198 Commercial Street SE, Salem, OR

Others for Sale - $10,500,000 - 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
UpdatedMay 12th, 2026
TypeOthers
Price$10,500,000
Building41,472 Sq. Ft.
Land0.46 acres

Property Description

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


Financials