2405 FRONT ST NE, Salem, OR 97301
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Hannah Caldwell

Hannah Caldwell

+1(541) 228-5782
Listed by Good Moves Oregon LLC
$ 2,950,000
Est. payment | /mo

23,558 SqFt

Save
$ 2,950,000
Est. payment | /mo
Save

23,558 SqFt

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

Regional Multiple Listing Service (RMLS)

Nearby Locations

Hannah Caldwell

"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "

+1(541) 228-5782

hannah@caldwelland.co

1995 Greiner St, Eugene, Oregon 97405, United States

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2405 FRONT ST NE