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Listed by Good Moves Oregon LLC
$2,950,000
Est. payment /mo
23,558 SqFt
New
2405 FRONT ST NE Salem, OR 97301
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Key Details
Property Type Commercial
Sub Type Commercial
Listing Status Active
Purchase Type For Sale
Square Footage 23,558 sqft
Price per Sqft $125
MLS Listing ID 777896544
Year Built 1978
Annual Tax Amount $195
Tax Year 2025
Lot Size 4.000 Acres
Property Sub-Type Commercial
Property Description
Acquire a fully occupied, value-add office investment with riverfront positioning, significant income upside, and excess land in Salem. Located at 2405 Front St NE, the property includes a 23,079 SF elevator-served multi-tenant office building on four parcels totaling approximately 4 acres. Current tenancy is diversified across professional service, healthcare, and nonprofit users.Despite 100% occupancy, the property offers a measurable path to higher income. 2025 annualized NOI of approximately $125,000 grows to approximately $201,000 stabilized NOI based on market rents, supplemental conference-room income, and 5% vacancy assumptions in a 2026 third-party valuation. Less than 14,000 SF is currently represented on the rent roll within the 23,079 SF building, creating additional longer-term upside through incorporation of a common-area load factor as leases roll.The site also offers approximately 1.2 acres of excess land with potential for future development or separate disposition. MU-R and RS zoning, substantial parking, riverfront setting, and proximity to the planned ~$150 million Cannery redevelopment provide additional long-term optionality.The property may appeal to traditional investors seeking in-place income and value-add potential, owner-users considering future occupancy as leases mature, or buyers interested in redevelopment opportunities. Supporting documentation includes BOMA floor plans and a 2026 third-party valuation analysis. Buyer to verify all information, including rentable area, zoning, development potential, and lease terms. Contact listing broker for offering materials or to schedule a tour.
Location
State OR
County Marion
Area _174
Zoning MU-R
Interior
Heating Forced Air
Cooling Central Air
Equipment Furniture, SecuritySystem, SmokeDetector
Exterior
Waterfront Description RiverFront
View River, Seasonal, Trees Woods
Roof Type Flat,Membrane
Garage No
Building
Story 2
Sewer Public Sewer
Water Public Water
Level or Stories 2
Others
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
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