Outside our home market
Ryan Realty works Central Oregon. Our brokers live in Bend and cover the towns around it, from Redmond and Sisters to Sunriver and La Pine. Salem is outside that area. Our MLS feed is statewide, so this home and its price are live and current — what we cannot tell you is which street in Salem is the one to buy on.
A broker who works Salem every day will know it better than we do. Tell us what you need and we will introduce you to one we would use ourselves. No cost, no obligation.
198 Commercial Street SE in Salem is listed at $8,000,000. It has 41,472 square feet, sits on 0.46 acres, was built in 1956, and is in N/A. Status is Active, with 125 days on market.
Overview
Interior
Exterior & lot
Systems & utilities
Financial
Listing
Presenting one of Salem's most iconic, beautifully renovated office buildings Offered at a solid 8.6% cap rate! Ideally positioned in the heart of downtown directly across from the Salem Convention Center & the nearly new Holman Hotel. Located just 1 block from the Willamette River, this property sits within the premier Central Salem Core Business District on one of the highest-trafficked corners in the city. The building has undergone over $2 million in recent renovations, blending historic character w/ modern upgrades. It is anchored by A+ core, long-term tenants secured by strong stable leases through 2032 with extension options--100% occupancy provides reliable income and investment security. Additional highlights include excellent parking options, with convenient access to the adjacent parking structure via a connected land bridge, enhancing tenant & visitor accessibility. This is a rare opportunity to acquire a landmark asset in one of Salem's most desirable commercial location.
A rough estimate, not a quote. Loan amount $6,400,000 · $1,600,000 down · 30 year term.
Insurance starts at 0.35% of price each year. Type your quote to replace it.
sold in the last 90 days
Every active and pending listing of every property type on the regional MLS through Oregon Data Share in Salem. The wash is sales density of closes in the last 90 days; homes for sale and pending stay as marks. Pulses and the sold count are the closes of the last 30 days. Counts and medians cover every listing read for this map.
| Date | Event | Price |
|---|---|---|
| Oct 13, 2026 | Price change | $8,000,000$215K down |
| Jul 22, 2026 | Price drop | $8,215,000$285K down |
| Jul 8, 2026 | Price drop | $8,500,000$2.0M down |
| Jun 12, 2026 | Back on market | $10,500,000$1.7M up |
| Jun 12, 2026 | Price drop | $8,825,000$1.7M down |
| May 8, 2026 | Listed | $10,500,000 |
| Year | Tax |
|---|---|
| 2025 | $87,745 |
Tax as filed on the listing. Marion County. Parcel 589249.
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Listing courtesy of Century 21 North Homes Realty
Data last updated October 15, 2026
Based on information from Oregon Data Share. All information provided is deemed reliable but is not guaranteed and should be independently verified. Listing information is for consumers personal, non-commercial use only.
