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Center Point 475 Cottage St NE 23,202 SF 55% Leased Office Building Salem, OR 97301 $4,395,000 ($189.42/SF)

Office Spaces Oregon Salem 475 Cottage St NE, Salem, OR 97301

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INVESTMENT HIGHLIGHTS

  • Fantastic dedicated off-street parking lot
  • Owner-occupied opportunity

EXECUTIVE SUMMARY

Unique opportunity to acquire an office building for a user seeking approximately 5,300 SF for owner-occupancy. This two-story, urban office building with off-street parking has additional tenants providing income in support of the asking price. The estimated stabilized value of the building is $5,000,000 once the vacant space is filled with a tenant paying market rents. The asking price of $4,395,000 leaves over $600,000 of consideration for a buyer to carry the asset while sourcing a tenant or having cushion to complete a remodel of the space to suit the specifications of the user.

ATTACHMENTS

Center Point- Sale:Lease

PROPERTY FACTS

Sale Type
Investment or Owner User
Property Type
Office
Building Size
23,202 SF
Building Class
B
Year Built
1960
Price
$4,395,000
Price Per SF
$189.42
Percent Leased
55%
Tenancy
Multiple
Building Height
2 Stories
Typical Floor Size
11,601 SF
Slab To Slab
10’
Building FAR
0.61
Lot Size
0.88 AC
Opportunity Zone
Yes
State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.
Zoning
CBD
Parking
74 Spaces (3.19 Spaces per 1,000 SF Leased)

AMENITIES

  • Bus Line
  • Signage

SPACE AVAILABILITY

  • SPACE
  • SIZE
  • SPACE USE
  • CONDITION
  • AVAILABLE
  • 1st Fl-Ste 101 & 110
  • 5,266 SF
  • Office
  • Full Build-Out
  • Now
475 Cottage St NE, Salem, OR for sale Building Photo- Image 1 of 2
Building Photo
475 Cottage St NE, Salem, OR for sale Floor Plan- Image 2 of 2
Floor Plan

This main level professional office space with potential for a mix of executive offices, open work area, conference rooms, reception/waiting area, etc. Experience the benefits of being centrally located in the downtown business district with lots of on-street parking as well as a private parking lot for employees and clients. The asking lease rate doesn’t not consider amortization of any tenant-specific improvements over a market TI allowance. Any negotiated landlord incentives will be based on tenant’s credit quality and length of initial lease term.

Space Size Space Use Condition Available
1st Fl-Ste 101 & 110 5,266 SF Office Full Build-Out Now

1st Fl-Ste 101 & 110

Size
5,266 SF
Space Use
Office
Condition
Full Build-Out
Available
Now
1 of 2
VIDEOS
MATTERPORT 3D EXTERIOR
MATTERPORT 3D TOUR
PHOTOS
STREET VIEW STREET
MAP
475 Cottage St NE, Salem, OR for sale Building Photo- Image 1 of 2
Photo Apr 11 2024, 2 54 59 PM
475 Cottage St NE, Salem, OR for sale Floor Plan- Image 2 of 2
Sample Floor Plan

1st Fl-Ste 101 & 110

475 Cottage St NE, Salem, OR for sale Building Photo- Image 1 of 2
Building Photo
475 Cottage St NE, Salem, OR for sale Floor Plan- Image 2 of 2
Floor Plan
Size 5,266 SF
Space Use Office
Condition Full Build-Out
Available Now

This main level professional office space with potential for a mix of executive offices, open work area, conference rooms, reception/waiting area, etc. Experience the benefits of being centrally located in the downtown business district with lots of on-street parking as well as a private parking lot for employees and clients. The asking lease rate doesn’t not consider amortization of any tenant-specific improvements over a market TI allowance. Any negotiated landlord incentives will be based on tenant’s credit quality and length of initial lease term.

1 1
475 Cottage St NE, Salem, OR - FLOOR PLAN - Image 1
475 Cottage St NE, Salem, OR - FLOOR PLAN - Image 2
Walk Score®
Walker's Paradise (90)
Bike Score®
Very Bikeable (89)
What is a Walk Score®, Transit Score® & Bike Score®?
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Transit Score® measures access to public transit.
Bike Score® measures bikeability of a location.
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measures access to public transit. Bike Score®
measures bikeability of a location.®
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PROPERTY TAXES

Parcel Number 589454 Improvements Assessment $0
Land Assessment $0 Total Assessment $317,850

PROPERTY TAXES

Parcel Number
589454
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$317,850
(503) 851-9428

Still interested?

Contact the brokers for more information about this property

CONTACTS

  • Listing ID: 32045319

  • Date on Market: 6/6/2024

  • Last Updated:

  • Address: 475 Cottage St NE, Salem, OR 97301

More public record information on 475 Cottage St NE, Salem, OR 97301

The Downtown Salem Office Property at 475 Cottage St NE, Salem, OR 97301 is currently available. Contact First Commercial Real Estate for more information.

OFFICE PROPERTIES IN NEARBY NEIGHBORHOODS

NEARBY LISTINGS

1 of 7
VIDEOS
MATTERPORT 3D EXTERIOR
MATTERPORT 3D TOUR
PHOTOS
STREET VIEW STREET
MAP
475 Cottage St NE, Salem, OR for sale Building Photo- Image 1 of 7
Building Photo
475 Cottage St NE, Salem, OR for sale Building Photo- Image 2 of 7
Building Photo
475 Cottage St NE, Salem, OR for sale Building Photo- Image 3 of 7
Building Photo
475 Cottage St NE, Salem, OR for sale Building Photo- Image 4 of 7
Building Photo
475 Cottage St NE, Salem, OR for sale Floor Plan- Image 5 of 7
FIRST FLOOR EXISTING-CENTERPOINT
475 Cottage St NE, Salem, OR for sale Floor Plan- Image 6 of 7
SECOND FLOOR EXISTING- Centerpoint
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Center Point | 475 Cottage St NE
(503) 851-9428 x

Center Point | 475 Cottage St NE

Jennifer Martin
(503) 851-9428

Tanner Morgan
(503) 364-7400

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