3300 State St, Salem, OR 97301

The subject property is a two-story, Class A, suburban office occupied by the regional hospital group since its construction and houses the Salem Health Laboratory now. The property is in excellent condition, with a new roof in 2025, and features robust parking and a package truck loading dock. Salem Health operates a drop-in laboratory location and processing facility. This is a strategic location for them as it is centrally located in the market with good parking, so patients can get in and out quickly.

The tenant, Salem Health, triple-net leased this asset originally in 2006 and their current term goes through February of 2030. This asset should be attractive to both public and private medical office REITs or private investors in part due to the tenants AA- credit rating (as of 2023).

The subject property is located at the corner of State Street and Hawthorne Avenue, less than a mile from the Interstate 5 and Highway 22 interchange, and two miles from the central business district. Neighboring uses include business parks, Chase Bank, Salem Keizer School District Admin Campus, hospitality, and food processing.