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198 Commercial St SE 41,472 SF 100% Leased Office Building Salem, OR 97301 $10,500,000 ($253.18/SF) 6.53% Cap Rate
Investment Highlights
- 100% Occupied _ 95% Occupied by Public Service Tenants
- Excellent Central Business District Location
- Strong Rental History
Executive Summary
ICONIC SALEM OFFICE BUILDING
Presenting one of Salem’s most iconic and beautifully renovated office buildings; ideally positioned in the heart of downtown, directly across from the Salem Convention Center & the 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 through 2032 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. The building is also elevator served.
Offered at a 6.53% 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 and beautifully renovated office buildings; ideally positioned in the heart of downtown, directly across from the Salem Convention Center & the 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 through 2032 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. The building is also elevator served.
Offered at a 6.53% cap rate, this is a rare opportunity to acquire a landmark asset in one of Salem’s most desirable commercial locations.
Financial Summary (Pro Forma - 2026) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Pro Forma - 2026) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
Sale Type
Investment
Property Type
Office
Building Size
41,472 SF
Building Class
B
Year Built/Renovated
1956/1998
Price
$10,500,000
Price Per SF
$253.18
Cap Rate
6.53%
NOI
$685,340
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
Major Tenants Click Here to Access
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease End
- Defining Within Ink & Esthetics
- Services
-
99,999 SF
-
$9.99
-
Jan 0000
- Public Defender Marion County
- Public Administration
-
99,999 SF
-
$9.99
-
Jan 0000
- State of Oregon Public Defense Services Commission
- Public Administration
-
99,999 SF
-
$9.99
-
Jan 0000
| Tenant | Industry | SF Occupied | Rent/SF | Lease End | ||
| Defining Within Ink & Esthetics | Services | 99,999 SF | $9.99 | Jan 0000 | ||
| Public Defender Marion County | Public Administration | 99,999 SF | $9.99 | Jan 0000 | ||
| State of Oregon Public Defense Services Commission | Public Administration | 99,999 SF | $9.99 | Jan 0000 |
1 1
Moderately walkable
70/100
Exceptionally drivable
100/100
Some public transit
50/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | 589249 | Total Assessment | $4,474,147 (2025) |
| Land Assessment | $0 (2025) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $0 (2025) | Tax Year | 2026 |
Property Taxes
Parcel Number
589249
Land Assessment
$0 (2025)
Improvements Assessment
$0 (2025)
Total Assessment
$4,474,147 (2025)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2026
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198 Commercial St SE
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