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3300 State St
Salem, OR 97301
Salem Health · Office Property For Sale
Investment Highlights
- Single-tenant NNN investment
- Leased through February 2030
- Same tenant since construction
- New roof in 2025
Executive Summary
The subject property is a two-story, Class A, suburban office occupied by the regional hospital group since its construction and houses the Salem Health Laboratory now. The property is in excellent condition, with a new roof in 2025, and features robust parking and a package truck loading dock. Salem Health operates a drop-in laboratory location and processing facility. This is a strategic location for them as it is centrally located in the market with good parking, so patients can get in and out quickly.
The tenant, Salem Health, triple-net leased this asset originally in 2006 and their current term goes through February of 2030. This asset should be attractive to both public and private medical office REITs or private investors in part due to the tenants AA- credit rating (as of 2023).
The subject property is located at the corner of State Street and Hawthorne Avenue, less than a mile from the Interstate 5 and Highway 22 interchange, and two miles from the central business district. Neighboring uses include business parks, Chase Bank, Salem Keizer School District Admin Campus, hospitality, and food processing.
The tenant, Salem Health, triple-net leased this asset originally in 2006 and their current term goes through February of 2030. This asset should be attractive to both public and private medical office REITs or private investors in part due to the tenants AA- credit rating (as of 2023).
The subject property is located at the corner of State Street and Hawthorne Avenue, less than a mile from the Interstate 5 and Highway 22 interchange, and two miles from the central business district. Neighboring uses include business parks, Chase Bank, Salem Keizer School District Admin Campus, hospitality, and food processing.
Property Facts
Sale Type
Investment
Property Type
Office
Property Subtype
Medical
Building Size
38,348 SF
Building Class
B
Year Built
1971
Price
$17,531,136 CAD
Price Per SF
$457.16 CAD
Cap Rate
6.99%
NOI
$1,225,844 CAD
Tenancy
Single
Building Height
2 Stories
Typical Floor Size
19,174 SF
Building FAR
0.45
Lot Size
1.94 AC
Opportunity Zone
Yes
Zoning
IC - Industrial Commercial
Parking
80 Spaces (2.09 Spaces per 1,000 SF Leased)
Amenities
- Signage
Property Taxes
| Parcel Number | 582460 | Improvements Assessment | $0 CAD |
| Land Assessment | $0 CAD | Total Assessment | $706,957 CAD |
Property Taxes
Parcel Number
582460
Land Assessment
$0 CAD
Improvements Assessment
$0 CAD
Total Assessment
$706,957 CAD
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