Two-level wooden truss warehouse located just east of the Truitt riverfront property, which is slated for mixed-use development, and primed for new development in the heart of the Willamette Valley. Centrally located near Downtown Salem with easy access to I-5, walking distance to Downtown. The building includes warehouse space on both levels along with finished office areas on both levels, and is fully serviced with utilities, high- voltage power, and water/sewer. The building parcel is approximately .49 acres, with an additional ≈.32 acres of on-site parking across two adjacent parcels. There is no fire suppression system in the building. To be marketed as a leased investment; owner-user occupancy available at lease expiration January 31, 2028, subject to tenant renewal options that could extend occupancy to January 31, 2030.
Tenancy: The Building is 100% leased to two tenants under separate leases with Truitt Properties, LLC, each effective January 31, 2025 and extending to January 31, 2028, and each carrying two (2) successive one-year renewal options at fair market rent on 120 days’ written notice. Both leases are to be honored through their respective terms and assumed by a buyer at closing.
Each lease grants the tenant six (6) non-exclusive parking spaces and contains a property tax exemption credit (Section 3.4) under which rent is reduced by the full amount of real
property taxes saved by reason of the tenant’s exempt occupancy. Each lease is subordinate to any mortgage on the Premises, permits Landlord access to show the Premises to prospective purchasers, and obligates each party to deliver an estoppel certificate on request. Estoppel certificates and current rent ledgers to be obtained during due diligence.
