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Oregon Building 494 State St
32,730 SF 76% Leased Office Building Salem, OR 97301 $4,100,000 ($125/SF) 10.83% Cap Rate
INVESTMENT HIGHLIGHTS
- Pro Forma Cap Rate of 10+% • Proforma NOI $444,019
- Proforma Cap and Income based on 95% Occupancy. Current Occupancy is 80%
- In Proximity to a Variety of Amenities and Restaurants • Rich in Historic Character and Charm
- In Place Cap Rate of 7.64% - In Place NOI $332,339
- Prime Location on a Signaled Intersection • Versatile Layout for Various Office Configurations
- 34 Separate Leasable Units • Zoned CB - Commercial Business • 43,280 SF Historic Building
EXECUTIVE SUMMARY
prospect for investors in the office sector. Don't miss the chance to make your mark in this vibrant and evolving market.
PROPERTY FACTS
AMENITIES
- Bus Line
- Signage
SPACE AVAILABILITY
- SPACE
- SIZE
- SPACE USE
- CONDITION
- AVAILABLE
Spacious office near elevator and restrooms. 5 private offices with a reception/waiting area
Three large private rooms, with adjoining doors in two. Next door to the elevator. Natural light.
Newly renovated space with a waiting area, kitchenette and private office. Sublease through July 31, 2025
Two room space with hard flooring, and a sink with cabinet.
Single room space with windows and natural lighting.
Large single room space with two access points and multiple windows for natural lighting .
Spacious single room space with lots of natural light. Near the elevator and common area restrooms
Large office suite with reduced pricing! Reception area with waiting room, 5 private offices, large open work space, plus a kitchen/break room.
Beautiful space on the 4th floor with a large spacious room, a private office and a kitchenette. Space has high ceilings with large a skylight delivering tons of natural light into the space.
| Space | Size | Space Use | Condition | Available |
| 2nd Fl-Ste 210 | 1,868 SF | Office | Full Build-Out | Now |
| 2nd Fl-Ste 220 | 865 SF | Office | - | Now |
| 2nd Fl-Ste 235 | 663 SF | Office/Retail | - | Now |
| 2nd Fl-Ste 290 | 420 SF | Office/Retail | - | Jun 2025 |
| 3rd Fl-Ste 340 | 297 SF | Office | Full Build-Out | Now |
| 3rd Fl-Ste 350 | 576 SF | Office | - | Apr 2025 |
| 4th Fl-Ste 440A | 403 SF | Office | Full Build-Out | Now |
| 4th Fl-Ste 445 | 2,358 SF | Office | Full Build-Out | Now |
| 4th Fl-Ste 480 | 1,354 SF | Office | Full Build-Out | Now |
2nd Fl-Ste 210
| Size |
| 1,868 SF |
| Space Use |
| Office |
| Condition |
| Full Build-Out |
| Available |
| Now |
2nd Fl-Ste 220
| Size |
| 865 SF |
| Space Use |
| Office |
| Condition |
| - |
| Available |
| Now |
2nd Fl-Ste 235
| Size |
| 663 SF |
| Space Use |
| Office/Retail |
| Condition |
| - |
| Available |
| Now |
2nd Fl-Ste 290
| Size |
| 420 SF |
| Space Use |
| Office/Retail |
| Condition |
| - |
| Available |
| Jun 2025 |
3rd Fl-Ste 340
| Size |
| 297 SF |
| Space Use |
| Office |
| Condition |
| Full Build-Out |
| Available |
| Now |
3rd Fl-Ste 350
| Size |
| 576 SF |
| Space Use |
| Office |
| Condition |
| - |
| Available |
| Apr 2025 |
4th Fl-Ste 440A
| Size |
| 403 SF |
| Space Use |
| Office |
| Condition |
| Full Build-Out |
| Available |
| Now |
4th Fl-Ste 445
| Size |
| 2,358 SF |
| Space Use |
| Office |
| Condition |
| Full Build-Out |
| Available |
| Now |
4th Fl-Ste 480
| Size |
| 1,354 SF |
| Space Use |
| Office |
| Condition |
| Full Build-Out |
| Available |
| Now |
2nd Fl-Ste 210
| Size | 1,868 SF |
| Space Use | Office |
| Condition | Full Build-Out |
| Available | Now |
Spacious office near elevator and restrooms. 5 private offices with a reception/waiting area
2nd Fl-Ste 220
| Size | 865 SF |
| Space Use | Office |
| Condition | - |
| Available | Now |
Three large private rooms, with adjoining doors in two. Next door to the elevator. Natural light.
2nd Fl-Ste 235
| Size | 663 SF |
| Space Use | Office/Retail |
| Condition | - |
| Available | Now |
Newly renovated space with a waiting area, kitchenette and private office. Sublease through July 31, 2025
2nd Fl-Ste 290
| Size | 420 SF |
| Space Use | Office/Retail |
| Condition | - |
| Available | Jun 2025 |
Two room space with hard flooring, and a sink with cabinet.
3rd Fl-Ste 340
| Size | 297 SF |
| Space Use | Office |
| Condition | Full Build-Out |
| Available | Now |
Single room space with windows and natural lighting.
3rd Fl-Ste 350
| Size | 576 SF |
| Space Use | Office |
| Condition | - |
| Available | Apr 2025 |
Large single room space with two access points and multiple windows for natural lighting .
4th Fl-Ste 440A
| Size | 403 SF |
| Space Use | Office |
| Condition | Full Build-Out |
| Available | Now |
Spacious single room space with lots of natural light. Near the elevator and common area restrooms
4th Fl-Ste 445
| Size | 2,358 SF |
| Space Use | Office |
| Condition | Full Build-Out |
| Available | Now |
Large office suite with reduced pricing! Reception area with waiting room, 5 private offices, large open work space, plus a kitchen/break room.
4th Fl-Ste 480
| Size | 1,354 SF |
| Space Use | Office |
| Condition | Full Build-Out |
| Available | Now |
Beautiful space on the 4th floor with a large spacious room, a private office and a kitchenette. Space has high ceilings with large a skylight delivering tons of natural light into the space.
PROPERTY TAXES
| Parcel Number | 589114 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $3,368,830 |
PROPERTY TAXES
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Oregon Building | 494 State St
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