Mixed-Use

The Metropolitan Building

Listing Price: $5,950,000

Cap Rate
6.27%
Number of Units
17
Occupancy
96.76%
Price/Unit
$350,000
Price/Gross SF
$202.93
Gross SF
29,321

Investment Overview

Marcus & Millichap as the exclusive listing agent, is pleased to present the opportunity to acquire the Metropolitan Building. A mixed-use investment property comprised of 17 multi-family, 16 commercial units, and 10 basement storage spaces. Located in the historic district of Salem, Oregon, the Metropolitan presents an investor with the opportunity to purchase a high quality property with condominium finishes in the residential units and highly functional commercial spaces. Built in 1912, completely remodeled in 2007, and received updates in 2019/2020 including the creation of three new upscale apartments and 12 creative office suites in the basement. All but one of the new office suites was leased up in the midst of the current Covid-19 pandemic.This prime location on Liberty Street earns a Walk-Score of 79 and a Bike-Score of 98, topping six of seven categories. Located in the Central Area neighborhood, Metropolitan Building offers a best-of-both-worlds location as it is situated within walking distance to the shops and restaurants on Liberty Street, minutes from Riverfront City Park and Madison Square City Park, all while being within a short commute of major employment centers including Oregon State Capitol, Oregon State Hospital, Chemeketa Community College, and the City of Salem. With its premier location, stylish architecture, striking views, and high-end unit finishes, Metropolitan is the preeminent luxury residential property in the Urban Core.

Investment Highlights

  • Boutique Property Featuring 17 Premium Residences Complete with Condo-Quality Finishes.
  • Residences Offer a Lavish Living Experience in Units Ranging From 903 to 1,908 Square Feet with Unique Loft Style Floor Plans and Premium Outdoor Living Spaces Between 121-423 Square Feet.
  • Interior Amenities Include Dual-Sinks, Walk-in Closets, Motorized Window Coverings, Exposed Brick Walls, Full Size Washers/Dryers, and Panoramic Views.
  • Includes 9,594 Square Feet of Retail and Office Space.
  • Prestigious History – Once Known as the "Hughes-Durbin Building", The Metropolitan is on the National Register of Historic Places and Benefits Until 2022.
  • Located in the Heart of Downtown Salem, Near the State Capitol and Numerous Resident Amenities (89 Walk Score)
  • Newly Developed Office Spaces were Finished and Leased-Out in the Midst of the Covid-19 Pandemic

Exclusively Listed By

Financing By

Listing Price: $5,950,000

Cap Rate
6.27%
Number of Units
17
Occupancy
96.76%
Price/Unit
$350,000
Price/Gross SF
$202.93
Gross SF
29,321

Investment Highlights

  • Boutique Property Featuring 17 Premium Residences Complete with Condo-Quality Finishes.
  • Residences Offer a Lavish Living Experience in Units Ranging From 903 to 1,908 Square Feet with Unique Loft Style Floor Plans and Premium Outdoor Living Spaces Between 121-423 Square Feet.
  • Interior Amenities Include Dual-Sinks, Walk-in Closets, Motorized Window Coverings, Exposed Brick Walls, Full Size Washers/Dryers, and Panoramic Views.
  • Includes 9,594 Square Feet of Retail and Office Space.
  • Prestigious History – Once Known as the "Hughes-Durbin Building", The Metropolitan is on the National Register of Historic Places and Benefits Until 2022.
  • Located in the Heart of Downtown Salem, Near the State Capitol and Numerous Resident Amenities (89 Walk Score)
  • Newly Developed Office Spaces were Finished and Leased-Out in the Midst of the Covid-19 Pandemic

Investment Overview

Marcus & Millichap as the exclusive listing agent, is pleased to present the opportunity to acquire the Metropolitan Building. A mixed-use investment property comprised of 17 multi-family, 16 commercial units, and 10 basement storage spaces. Located in the historic district of Salem, Oregon, the Metropolitan presents an investor with the opportunity to purchase a high quality property with condominium finishes in the residential units and highly functional commercial spaces. Built in 1912, completely remodeled in 2007, and received updates in 2019/2020 including the creation of three new upscale apartments and 12 creative office suites in the basement. All but one of the new office suites was leased up in the midst of the current Covid-19 pandemic.This prime location on Liberty Street earns a Walk-Score of 79 and a Bike-Score of 98, topping six of seven categories. Located in the Central Area neighborhood, Metropolitan Building offers a best-of-both-worlds location as it is situated within walking distance to the shops and restaurants on Liberty Street, minutes from Riverfront City Park and Madison Square City Park, all while being within a short commute of major employment centers including Oregon State Capitol, Oregon State Hospital, Chemeketa Community College, and the City of Salem. With its premier location, stylish architecture, striking views, and high-end unit finishes, Metropolitan is the preeminent luxury residential property in the Urban Core.

Exclusively Listed By

Financing By

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