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198 Commercial St SE 41,472 SF 100% Leased Office Building Salem, OR 97301 $12,348,822 CAD ($297.76 CAD/SF) 8% Cap Rate
Investment Highlights
- 100% Occupied | 95% Public Service Occupied: Marion County Public Defender & State of Oregon Public Defense Services Commission
- Excellent CBD Location across from the Salem Convention Center & the Holman Riverfront Park Hotel
Executive Summary
Multi-Tenant Trophy Office Building
• 100% Occupied
• Prime Location in the Central Salem Core Business District (CBD)
• $2,000,000+ in recent renovations to the property
• Excellent parking options, with convenient access to the adjacent parking structure via a connected land bridge
• Core tenants in place that account for the majority of income and space are government entities
• Attractive rent escalations
• $8,825,000
Offered at an attractive 8% cap rate, this is a rare opportunity to acquire a landmark asset in one of Salem’s most desirable commercial locations.
Presenting one of Salem’s most iconic, beautifully renovated office buildings, ideally positioned in the heart of downtown directly across from the Salem Convention Center and the nearly new Holman Hotel. Located just one block from the Willamette River, this property sits within the premier Central Salem Core Business District on one of the highest-trafficked corners in the city.
The building has undergone over $2 million in recent renovations, blending historic character with modern upgrades. It is anchored by A+ core, long-term tenants secured by strong, stable leases with extension options—100% occupancy provides reliable income and investment security. Additional highlights include excellent parking options, with convenient access to the adjacent parking structure via a connected land bridge, enhancing tenant and visitor accessibility.
• 100% Occupied
• Prime Location in the Central Salem Core Business District (CBD)
• $2,000,000+ in recent renovations to the property
• Excellent parking options, with convenient access to the adjacent parking structure via a connected land bridge
• Core tenants in place that account for the majority of income and space are government entities
• Attractive rent escalations
• $8,825,000
Offered at an attractive 8% cap rate, this is a rare opportunity to acquire a landmark asset in one of Salem’s most desirable commercial locations.
Presenting one of Salem’s most iconic, beautifully renovated office buildings, ideally positioned in the heart of downtown directly across from the Salem Convention Center and the nearly new Holman Hotel. Located just one block from the Willamette River, this property sits within the premier Central Salem Core Business District on one of the highest-trafficked corners in the city.
The building has undergone over $2 million in recent renovations, blending historic character with modern upgrades. It is anchored by A+ core, long-term tenants secured by strong, stable leases with extension options—100% occupancy provides reliable income and investment security. Additional highlights include excellent parking options, with convenient access to the adjacent parking structure via a connected land bridge, enhancing tenant and visitor accessibility.
Property Facts
Sale Type
Investment
Property Type
Office
Building Size
41,472 SF
Building Class
B
Year Built/Renovated
1956/1998
Price
$12,348,822 CAD
Price Per SF
$297.76 CAD
Cap Rate
8%
NOI
$987,542 CAD
Percent Leased
100%
Tenancy
Multiple
Building Height
2 Stories
Typical Floor Size
20,038 SF
Building FAR
2.07
Lot Size
0.46 AC
Opportunity Zone
Yes
Zoning
CB - Central Business District
Amenities
- Bus Line
- Signage
1 1
Moderately walkable
70/100
Exceptionally drivable
100/100
Some public transit
50/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | 589249 | Improvements Assessment | $0 CAD |
| Land Assessment | $0 CAD | Total Assessment | $6,251,099 CAD |
Property Taxes
Parcel Number
589249
Land Assessment
$0 CAD
Improvements Assessment
$0 CAD
Total Assessment
$6,251,099 CAD
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198 Commercial St SE
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