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

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.

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
Vacancy %
0

Parking Details

Parking
Yes
# of Parking Spaces
12

Location, Tax, and Legal

Cross Street
Ferry Street SE
Section
Not Applicable
Parcel Number
589249
Tax Map Number
073W27AB
Tax Lot
07600
Lot Size Acres
0.46
Lot Size Square Feet
20038
Additional Parcels YN
No

Additional Features

Common Area
Yes
Office Space
Yes

Business Type (AKA Sub Type)

Mixed
Yes
Professional Service
Yes
Professional/Office
Yes

Basement

None
Yes

Body Type

Other
Yes

Common Walls

No Common Walls
Yes

Cooling

Central Air
Yes
Zoned
Yes

Construction Materials

Block
Yes

Flooring

Carpet
Yes
Tile
Yes
Vinyl
Yes

Listing Terms

Cash
Yes
Conventional
Yes

Foundation Details

Slab
Yes

Flood

Unknown
Yes

Heating

Forced Air
Yes
Heat Pump
Yes
Zoned
Yes

Inclusions/Exclusions

Exclusions
Tenants personal property

Interior Features

Built-in Features
Yes
Elevator
Yes
High Speed Internet
Yes
Solid Surface Counters
Yes

Levels

Two
Yes

Lot Features

Corner Lot
Yes
Level
Yes

Roof

Membrane
Yes

Security Features

Carbon Monoxide Detector(s)
Yes
Smoke Detector(s)
Yes

Window Features

Low-Emissivity Windows
Yes

Road Surface Type

Paved
Yes

Structure Type

Office
Yes

View

Neighborhood
Yes
River
Yes

Existing Lease Type

Gross
Yes

Parking Features

Attached
Yes
On Street
Yes
Other
Yes

Power Production

None
Yes

Sewer

Public Sewer
Yes

Utilities

Electricity Connected
Yes

Water Source

Public
Yes

Special Listing Conditions

Standard
Yes

Documents

Listing Office: Century 21 North Homes Realty
Last Updated: July - 22 - 2026
Information deemed reliable but not guaranteed.
Search powered by FBS Products