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$8,825,000 -$1,675,000 (-15.95%) Price Reduced

  • For Sale
  • Active
  • Commercial Service
  • Updated 3 days ago
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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 & 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. Offered at a solid 8% cap rate, this is a rare opportunity to acquire a landmark asset in one of Salem's most desirable commercial location

Full Property Details for 198 Commercial St SE

General

  • Price: $8,825,000
  • Taxes: $87,744 (2025)
  • Status: Active
  • Type: Commercial Service
  • Source: ODS
  • MLS ID: 220221006
  • Updated: 6/12/2026
  • Added to Site: 4 day(s) ago

Interior

  • Interior Features: Built-in Features, Elevator, Solid Surface Counters
  • Flooring: Carpet, Tile, Vinyl

Additional Information

  • Security/Safety: Carbon Monoxide Detector(s), Smoke Detector(s)

Parking

  • Total Spaces: 12
  • Parking Features: Attached, On Street, Other
  • Parking: Attached

Location

  • Area: 41472
  • County: Marion
  • Subdivision: N/A
  • Cross Streets: Ferry Street SE
  • Driving Directions: Located on the corner of Commercial Street SE & Ferry Street SE

Heating & Cooling

  • Central air: Yes
  • Air Conditioning: Yes
  • Cooling Type: Central Air, Zoned
  • Heating Type: Forced Air, Heat Pump, Zoned

Utilities

  • Sewer: Public Sewer
  • Water: Public

Structural Information

  • Construction: Block
  • Basement Desc.: None
  • Foundation: Slab
  • Roof: Membrane
  • Common Walls: No Common Walls
  • Windows: Low-Emissivity Windows
  • Stories/Levels: 2
  • Square Feet: 41,472
  • Sq. Ft. Source: Assessor
  • Year Built: 1956

Manufactured Home

  • Mobile Home Type: Other

Lot Features

  • Property View: Neighborhood, River
  • Lot Size (Acres): 0.46
  • Lot Size (Sq. Ft.): 20,038
  • Street/Road Desc.: Paved
  • Lot Features: Corner Lot, Level
  • Zoning: CB

Water Features

  • Water View: Yes

Financial Considerations

  • Price Per Sq. Ft.: $212.79
  • Tax Amount: $87,744.6
  • Tax Year: 2025
  • Terms: Cash, Conventional

Disclosures and Reports

  • Special Conditions: Standard
  • Exclusions: Tenants personal property
  • APN: 589249
  • Section: Not Applicable
  • Lot Number: 7600

Listed by Century 21 North Homes Realty (541) 548-2131, Corey J Clark

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Listing agent

— 198 Commercial St SE —

  • Corey J Clark

    Century 21 North Homes Realty

    541-548-2131

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NMLS#: 1598647

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NMLS#: 1598647

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Save up to an additional 20% by bundling your home and auto together!

Schools serving 198 Commercial St SE

School District:Salem-Keizer School District 24j
NameGradesDistance
Bush Elementary School
410 14th Street Southeast, Salem, OR 97301
K-50.9 mi
Leslie Middle School
3850 Pringle Road Southeast, Salem, OR 97302
6-82.8 mi
South Salem High School
1910 Church Street Southeast, Salem, OR 97302
9-121.2 mi
Disclaimer: School attendance boundaries provided by ATTOM Data Solutions and are for reference only. Contact the school directly to verify enrollment eligibility.

Price & Sales History for 198 Commercial St SE Get Price Alerts and Save Property

Date
Details
Price
Change
Source
6/12/2026
Price Reduced
$8,825,000
-15.95%
MLS
5/08/2026
Listed
$10,500,000
61.54%
MLS
4/26/2021
Sold
$6,500,000
—
Public Record
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Disclaimer: Historical sales information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.

Tax History for 198 Commercial St SE

Year
Property Taxes
Change
Tax Assessment
Change
2025
$87,745
-11%
$4,474,147
-11%
2024
$99,070
3%
$5,045,750
3%
2023
$96,148
-9%
$4,898,793
-11%
2021
$105,087
-5%
$5,486,770
-3%
2022
$111,049
6%
$5,651,370
6%
2020
$104,334
7%
$5,340,060
3%
2019
$97,441
-3%
$5,184,530
3%
2018
$99,992
11%
$5,033,530
3%
2017
$90,246
5%
$4,886,930
3%
2016
$85,959
-1%
$4,744,600
3%
2015
$86,605
-3%
$4,606,410
-3%
2014
$88,922
2%
$4,744,950
3%
2013
$87,100
—
$4,606,750
—
View All
Disclaimer: Historical tax information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.

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Listed by Century 21 North Homes Realty (541) 548-2131, Corey J Clark

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198 Commercial Street SE, Salem, OR 97301 (MLS# 220221006) is a Commercial Service property. 198 Commercial Street SE is currently listed for $8,825,000 and was received on June 12, 2026. Want to learn more about 198 Commercial Street SE? Do you have questions about finding other Commercial Service real estate for sale in Salem? You can browse all Salem real estate or contact a Coldwell Banker agent to request more information.

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