198 Commercial ST SE, Salem, OR 97301
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198 Commercial ST SE, Salem, OR 97301
198 Commercial ST SE, Salem, OR 97301
198 Commercial ST SE, Salem, OR 97301
198 Commercial ST SE, Salem, OR 97301
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Jordyn Therrell

Jordyn Therrell

+1(503) 724-5908
$ 10,500,000
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198 Commercial ST SE Salem, OR 97301

41,472 SqFt

UPDATED:

Key Details

Property Type Commercial

Listing Status Active

Purchase Type For Sale

Square Footage 41,472 sqft

Price per Sqft $253

MLS Listing ID 220221006

Year Built 1956

Annual Tax Amount $87,744

Lot Size 0.460 Acres

Acres 0.46

Lot Dimensions 0.46

Property Description

Presenting one of Salem's most iconic, beautifully renovated office buildings, ideally positioned in the heart of downtown directly across from the Salem Convention Center & the nearly new Holman Hotel. Located just 1 block from the Willamette River, this property sits within the premier Central Salem Core Business District on one of the highest-trafficked corners in the city. The building has undergone over $2 million in recent renovations, blending historic character w/ modern upgrades. It is anchored by A+ core, long-term tenants secured by strong stable leases through 2032 with extension options--100% occupancy provides reliable income and investment security. Additional highlights include excellent parking options, with convenient access to the adjacent parking structure via a connected land bridge, enhancing tenant & visitor accessibility. Offered at a solid 6.53% cap rate, this is a rare opportunity to acquire a landmark asset in one of Salem's most desirable commercial location

Location

State OR

County Marion

Direction Located on the corner of Commercial Street SE & Ferry Street SE

Rooms

Basement None

Interior

Interior Features Built-in Features, Elevator, Solid Surface Counters

Heating Forced Air, Heat Pump, Zoned

Cooling Central Air, Zoned

Window Features Low-Emissivity Windows

Exterior

Parking Features Attached, On Street, Other

Roof Type Membrane

Building

Lot Description Corner Lot, Level

Foundation Slab

Water Public

Level or Stories Two

Structure Type Block

New Construction No

Others

Senior Community No

Tax ID 589249

Security Features Carbon Monoxide Detector(s),Smoke Detector(s)

Acceptable Financing Cash, Conventional

Listing Terms Cash, Conventional

Special Listing Condition Standard

Oregon Datashare (MLSCO/SOMLS/KCAR)
Listed by Century 21 North Homes Realty
Jordyn Therrell

Jordyn Therrell

Broker | License ID: 201244288

+1(503) 724-5908

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198 Commercial ST SE