Liberty Corridor Class A Office

Excellent location in high traffic office corridor just south of the Central Business District. Three blocks to Bush Park and less than one mile from Salem Hospital, City Hall, and Downtown Salem.Class A office building is the finest office investment property on the market for an investor or owner/user. Amazing visibility on the major northbound arterial into the Central Business District. The building will be vacated in Q2, 2024, and is a wonderful owner-user opportunity. The brick-clad exterior and standing seam metal roof make this asset durable and timeless looking. The building has a center peaked roof with expansive ceiling height featuring stunning tongue and groove wood ceilings throughout. Large conference room off the lobby area, 15 private exterior offices with open work area between, two sets of restrooms, a break room, a work room, and a server room. There are 25 onsite parking spaces, with additional street parking available.The subject property is a single story Class A- office building located 9 blocks south of the Central Business District. It has been leased to long-term to the State of Oregon. The current lease is set to expire within the year. On February 22, 2017 we toured the facility. The "bones" of the facility are strong. Brick facade, quality door and frame packages, high ceilings, etc. The building is in need of updating throughout as it is showing its age. New floor covering throughout, paint, and refacing both the existing cabinetry and counter tops will help dramatically. In addition roof leaks have caused a lot of ceiling damage off the front reception area. In our review of comparable leases, and listings, of office space in South Salem we determine the full service rent range to be $1.70 to $1.80 per square foot. Estimating $.50/SF for operating expenses this equates to $1.20 to $1.30 per square foot, triple net.