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
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.
Supplements: ********
More Information MLS# 220221006
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
Contract Information
Dual Listing YN: No
Original List Price: 10500000
Current Price: $8,215,000
Status: Active
List Price: $8,215,000
Listing Contract Date: 2026-05-08
Currently Not Used
List Price per SqFt: 198.09
General Property Information
Building Area Total: 41472
Building Area Source: Assessor
Building Area Units: Square Feet
# of Units Total: 3
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
Year Built: 1956
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
Additional Features
Common Area: 1
Office Space: 1
Business Type (AKA Sub Type)
Mixed: 1
Professional Service: 1
Professional/Office: 1
Basement
None: 1
Body Type
Other: 1
Income and Expenses (Annual Amounts)
Cap Rate %: 8.6
Estimated Gross Operating Income $: 1018464
Estimated Total Expenses: 263641
Net Operating Income: 703900
Vacancy %: 0
Common Walls
No Common Walls: 1
Cooling
Central Air: 1
Zoned: 1
Construction Materials
Block: 1
Flooring
Carpet: 1
Tile: 1
Vinyl: 1
Listing Terms
Cash: 1
Conventional: 1
Foundation Details
Slab: 1
Flood
Unknown: 1
Heating
Forced Air: 1
Heat Pump: 1
Zoned: 1
Inclusions/Exclusions
Exclusions: Tenants personal property
Interior Features
Built-in Features: 1
Elevator: 1
High Speed Internet: 1
Solid Surface Counters: 1
Levels
Two: 1
Lot Features
Corner Lot: 1
Level: 1
Roof
Membrane: 1
Security Features
Carbon Monoxide Detector(s): 1
Smoke Detector(s): 1
Unit 1
Unit #: 1
Tenant Name: CLA
Square Footage: 16269
Rent Escalators: Yes
Option to Extend: Yes
Status: Leased
Unit 2
Unit #: 2
Tenant Name: CLA
Square Footage: 1850
Rent Escalators: Yes
Option to Extend: Yes
Status: Leased
Unit 3
Unit #: 3
Tenant Name: CLA
Square Footage: 19409
Rent Escalators: Yes
Option to Extend: Yes
Status: Leased
Window Features
Low-Emissivity Windows: 1
Road Surface Type
Paved: 1
Structure Type
Office: 1
View
Neighborhood: 1
River: 1
Existing Lease Type
Gross: 1
Business Details
Business Included?: No
Parking Features
Attached: 1
On Street: 1
Other: 1
Power Production
None: 1
Sewer
Public Sewer: 1
Utilities
Electricity Connected: 1
Water Source
Public: 1
Parking Details
Parking: Yes
# of Parking Spaces: 12
Special Listing Conditions
Standard: 1
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
Status Change Information
Status Change Timestamp: 2026-06-12
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
Documents
Listing Office:
Century 21 North Homes Realty
Last Updated: July - 22 - 2026
Information deemed reliable but not guaranteed.
Offering Memorandum ›