Log In/Sign Up
Your email has been sent.
Cottage Courts 659-695 Cottage St NE 9,570 SF 93% Leased Office Building Salem, OR 97301 $1,600,000 ($167.19/SF) 7.15% Cap Rate
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
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease Type
- Lease End
- Ackerman / Moss
- -
- -
- $20.04
- Full Service
- Jun 2028
- Alpha Counseling & Therapy Ltd
- Health Care and Social Assistance
- -
- -
- -
- -
- Bay Massage
- -
- -
- $18.60
- Full Service
- May 2025
- D. Michael Fagen
- Professional, Scientific, and Technical Services
- -
- -
- Full Service
- Jul 2017
- Farmers
- -
- -
- $21.36
- Full Service
- Jun 2026
- Innervision
- -
- -
- $16.20
- Full Service
- Mar 2027
- Marion County Assn Of Defender
- Professional, Scientific, and Technical Services
- -
- $10.20
- Full Service
- Mar 2015
- Meetings Management
- -
- -
- $16.20
- Full Service
- Mar 2027
- Robert Botta Law Office
- Professional, Scientific, and Technical Services
- -
- -
- -
- -
- Tiffany Matthews LMT
- Health Care and Social Assistance
- -
- -
- -
- -
| Tenant | Industry | SF Occupied | Rent/SF | Lease Type | Lease End | |
| Ackerman / Moss | - | - | $20.04 | Full Service | Jun 2028 | |
| Alpha Counseling & Therapy Ltd | Health Care and Social Assistance | - | - | - | - | |
| Bay Massage | - | - | $18.60 | Full Service | May 2025 | |
| D. Michael Fagen | Professional, Scientific, and Technical Services | - | - | Full Service | Jul 2017 | |
| Farmers | - | - | $21.36 | Full Service | Jun 2026 | |
| Innervision | - | - | $16.20 | Full Service | Mar 2027 | |
| Marion County Assn Of Defender | Professional, Scientific, and Technical Services | - | $10.20 | Full Service | Mar 2015 | |
| Meetings Management | - | - | $16.20 | Full Service | Mar 2027 | |
| Robert Botta Law Office | Professional, Scientific, and Technical Services | - | - | - | - | |
| Tiffany Matthews LMT | Health Care and Social Assistance | - | - | - | - |
Space Availability
- Space
- Size
- Space Use
- Build-Out
- Available
Suite 695 is approximately 700 SF and features a nice open reception, 2 private offices and a small renovated kitchenette with sink. Currently built out as a salon with 3 additional plumbing fixtures. Newer LVP flooring and great natural lighting throughout. Renovated shared restrooms. Fully gated secure private parking lot and ample street parking. Signage available.
| Space | Size | Space Use | Build-Out | Available |
| 1st Fl-Ste 695 | 700 SF | Office/Retail | - | Now |
1st Fl-Ste 695
| Size |
| 700 SF |
| Space Use |
| Office/Retail |
| Build-Out |
| - |
| Available |
| Now |
1 of 5
Videos
Matterport 3D Exterior
Matterport 3D Tour
Photos
Street View
Street
Map
1st Fl-Ste 695
| Size | 700 SF |
| Space Use | Office/Retail |
| Build-Out | - |
| Available | Now |
Suite 695 is approximately 700 SF and features a nice open reception, 2 private offices and a small renovated kitchenette with sink. Currently built out as a salon with 3 additional plumbing fixtures. Newer LVP flooring and great natural lighting throughout. Renovated shared restrooms. Fully gated secure private parking lot and ample street parking. Signage available.
1 1
Moderately walkable
70/100
Very drivable
80/100
Some public transit
50/100
Moderately bikeable
70/100
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
Contacts
-
Curt Arthur, SIOR -
Nick Williams, CCIM -
Eric Anderson -
Toran Schmidgall -
Tamara Fuller -
Capacity Commercial Group LLC
1 of 6
Videos
Matterport 3D Exterior
Matterport 3D Tour
Photos
Street View
Street
Map
1 of 1
