$8,215,000
198 Commercial Street SE
Salem, OR 97301 · N/A
- Baths
- 0
- Acres
- 0.46
- Built
- 1956
MLS# 220221006 · Active
About this home
Presenting one of Salem's most iconic, beautifully renovated office buildings Offered at a solid 8.6% 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.
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Price history
Cut $2.29M| Date | Event | Price |
|---|---|---|
| Jul 22, 2026 | Price cut−$2,285,000 (21.8%) | $8,215,000 |
| Jun 11, 2026 | Listed for sale | $10,500,000 |
From the MLS: original list price and latest price change. 117 days on market.
Drive times
~162 min to downtown Bend- Sisters~135 min · 111.7 mi
- Mt. Bachelor~147 min · 122.3 mi
- Smith Rock State Park~158 min · 131.8 mi
- Downtown Bend~162 min · 135.9 mi
- Redmond Airport (RDM)~162 min · 135.7 mi
- Old Mill District~163 min · 136.5 mi
- St. Charles Bend~165 min · 137.8 mi
- Sunriver Village~167 min · 140.4 mi
Approx. Straight-line distance × 1.3 for roads, at in-town and highway speeds. No traffic, snow, or Hwy 97 construction. Ask Cody about real commute times.
Facts & features
Built 1956- Year built
- 1956
- Stories
- 2
- Lot
- 0.46 AC · 20,038 SF
- HOA
- None reported
- Taxes
- $87,745/yr
- Subdivision
- N/A
- County
- Marion
- Days on market
- 117
- MLS #
- 220221006
- Interior
- Built-in Features · Elevator · Solid Surface Counters · High Speed Internet
- Flooring
- Carpet · Tile · Vinyl
- Heating
- Forced Air · Heat Pump · Zoned
- Cooling
- Central Air · Zoned
- Parking
- Other · Attached · On Street
- View
- River · Neighborhood
- Lot
- Corner Lot · Level
- Construction
- Block
- Roof
- Membrane
Location & schools
N/A44.9395° N · 123.0404° W
DirectionsMonthly payment
$51,932/mo$51,932/mo
$6,572,000 loan · 30 yr fixed · 6.5%
- Principal & interest
- $41,540
- Property tax (listing)
- $7,312
- Home insurance (est.)
- $3,081
Loan term
Estimate only. Taxes use the listing's reported amount when there is one; insurance is approximated. A lender can give you an exact number.
Listing information provided by Oregon Data Share. Data last updated Oct 7, 2026, 2:01 PM.
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