|Price/Rent PSF||$ 1,055,000.00|
|SQ. FT. Available||30,508|
Very central location just one block to the Salem Airport. Convenient for freeway access and central to service the entire Salem area.
The subject property is an older manufacturing building made of wood and steel construction, constructed in the mid-1950's, situated on 2.249 acres leased from the City of Salem. It contains approximately 27,000 SF of manufacturing and shop area and 3,000 SF of office. The building has certain amenities for manufacturing use (drive through, 3-phase 1200 amp power, multiple cranes, yard, paint booth, etc.) that are not available in any other building on the market within 30 miles.
The land lease recently was approaching expiration and was renewed short-term so any offer should be subject to negotiating a long-term renewal which City officials are expecting and eager to facilitate. Any extension will require City Council approval but we are told this is only a 3-5 week process from beginning to end. The current appraised land rent will revert to $.34 per land sq. ft., per year, upon lease revision ($33,308 +/-).