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2195 Hyacinth St NE
Salem, OR 97301
Flex For Sale · Flex Property For Sale
·
62,383 SF
Property Facts
| Price | Not Individually For Sale | Building Class | C |
| Building Size | 62,383 SF | Lot Size | 6.41 AC |
| Property Type | Flex | Parking Ratio | 5.43/1,000 SF |
| Price | Not Individually For Sale |
| Building Size | 62,383 SF |
| Property Type | Flex |
| Building Class | C |
| Lot Size | 6.41 AC |
| Parking Ratio | 5.43/1,000 SF |
Executive Summary
Highlights:
Land: ± 6.70 Acres
Buildings: ± 71,320 SF
Repositioned to Multi-Tenant
Good Lease-up - Now 63%
Commercial/Industrial Zoning
Excess Land for Development
Tremendous upside potential
The existing structure, when leased at market rent, will provide a Net Operating Income equaling a return of over 9.5%, once the interior rehab and site work is complete.
Recent Up Zone
The property has recently been up-zoned by the City of Salem to Industrial Commercial (IC), which allows for office, retail, and light industrial tenants. This flexibility will increase the diversity of tenants for the property as well as the ability to achieve higher rent structures. This zoning applies to the building and the excess land.
Highly desirable property type
The building’s multi-tenant build-out caters to office, retail, and light industrial uses, from 300 to 10,000 square feet, thus providing a diverse and stable cash flow.
Low price per square foot
After backing out a conservative $12 psf for the excess land, the basis in the building is only $55 psf at the purchase price, which is well below replacement cost in today’s market.
Great access and exposure
The site offers superb freeway access to I-5 via Portland Road NE and Salem Parkway. It also features great visibility at the corner of Hyacinth and 25th Ave NE as well as excellent ingress and egress from this signalized intersection.
Excess land for development
The approximate two acres of excess land will allow for an additional 34,850 square feet of new buildings, when combined with the existing parking field. The combined site would have a parking ratio of 3.2 vehicles per 1,000 square feet of building.
Uniquely re-purposed mixed-use community, complete with skylights, glass roll-up doors inside and out and 18' ceilings! Art studios, cafes/restaurants, creative office, light manufacturing; all of these uses have a place at the 45th Parallel. Be a part of making North Salem awesome in this beautiful community where your business will thrive. NNNs are estimated at $0.22 PSF monthly.
Located in the North Gateway Urban Growth Renewal District, between Portland Rd and Salem Parkway with easy access to I-5 as well as the Salem/Keizer areas.
Land: ± 6.70 Acres
Buildings: ± 71,320 SF
Repositioned to Multi-Tenant
Good Lease-up - Now 63%
Commercial/Industrial Zoning
Excess Land for Development
Tremendous upside potential
The existing structure, when leased at market rent, will provide a Net Operating Income equaling a return of over 9.5%, once the interior rehab and site work is complete.
Recent Up Zone
The property has recently been up-zoned by the City of Salem to Industrial Commercial (IC), which allows for office, retail, and light industrial tenants. This flexibility will increase the diversity of tenants for the property as well as the ability to achieve higher rent structures. This zoning applies to the building and the excess land.
Highly desirable property type
The building’s multi-tenant build-out caters to office, retail, and light industrial uses, from 300 to 10,000 square feet, thus providing a diverse and stable cash flow.
Low price per square foot
After backing out a conservative $12 psf for the excess land, the basis in the building is only $55 psf at the purchase price, which is well below replacement cost in today’s market.
Great access and exposure
The site offers superb freeway access to I-5 via Portland Road NE and Salem Parkway. It also features great visibility at the corner of Hyacinth and 25th Ave NE as well as excellent ingress and egress from this signalized intersection.
Excess land for development
The approximate two acres of excess land will allow for an additional 34,850 square feet of new buildings, when combined with the existing parking field. The combined site would have a parking ratio of 3.2 vehicles per 1,000 square feet of building.
Uniquely re-purposed mixed-use community, complete with skylights, glass roll-up doors inside and out and 18' ceilings! Art studios, cafes/restaurants, creative office, light manufacturing; all of these uses have a place at the 45th Parallel. Be a part of making North Salem awesome in this beautiful community where your business will thrive. NNNs are estimated at $0.22 PSF monthly.
Located in the North Gateway Urban Growth Renewal District, between Portland Rd and Salem Parkway with easy access to I-5 as well as the Salem/Keizer areas.
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