302 State Street, Salem, Oregon
51,384 SF Landmark Office Building with Partial Lease-Back | Salem, OR
Marketing description
Located at the “Main & Main” corner of Commercial and State streets, this stunning landmark office building boasts three full floors including an improved basement plus a dedicated surface parking lot just behind.
This unique opportunity includes the lease-back of nearly 10,000 SF to a well-known national credit tenant, Fortune 500 company for seven years, with four 5 year renewal options.
The updated build out will provide a new interior corridor with access to a over 6,000 SF of ground floor retail / office space - facing State Street. The Upper and Lower floors will be available for Owner / Users or for lease up - able to serve a variety of retail or office tenant needs.
Popular neighbors and attractions that drive this high traffic area include: countless restaurants, coffee shops / cafes, cocktail bars / pubs, retail shops and services, Oregon State Capitol Mall, Marion County Sheriff’s Office & Circuit Courthouse, Salem Convention Center, Salem Center Shopping Mall, Downtown Transit Center, Riverfront City Park as well as several hotels, apartment and condo developments.
Investment highlights
National Credit, Fortune 500 company to lease back 9,857 SF for 7 years w/ four 5-year options 41,527 SF remaining for Owner/User or Lease Up
3 Floors including Fully Improved Basement
Year Built: 1869 (Full Remodel in 1966 with periodic upgrades afterward)
Total Land Area: 29,621 SF (0.68 Acres) with 27 Space Surface Parking Lot
Solid office market with only 6.8% vacancy rate mid-year 2024 in Salem
Easily walkable to State Capital Mall, County Courthouse, Riverfront Park, hotels, restaurants, entertainment and major retail
46,703 Average Daily Traffic (State @ Commercial)
Tax Valuation 2024: $6,544,620
Zoning: CB (Central Business District)
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