential

  $6,045,562

  Hospitality

  $5,537,702

  Educational

  $4,607,304

  Medical

  $4,765,756

  Retail

  $7,166,916

Location Insight

City

Salem

County

Marion

State

Oregon

Latitude

44.9392

Longitude

-123.042

CBSA code

41420

CBSA name

SALEM, OR METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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