Listed by Coldwell Banker Commercial Mountain West Real Estate
$2,750,000
3850 Portland Rd NE.
Details
Property Type Office
Sub Type Medical Office
Square Footage 21,670
Net Rentable (SqFt) 21,670
Units 12
Occupancy 58%
Tenancy Multi
Lease Type Gross
Rent Bumps Yes
Pro-Forma Cap Rate 11.39%
Pro-Forma NOI $313,302
Price per SqFt $127
Class B
Year Built 1971
Year Renovated 2016/17
Buildings 1
Stories 2
Acreage 0.790
Zoning CR/MU-III
Parking Spaces 68 spaces
Parking Per SqFt 3.14
Investment Type Value Add
Tenant Credit No Credit Rating
Ownership Fee Simple
Office | 21,670 SqFt
Marketing description
21,670 SF office/retail building zoned CR and within the North Gateway Urban Renewal Zone and the Portland/Fairgrounds Overlay Zone. The City of Salem's Our Salem Project created a new zone of Mixed Use 3 (MU-III). Originally built in 1971, the building has recently undergone major renovations in 2016/17 which included:
• Roof;
• Siding;
• HVAC;
• Exterior/interior lighting;
• Exterior/interior paint;
• Carpet;
• Fenced parking;
• Ceiling tiles and more;
Investment highlights
ADA accessible
Second floor is elevator served
Approximately 68 total parking spaces 46 uncovered parking spaces and 22 covered parking at the north end of the building
Great I-5 access with in one half mile
Listing broker is part of ownership
Listing Contacts
Listed by Coldwell Banker Commercial Mountain West Real Estate
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