8% CAP, 198 COMMERCIAL ST SE SALEM OR 97301-3489
Attractive 8% Cap, 100% Leased, Fully Renovated Trophy Office Building!
Marketing description
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 and the nearly new Holman Hotel. Located just one 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 with modern upgrades. It is anchored by A+ core, long-term tenants secured by strong, stable leases 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 and visitor accessibility. Offered at an attractive 8% cap rate, this is a rare opportunity to acquire a landmark asset in one of Salem’s most desirable commercial locations.
Investment highlights
- 100% Occupied
- Prime Location in the Central Salem Core Business District (CBD)
- $2,000,000+ in renovations to the property; With recent completed tenant renovation requests, it suggests tenants long term commitment to remain in the location/ space
- Parking concerns are mitigated by ample on street parking as well as the "park-cade" immediately adjacent, accessible via the land bridge
- Core tenants in place that account for the majority of income and space are government entities
- Attractive rent escalations
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