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Listing provided courtesy of Century 21 North Homes Realty- MLS# 220221006MLS Provider

198 Commercial Street SESalem, OR 97301

Commercial · 41,472 Sq. ft. | 0.46 Acres
$8,825,000 Active

198 Commercial Street SE Overview

Time on Site:
52 days
Visits:
1

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 8% cap rate, this is a rare opportunity to acquire a landmark asset in one of Salem's most desirable commercial location

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198 Commercial Street SE Facts & Features

  • Type Commercial
  • Sq. ft. 41,472
  • Price/Sq.ft. $213
  • Lot 0.46 Acres

Details

General

Income/Expenses

  • Gross Income: 1018464.0
  • Net Operating Income: 703900.0
  • Operating Expense: 263641.0

Building Information

  • New Construction: false
  • Year Built: 1956

Location/Region

  • County Or Parish: Marion
  • Subdivision Name: N/A

Tax Information

  • Tax Annual Amount: 87744.6
  • Tax Year: 2025

General Information

  • Exclusions: Tenants personal property
  • Listing Terms: Cash,Conventional
  • Parcel Number: 589249
  • Property Type: Commercial Sale
  • Special Listing Conditions: Standard

Interior

Beds/Baths

  • Bathrooms Total: 0

Building Interior

  • Building Area Source: Assessor
  • Building Area Total: 41472.0

General Information

  • Basement: None
  • Common Walls: No Common Walls
  • Flooring: Carpet,Tile,Vinyl
  • Foundation Details: Slab
  • Interior Features: Built-in Features,Elevator,Solid Surface Counters
  • Levels: Two
  • Security Features: Carbon Monoxide Detector(s),Smoke Detector(s)
  • Window Features: Low-Emissivity Windows

Exterior

Parking Information

  • Parking Features: Attached,On Street,Other

Lot Information

  • Additional Parcels: false
  • Lot Features: Corner Lot,Level
  • Lot Size Acres: 0.46
  • Lot Size Area: 0.46
  • Lot Size Square Feet: 20037.6
  • Lot Size Units: Acres
  • Road Surface Type: Paved
  • Water Source: Public

Waterfront/View

  • View: Neighborhood,River

Building Exterior/Construction

  • Attached Garage: true
  • Body Type: Other
  • Construction Materials: Block
  • Roof: Membrane

General Information

  • Number Of Units Total: 3
  • Sewer: Public Sewer

198 Commercial Street SE Neighborhood

Community

97301 (SALEM) Demographics

33
Median Age
4,886
Population Density (per sq. mile)
25%
College Educated
$45,959
Estimated Median Income
8,297
Estimated Total Home Owners
11,013
Estimated Total Renters
43% / 57%
Estimated Owner / Renter Divide
3
Estimated Average Household Size
Community data courtesy of LiveBy, Inc.

Schools

School data courtesy of LiveBy, Inc. School ratings are based on a scale of 1-5, with 5 being the highest rating and 1 being the lowest rating.

198 Commercial Street SE Monthly Cost

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$ %
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$
$
* All calculations are estimates and provided by Reliance Network, for informational purposes only. Actual amounts may vary. ** Assumes 6.50% APR, 20% down payment, and conventional 30-year fixed rate first mortgage. Rates cited are for instructional purposes only; current rates are subject to change at any time without notice. You should not make any decisions based simply on the information provided. Additional required amounts such as taxes, insurance, homeowner association dues, assessments, mortgage insurance premiums, flood insurance or other such required payments should also be considered. Contact your mortgage company for current rates and additional information. Any mortgage broker or insurance agent that may appear is independent and is not affiliated with, endorsed by, or provided by the MLS.

198 Commercial Street SE Market Data

Based on the last 30 days in this zip code

$419,594
Average List Price
$257
Average Price per Square Foot
62
Properties Sold
70
Average Days on Market
250
Properties for Sale
Calculations provided by Reliance Network

198 Commercial Street SE History

Date Event Value Agent
6/12/2026Source: Oregon Datashare Price Reduction
$8,825,000 -16.0%
5/8/2026Source: Oregon Datashare Added to Database
May 08, 2026