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.