198 Commercial Street SE, Salem, OR

Others for Sale - $8,215,000 - 41,472 Sq. Ft. on 0.46 acres


Agent Info

Corey Clark
CENTURY 21 North Homes Realty

Property Info

CIMLS#1191250
Location
  198 Commercial Street SE
  Salem OR 97301
UpdatedJuly 23rd, 2026
TypeOthers
Price$8,215,000
Building41,472 Sq. Ft.
Land0.46 acres

Property 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.


Financials