198 Commercial Street SE, Salem, OR 97301
N/A · Marion County
Key Facts
Description
Presenting one of Salem's most iconic, beautifully renovated office buildings Offered at a solid 8.3% 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.
Property Information
Property Type
Commercial Sale
Structure Type
Office
Year Built
1956
Living Area
41,472 sq ft
Lot Size
0.46 acres
Days on Market
69
MLS® Listing#
220221006
Property Features
Interior
Cooling
Heating
Flooring
Basement
Parking
Lot Features
Construction
Foundation
Roof
Windows
Security
Sewer
Water Source
Financial Details
Annual Taxes
$87,745
Tax year 2025
Parcel Number
589249
Directions
Located on the corner of Commercial Street SE & Ferry Street SE
Affordability Calculator
$1,700,000
Estimated monthly payment
$45,241/mo
Principal $6,800,000 · Est. interest $9,486,605 over 30 yrs
Neighborhood Market Statistics
How this home compares to active listings in Salem, OR
- $483,333
- Median Listing Price
- 164
- Median Days on Market
- 1,814
- Median Sq Ft
- $267
- Median Price / Sq Ft
- 323
- Active Listings
- This home’s price is 1659% above the area median.
- Its price per sq ft is 23% below the area median.
Market statistics compiled from active EXIT Realty® and MLS listings in Salem, OR.
Location
Points of Interest in Salem, OR
Showing the Salem area map.
Nearby Schools
Downtown Learning Center
School · 0.3 mi away
Capital Christian School
School · 0.4 mi away
Sunny Day Preschool
School · 0.4 mi away
St Joseph School
Secondary · 0.5 mi away
Wallace Learning Tree
School · 0.7 mi away
Salem-Keizer Public Schools
School · 0.8 mi away
St John Lutheran Church
Elementary · 0.8 mi away
Cosa
School · 0.8 mi away
Bush Elementary School
Elementary · 0.9 mi away
Parrish Middle School
Secondary · 0.9 mi away
The Early Learning Center
School · 1.0 mi away
Grant Community School
Elementary · 1.0 mi away
North Salem High School
Secondary · 1.1 mi away
Walker Middle School
Secondary · 1.1 mi away
Howard Street Charter School
School · 1.1 mi away
South Salem High School
Secondary · 1.2 mi away
Montessori Discovery Center
Elementary · 1.4 mi away
Englewood Elementary School
Elementary · 1.5 mi away
Richmond Elementary School
Elementary · 1.5 mi away
R & S Welding Mentors Trade School
Secondary · 1.5 mi away
Commute Calculator
Nearby Homes
Moving Cost Estimate
EXIT Agents in Salem
Listing Courtesy: Century 21 North Homes Realty - 5415482131
Last Updated: 2026-05-08