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Parcels Near State Capitol Coming to Auction

SALEM, OR-Sealed bids are due May 18 for a three-property portfolio here that includes two commercially zoned parking lots and a 23,700-sf office building located near the State Capitol, Willamette University and the Downtown business district.

By Brian K. Miller | Updated on May 10, 2005

SALEM, OR-A three-property portfolio containing two commercially zoned parcels and a 23,700-sf office building here will be sold this month in a sealed bid auction. All three properties are located within one block of each other and near the State Capitol, Willamette University and the Downtown business district. The office building, Executive House, was renovated at a cost of $1.2 million in 1995 in advance of a lease with the state, which vacated the building at the end of 2003. Originally an apartment building, the building is currently vacant save for one small tenant. The property address is 325 13th St. NE.The Executive House sits on a 12,532-sf site with 17 parking spaces, according to Realty Marketing Northwest, which is producing the auction. The building has the potential for conversion to affordable or senior housing, an extended stay hotel, school, or a combination of housing with offices, according to the company. The two additional parking lots–one 13,503 sf and the other 6,380 sf–could be developed for other purposes depending upon the use of the Executive House building, it says. As now configured, the office building has a total of 30 office suites on floors two through six that range in size from 665 sf to 1,325 sf. All the suites have air conditioning and access to outdoor covered decks. One suite on each floor also has a combination restroom with shower. The main level has a 1,325-sf suite and separate 700-sf conference room that has been used by the tenants. Realty Marketing Northwest says the sellers will accept the offer at or above the reserve price of $1.99 million. If not bids top the reserve price, the seller may accept a particular offer, reject all offers, or counter the offer that most closely meets their requirements. Escrows will close within 45 days of the date of the bid acceptance for all properties, according to Realty Marketing Northwest.

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