198 Commercial Street SE, Salem, OR 97301

sale $10,500,000 | Commercial-Other

Listed By CENTURY 21 North Homes Realty

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 & 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. Offered at a solid 6.53% cap rate, this is a rare opportunity to acquire a landmark asset in one of Salem's most desirable commercial location

Property Features

Basement: None
Basement: Slab Foundation
Building Area: 41472.00 SF
Cooling: Central A/C
Cooling: Zoned A/C
Cross Docks: N
Exterior Description: Concrete Block
Flooring: Tile
Flooring: Wall to Wall Carpet
For Auction: N
Garage Description: Attached Garage
General: Elevator
General: Smoke Detector
Heating Type: Heat Pump
Heating Type: Forced Air
Heating Type: Multi-Zone Heat
Lot Description: Level
Lot Description: Corner
Lot Size In Text: 20037.6 Sq. Ft.
MLSID: 220221006
Parking Places: 0
Price Per Area: 253.18
Price Upon Request: N
Roof: Rubber
Sewer: Public
Style: Other Style
Sublease: N
Tax Year: 2025
Taxes: $87744.60
Water: City Water
Year Built: 1956