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 Offered at a solid 8.6% cap rate! 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. 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: 198.09
- 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
