Investment opportunity! Well-located office building leased to a non-profit through October 31, 2028. Current rent is $4,425 per month, with 3% annual increases. The lease is structured as a modified NNN, Tenant reimburses property taxes and Operating Expenses (including insurance) and is responsible for utilities and interior repairs, while Landlord retains responsibility for roof, foundation, exterior walls, and HVAC systems (contingent on Tenant’s proper maintenance).
The building provides excellent exposure and building signage fronting State St. The building has 8 parking spaces including one ADA, with additional on-street parking available. The location is highly desirable for medical and professional office users and is centrally positioned for access to downtown Salem, Salem Health, and I-5 (north and southbound). According to FEMA, the majority of the property lies in Zone X, with a small portion on the NE corner in the AE Zone.
The property’s MU-II zoning allows for live/work opportunities. The upstairs is currently built out with a kitchenette, two rooms, and a half bath, with potential to add a shower.
*Square footage provided by architect and appraiser. Property had two small additions on the main floor in 2017 which differs from County Records. Cap rate calculated on gross annual rent against list price; buyers should underwrite a reserve for Landlord-retained structural/HVAC capital obligations.
