The subject property is a rare opportunity to purchase developable land directly across the street from the Oregon State Capitol. The highest and best use appears to be office development but multi-family, hospitality, and even a parking facility could be viable and have conditional approval within the current zoning.
The market vacancy for office space in the Salem/Keizer are is under 5% and less than 1% within six blocks of the State Capitol. With market rents on the rise and construction pricing stabilizing the market factors appear good for an office development. There also appears to be strong demand for both housing and hospitality close in this location surrounded by state government offices.
Full environmental studies and work have been conducted on the subject property and a conditional No Further Action notice from the Department of Environmental Quality can be provided.
Nick Williams, CCIM
Capacity Commercial Group LLC
