198 Commercial Street SE, Salem, OR 97301
$8,215,000
Property Type:
Commercial Sale
Square Footage:
41,472
Lot Size (sq. ft.):
20,038
Status:
Active
Current Price:
$8,215,000
List Date:
6/12/2026
Last Modified:
7/22/2026
Overview
Description
Listing Details MLS# 220221006
General Property Information
- Building Area Total
- 41472
- Building Area Source
- Assessor
- Building Area Units
- Square Feet
- # of Units Total
- 3
- Year Built
- 1956
- New Construction YN
- No
- Zoning
- CB
- Tax Annual Amount
- 87744.6
- Tax Year
- 2025
- Potential Tax Liability YN
- No
- Assessment YN
- No
- CC&R's YN
- Yes
- Preferred Escrow Company & Officer
- Amerititle Salem, Stephanie Moore
- FIRPTA YN
- No
- Sign On Property YN
- No
Property Features
Additional Features:
Common Area; Office Space
Basement:
None
Body Type:
Other
Common Walls:
No Common Walls
Construction Materials:
Block
Cooling:
Central Air; Zoned
Flooring:
Carpet; Tile; Vinyl
Foundation Details:
Slab
Heating:
Forced Air; Heat Pump; Zoned
Interior Features:
Built-in Features; Elevator; High Speed Internet; Solid Surface Counters
Levels:
Two
Roof:
Membrane
Security Features:
Carbon Monoxide Detector(s); Smoke Detector(s)
Existing Lease Type:
Gross
Window Features:
Low-Emissivity Windows
Business Type (AKA Sub Type):
Mixed; Professional Service; Professional/Office
Flood:
Unknown
Utilities:
Electricity Connected
Lot Features:
Corner Lot; Level
Parking Features:
Attached; On Street; Other
Road Surface Type:
Paved
Structure Type:
Office
View:
Neighborhood; River
Power Production:
None
Sewer:
Public Sewer
Water Source:
Public
Listing Terms:
Cash; Conventional
Special Listing Conditions:
Standard
Location Tax and Legal
- Street Number
- 198
- Street Name
- Commercial
- Street Suffix
- Street
- Street Dir Suffix
- SE
- County
- Marion
- State
- OR
- Postal Code
- 97301
- Subdivision Name
- N/A
Contract Information
- Original List Price
- 10500000
- Listing Contract Date
- 2026-05-08
- Dual Listing YN
- No
Remarks and Miscellaneous
- Public Remarks
- 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.
- Directions
- Located on the corner of Commercial Street SE & Ferry Street SE
Status Change Information
- Status Change Timestamp
- 2026-06-12
More Information
Currently Not Used
- List Price per SqFt
- 198.09
Unit 1
- Unit #
- Yes
- Tenant Name
- CLA
- Rent Escalators
- Yes
- Option to Extend
- Yes
Unit 2
- Unit #
- 2
- Tenant Name
- CLA
- Rent Escalators
- Yes
- Option to Extend
- Yes
Unit 3
- Unit #
- 3
- Tenant Name
- CLA
- Rent Escalators
- Yes
- Option to Extend
- Yes
Business Details
- Business Included?
- No
Income and Expenses (Annual Amounts)
- Cap Rate %
- 8.6
- Estimated Gross Operating Income $
- 1018464
- Estimated Total Expenses
- 263641
- Net Operating Income
- 703900
Parking Details
- Parking
- Yes
- # of Parking Spaces
- 12
Documents
Offering Memorandum ›
Listing Office:
Century 21 North Homes Realty
Last Updated: July - 22 - 2026
Information deemed reliable but not guaranteed.