198 Commercial St. – 41,472 SF Office

Iconic Salem Office Building

100% Occupied • Prime Location in the Central Salem Core Business District (CBD) • $2,000,000+ in recent renovations to the property • Excellent parking options + convenient access to adjacent parking structure via a connected land bridge • Core tenants in place that account for the majority of income and space are government entities • Attractive rent escalations • Reduced Price: $8,000,000 | 8.82% CAP RATE

Now at an attractive 8.82% cap rate, this is a rare opportunity to acquire a landmark asset in one of Salem’s most desirable commercial locations.

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 and the nearly new Holman Hotel. Located just one 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 with modern upgrades. It is anchored by A+ core, long-term tenants secured by strong, stable leases 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 and visitor accessibility.