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Development Land Next to State Capitol

Listing was updated on: 09/10/2019
Development Land Next to State Capitol

Property Overview

Price/Rent PSF $ 1,411,000.00
Asset Type Land
Trade Type Sale
Acres Available 0.54
Date Available 09/10/2019
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Description

Location
The subject property is located directly across the street from the grounds of the Oregon State Capitol, one block from Willamette University and four blocks from the Salem Central Business District. It is also within walking distance to the Salem Amtrak station and the local hospital. This is the first time, possibly in decades, that a privately owned property has come on the market directly across from the State Capitol.

Sale
The subject property is a rare opportunity to purchase developable land directly across the street from the grounds of 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.

Location

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