Listing Agency: Roff Real Estate Inc. m***@roffrealestate.com Show Phone

Listed By: Vickie Roff · License #960200046 Show Phone

Added: Jun 15 Changed: Sep 2 Last Checked: Sep 13 at 10:06PM

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MLS# 332438228

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Investment Insights

Based on property information with market context.

Constructed in 1915, this 3,076-square-foot brick warehouse at 155 THORN Ave features a concrete floor, storage loft, and two 14-foot overhead doors. The building’s configuration supports workshop, storage, and adaptive-reuse applications, with direct access for equipment or vehicles.

The property includes 0.66 acres in Milton-Freewater, Oregon, along with a 30-by-36-foot carport that provides covered space for RVs or equipment. The site is zoned R3 and combines an existing industrial building with additional land area identified for future building-site use.

Key Highlights

• 3,076‑square‑foot brick warehouse constructed in 1915
• Two 14‑foot overhead doors for equipment or vehicle access
• 30‑by‑36‑foot carport for covered RV or equipment storage

Financial Insights

Estimated NOI and Cap Rate

NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).

NOI / Yr

$22,025

Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.

Cap Rate

8.31%

Suggested Prices Based on Cap Rates Cap rates vary significantly by property type, market, and asset quality. Typical U.S. stable-market ranges: Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+) Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand) Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically) Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher) Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk) Self-Storage — 5.5% to 7.5% Medical Office — 6.0% to 7.5% Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term Rules of thumb: Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%). Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C. Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI. Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.

Cap Rate 5%

$440,500 $440.5K

Cap Rate 7%

$314,643 $314.6K

Cap Rate 9%

$244,722 $244.7K

Market Conditions

NOI Build-Up for 3,076 SF Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent. EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs. OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements. NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.

Gross rent

$27.7K $9.00/SF

− Vacancy

−$1.8K −$0.58/SF

EGI

$25.9K $8.42/SF

− OpEx

−$3.9K −$1.26/SF

NOI

$22.0K $7.16/SF

Area

Umatilla County, OR

Vacancy

6.40%

Lease Rate

$9.00 /SF/Yr

Expense Ratio

15.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates Cap rates vary significantly by property type, market, and asset quality. Typical U.S. stable-market ranges: Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+) Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand) Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically) Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher) Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk) Self-Storage — 5.5% to 7.5% Medical Office — 6.0% to 7.5% Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term Rules of thumb: Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%). Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C. Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI. Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.

Cap Rate 5%

$440,500

Cap Rate 7%

$314,643

Cap Rate 9%

$244,722

Alternative Uses

Best Use

Warehouse

$314.6K

$275.3K – $367.1K (±1% cap)

NOI $22,025 @ 7.0% cap · market cap 8.31%

Second Best

Flex RnD

$272.5K

$238.5K – $318.0K (±1% cap)

NOI $19,078 @ 7.0% cap · market cap 7.20%

Theoretical Best

Office A

$643.9K

$563.4K – $751.2K (±1% cap)

NOI $45,074 @ 7.0% cap · market cap 17.01%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Flex space

Suggested Use

Top Pick Parking Lot & Garage Auto Parts Store Nail Salon Big Box & Wholesale Store Dental Office Spa & Massage Center

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

2

Drive-in doors

Location Intelligence

Trade Area within ½ mile

135

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 97862, OR

11,512

Population

5,245

Households

2.2

Avg Household Size

39

Median Age

13%

College-Educated

79%

High-School Grad

292.9 sq mi

ZIP Area

39

Density / Sq Mi

$54,013

Median Household Income

$32,787

Median Earnings

$858

Median Rent

$225,400

Median Home Value

Market

Vacancy Rate% for Industrial in West region

3.7% 2019

4.3% 2020

2.6% 2021

2.5% 2022

4.8% 2023

6.9% 2024

7.9% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this warehouses located? What is the asking price? Find similar properties What are key features of this property?

Similar Off Market Nearby

• Welchs Storage — 53643 Walla Walla River Rd, Milton-Freewater, OR 97862
• Superior RV Storage — 5 SE 15th Ave, Milton-Freewater, OR 97862
• U-Store-It Mini Storage — 684 College St, Milton-Freewater, OR 97862

Frequently Asked Questions

What type of property is this?

Warehouse - Brick industrial building with overhead access, covered storage, and a flexible lot configuration.

Where is this warehouse located?

The property is located at 155 THORN Ave Milton-Freewater, OR.

What is the asking price?

The asking price for this property is $265,000.

What are key features of this property?

This property features: 3,076‑square‑foot brick warehouse constructed in 1915; Two 14‑foot overhead doors for equipment or vehicle access; 30‑by‑36‑foot carport for covered RV or equipment storage