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