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Listing provided courtesy of CENTURY 21 NORTH HOMES: 503-652-2260.

198 Commercial SE

Salem, OR 97301
  • $8,215,000
  • STATUS: Active
  • ON SITE: 89 Days
  • MLS #: 840891
$8,215,000
  • 0
    BEDS
  • 0.46
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
  • 41,472
    SQFT
  • $198
    $/SQFT
Neighborhood:
Type:
Commercial
Built:
1956
County:

School Ratings & Info

Listing provided courtesy of CENTURY 21 NORTH HOMES: 503-652-2260. Listing information © 2026 Willamette Valley Multiple Listing Service



Description

Presenting one of Salem's most iconic, beautifully renovated office buildings, ideally positioned in the heart of Salem within the Central Core Business District on one of the highest-trafficked corners in the city. The building features 100% occupancy, Price reduced, 8.6% CAP Rate! Over $2 million in recent renovations, blending historic character with modern upgrades. Anchored by A+ long term State of Oregon tenants, this is a rare opportunity to acquire a stable landmark asset in a prime Salem location!

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Willamette Valley MLS logo © 2026 Based on information from Willamette Valley Multiple Listing Service, which neither guarantees nor is in any way responsible for its accuracy. All data is provided AS IS and with all faults. Data maintained by Willamette Valley Multiple Listing Service may not reflect all real estate activity in the market. Data last updated: 2026-08-09T00:08:42.13.
www.suelongrealty.com/homes/176332604
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198 Commercial SE Salem, OR 97301

  • Price: $8,215,000
  • Status: Active
  • On Site: 89 Days
  • MLS #: 840891
0
Beds
0
Baths
0
½ Baths
0.46
Acres
41,472
SQFT
$198
$/SQFT
1956
Built
Neighborhood:
20 CENTRAL SALEM
County:
Marion
Area:
20 CENTRAL SALEM
Property Description
Presenting one of Salem's most iconic, beautifully renovated office buildings, ideally positioned in the heart of Salem within the Central Core Business District on one of the highest-trafficked corners in the city. The building features 100% occupancy, Price reduced, 8.6% CAP Rate! Over $2 million in recent renovations, blending historic character with modern upgrades. Anchored by A+ long term State of Oregon tenants, this is a rare opportunity to acquire a stable landmark asset in a prime Salem location!
Exterior Features

Building1 Info Unit 116269sqftLEASED Building2 Info Unit 21850sqftLEASED Building3 Info Unit 319409sqftLEASED Foundation Slab

Interior Features

Heating Central ACForced AirHeat PumpZonal

Property Features

Assessments Or Liens No Cap Rate 8.6 Commercial Type Office Cross Street Ferry St SE Gross Sched Income 1020602 Net Income 705740 New Construction No Property Name 198 Commercial Street Source Of Square Feet Fee Tax Amount 87745 Tax Years 2025 Tenancy Multiple Terms Seller Will Consider CashConventional Total Expenses 263832 Vacancy Credit Loss 51030 Water CityConnected

© 2026 Willamette Valley Multiple Listing Service. All rights reserved.


Willamette Valley MLS logo © 2026 Based on information from Willamette Valley Multiple Listing Service, which neither guarantees nor is in any way responsible for its accuracy. All data is provided AS IS and with all faults. Data maintained by Willamette Valley Multiple Listing Service may not reflect all real estate activity in the market. Data last updated: 2026-08-09T00:08:42.13.
 
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Keller Williams Mid-Willamette
201 NW 3rd St
Corvallis OR, 97330
Listing provided courtesy of CENTURY 21 NORTH HOMES: 503-652-2260. Listing information © 2026 Willamette Valley Multiple Listing Service