350 Miller StSalem, OR 97302

Property Details for 350 Miller St

Year built

2005

Lot size

0.39 AC

Property size (Sq ft)

8,381 SF

Zone code

CO

Property type

Medical offices

Property subtype

Medical centers

APN

073W27CD03600

APU

073W27CD03600

Description

This exceptional 8,960 square foot Class B office building, located at 350 Miller St SE in Salem, Oregon, presents a unique investment opportunity. Built in 2005 and extensively renovated in 2022, this multi-tenant property boasts medical-grade finishes and a desirable location on the Liberty Street Professional Office Corridor, just south of downtown. The building features two suites totaling 7,950 net rentable square feet, with the first floor encompassing 4,408 square feet and the second floor 3,542 square feet. Amenities include 26 on-site parking spaces with access from Liberty and Miller Streets, plus abundant on-street parking. A distinctive architectural feature, known locally as the "lighthouse property," enhances visibility and curb appeal. The building offers elevator service, full ADA compliance, and a private two-car garage attached to a full bathroom within the owner's office. The property sits on a 0.39-acre lot and is zoned for commercial office use. Its previous tenants included a plastic surgeon's office, a medical office, and an accounting firm, demonstrating its versatility and suitability for a variety of professional uses. The building's high-end exterior finishes and welcoming entrance create a professional and inviting atmosphere. This property is ideally suited for an owner-user seeking a prominent location and high-quality space.

• CAP approach

  CAP return

  Valuation

  6%

  $1,539,696

  6.5%

  $1,421,258

  7%

  $1,319,740

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,320,042

  Geo Method

  $1,614,013

• Alternative Use

  Use

  Valuation

  Residential

  $1,762,360

  Hospitality

  $1,614,312

  Educational

  $1,343,089

  Medical

  $1,389,280

  Retail

  $2,089,250

Location Insight

City

Salem

County

Marion

State

Oregon

Latitude

44.9288

Longitude

-123.043

CBSA code

41420

CBSA name

SALEM, OR METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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