|Price/Rent PSF||$ 5,040,000.00|
|SQ. FT. Available||30,194|
This property is strategically located along one of Salem's busiest arterials, Highway 22 also known as Mission Street. The property is located just over a mile from Interstate 5 in an area of thriving businesses, on a commuter route to downtown Salem. There are shopping and services in the immediate trade area. Property is located less than 1/2 mile to Salem Hospital.
Rare NNN leased office investment in Salem, Oregon. This offering provides the opportunity to acquire a fully-occupied, 30,000+ square foot, two-story office building on 2.08 acres. Anchor tenant's leases have three to five years remaining. MaPS Credit Union has been in the building since it was built in 1978.
This property is priced well below replacement cost and provides significant upside upon turnover of some existing tenants. Any new vacancy is also subject to a ROFR with Keller Williams Capital City. Mosaic Management is the newest long-term tenant at 1900 Hines. Mosaic is a regional developer of senior living and memory care facilities in the Pacific Northwest and New Mexico.
All Tenants are set up on triple net leases with operating expense recapture. The recaptured numbers are included in the gross rents herein. Seller will consider carrying back $750,000 in second position, 5-years with 5% interest only payments.