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Downtown Salem Theatre 501 Marion St NE 37,152 SF Retail Building Salem, OR 97301 $3,950,000 ($106.32/SF)
Investment Highlights
- Rare downtown Salem redevelopment opportunity with high visibility and frontage
- Existing commercial kitchen and utility infrastructure ready for reuse.
- Convenient access to Highway 22 and I-5 for regional connectivity.
- Flexible layout with seven auditoriums, lobby areas, and bar in place.
- Situated steps from Oregon State Capitol and Salem Center retail core.
Executive Summary
Located at 501 Marion Street NE in downtown Salem, the former Cinebarre Theatre property offers a unique investment and redevelopment opportunity in Oregon’s capital city. This 37,152-square-foot building sits on a one-acre parcel within the Salem Center district, providing unmatched visibility and scale in a prime urban setting. Previously operated as a luxury dine-in cinema, the property includes an adaptable layout of seven auditoriums, expansive lobby space, commercial kitchen infrastructure, and bar areas, all of which support multiple commercial uses. With its strong existing utility capacity and flexible configuration, the asset is ideal for creative reuse or multi-tenant strategies across sectors such as entertainment, fitness, hospitality, office, or mixed-use development. Positioned near the Oregon State Capitol, Riverfront Park, and major transportation corridors, Salem Theatre combines exceptional access with proximity to government, business, and cultural hubs, making it a compelling choice for investors seeking long-term value.
Property Facts
Sale Type
Owner User
Property Type
Retail
Property Subtype
Movie Theater
Building Size
37,152 SF
Building Class
C
Year Built
1988
Price
$3,950,000
Price Per SF
$106.32
Tenancy
Single
Building Height
1 Story
Building FAR
0.86
Lot Size
0.99 AC
Opportunity Zone
Yes
Zoning
CB
Parking
80 Spaces (1.81 Spaces per 1,000 SF Leased)
Moderately walkable
70/100
Exceptionally drivable
100/100
Good public transit
70/100
Very bikeable
80/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 589026 | Improvements Assessment | $2,436,620 |
| Land Assessment | $1,293,720 | Total Assessment | $3,730,340 |
Property Taxes
Parcel Number
589026
Land Assessment
$1,293,720
Improvements Assessment
$2,436,620
Total Assessment
$3,730,340
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