198 Commercial Street SE Salem, OR 97301
Commercial-Other
MLS #: 220221006
Listed By CENTURY 21 North Homes Realty
Property InformationDescription
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 8% cap rate, this is a rare opportunity to acquire a landmark asset in one of Salem's most desirable commercial location
Features
- Basement: None
- Basement: Slab Foundation
- Building Area: 41472.00 SF
- Cooling: Central A/C
- Cooling: Zoned A/C
- Cross Docks: N
- Exterior Description: Concrete Block
- Flooring: Tile
- Flooring: Wall to Wall Carpet
- For Auction: N
- Garage Description: Attached Garage
- General: Elevator
- General: Smoke Detector
- Heating Type: Heat Pump
- Heating Type: Forced Air
- Heating Type: Multi-Zone Heat
- Lot Description: Level
- Lot Description: Corner
- Lot Size In Text: 20037.6 Sq. Ft.
- MLSID: 220221006
- Parking Places: 0
- Price Per Area: 253.18
- Price Upon Request: N
- Roof: Rubber
- Sewer: Public
- Style: Other Style
- Sublease: N
- Tax Year: 2025
- Taxes: $87744.60
- Water: City Water
- Year Built: 1956
