1025 2nd St NW - Medical FOR SALE


Salem, OR 97304- West Salem
$4,410,000 USD
503-210-4062
1025 2nd St NW, Salem, OR for Sale
$4,410,000 USD
Medical - FOR SALE
1/62
null | 6.99% Cap Rate

1025 2nd St NW
Salem, OR 97304
West Salem


HIGHLIGHTS

  • Anchored by Therapy Partners Group, with a lease through September 2032.
  • Stabilized medical office investment located in a tight submarket with a 3.4% vacancy rate for medical office buildings.
  • High-quality and well-maintained building constructed in 2019 by CBTWO Architects.
  • All leases feature 3% annual rent increases, with Therapy Partners Group (87% of GLA) on a NNN lease, providing inflation protection.
  • Located in the affluent, high-growth submarket of West Salem, with average household incomes exceeding $131,000.
  • Photovoltaic (PV) panels enhance operating efficiency, lower energy costs, and support sustainability efforts.

OVERVIEW

The Offering presents the opportunity to acquire a stabilized healthcare investment in the affluent and growing West Salem market. Delivered in 2019 by CBTWO Architects, the RE Building was constructed to a top-of-the-line finish, which includes photovoltaic (PV) panels that lower energy consumption and increase operational efficiencies for tenants. The RE Building benefits from its strategic positioning to Oregon Route 22, which connects West Salem to downtown Salem. Additionally, the Property is a 5-minute drive from the Salem Hospital, which recently completed a 200,000+ SF & 150 ICU bed expansion totaling $245M. The RE Building is 98% leased with a WALT of 5.42 years (as of 11/1/26). All tenants have annual rent increases, with the anchor tenant (87% of GLA) operating under a true NNN lease, providing a hedge to increasing inflation. Salem’s medical office vacancy rate of 3.4% further strengthens the investment’s long-term stability. The Property is anchored by Therapy Partners Group, who operates 140+ practice locations throughout 7 U.S. states. Their state-of-the-art buildout includes two professional-grade underwater treadmills and a full indoor track, which are utilized by Division 1 collegiate programs and other major sports teams. The tenant recently executed an early lease extension through September 2032, highlighting their long-term commitment to the RE Building.

FOR SALE DETAILS

PRICE

$4,410,000 USD

PRICE/SF

$408 USD /SF

CAP RATE

6.99%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

RE Building

PROPERTY TYPE

Office

PROPERTY SUBTYPE

Medical

TOTAL BUILDING SIZE

-

STORIES

1

BUILDING CLASS

B

YEAR BUILT

2019

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.65 AC

LAND SF

28,314 SF

ZONING

CO-(Commercial Office)

APN/PARCEL ID

258911

ASK ABOUT THIS PROPERTY

Anthony AlbrechtNorthmarqMore Info
503-210-4062

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Anthony AlbrechtNorthmarqMore Info
503-210-4062

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.