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659-695 Cottage St NE
Salem, OR 97301
Cottage Courts · Office Property For Sale
Investment Highlights
- Proven cash flow
- Well maintained
- Exceptional parking
- Downtown fringe location
Executive Summary
Cottage Courts represents a premier opportunity to acquire a highly stable, exceptionally well-maintained, multi-tenant office asset situated on the northern edge of Downtown Salem. Delivering a current NOI of $114,429, this property is uniquely positioned as a resilient cash-flowing investment that balances immediately stable yield with clear, long-term rental upside. The property thrives on a diversified, recession-resistant tenant base. The current tenant roster features an ideal mix of high-demand local services, including medical/naturopathic practitioners, professional event planners, and boutique personal service providers (including massage therapists, salons, and counselors). This diverse ecosystem insulates the asset from industry-specific downturns and ensures high historical occupancy with minimal tenant turnover.
Property Facts
Sale Type
Investment
Property Type
Office
Building Size
9,570 SF
Building Class
C
Year Built
1957
Price
$1,600,000
Price Per SF
$167.19
Cap Rate
7.15%
NOI
$114,429
Percent Leased
93%
Tenancy
Multiple
Building Height
1 Story
Typical Floor Size
9,570 SF
Building FAR
0.49
Lot Size
0.45 AC
Opportunity Zone
Yes
Zoning
MU-1 - MU (Mixed-Use)
Parking
2 Spaces (0.21 Spaces per 1,000 SF Leased)
Amenities
- Bus Line
- Signage
Property Taxes
| Parcel Number | 589432 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $595,040 |
Property Taxes
Parcel Number
589432
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$595,040
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