198 Commercial St SE - Office FOR SALE


Salem, OR 97301- Downtown Salem
$10,500,000 USD
541-521-5203
198 Commercial St SE, Salem, OR for Sale
$10,500,000 USD
Office - FOR SALE
1/44
null | 6.53% Cap Rate

198 Commercial St SE
Salem, OR 97301
Downtown Salem


HIGHLIGHTS

  • 100% Occupied _ 95% Occupied by Public Service Tenants
  • Strong Rental History
  • Excellent Central Business District Location

OVERVIEW

ICONIC SALEM OFFICE BUILDING Presenting one of Salem’s most iconic and beautifully renovated office buildings; ideally positioned in the heart of downtown, directly across from the Salem Convention Center & the Holman Hotel. Located just one 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 with 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 and visitor accessibility. The building is also elevator served. Offered at a 6.53% cap rate, this is a rare opportunity to acquire a landmark asset in one of Salem’s most desirable commercial locations.

FOR SALE DETAILS

PRICE

$10,500,000 USD

PRICE/SF

$253 USD /SF

CAP RATE

6.53%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Office

TOTAL BUILDING SIZE

-

STORIES

2

BUILDING CLASS

B

YEAR BUILT

1956

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.46 AC

LAND SF

20,038 SF

ZONING

CB

APN/PARCEL ID

589249

ASK ABOUT THIS PROPERTY

David HollandEvans, Elder, Brown, & Seubert Inc.More Info
541-521-5203

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

David HollandEvans, Elder, Brown, & Seubert Inc.More Info
541-521-5203

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