|Price/Rent PSF||$ 2,400,000.00|
|SQ. FT. Available||15,347|
Located just 10 blocks north of Salem's Central Business District (CBD) the subject property is next door to Salem Alliance Church and their Broadway Commons building and surrounded recent urban renewal activity including newer retail and housing.
The Capital Press building is a well known two-story professional office building and is located in central Salem across the street from Broadway Commons. The subject property was constructed in 1930 but underwent a $1 million remodel in 2000. It features over 12,000 SF on the main level with fenced onsite parking (4:1000 ratio) and a backup generator. The subject property will be available for an owner/occupant as early as December, 2018 when Capital Press will be relocating their operations in Salem.
The subject property benefits from approximately $22,000 per year derived from a cell tower lease agreement with Verizon through 2021 with perpetual 5-year renewals and a 2.5% annual escalation.
This is a rare chance to purchase a significant asset in the vibrant Broadway District just north of downtown Salem. Asset is priced at MAI appraised value for quick sale.