Leased Industrial Flex
For Sale
$2,800,000
2711 S Main & 2721 Rd, Lebanon, OR 97355
Commercial, Lebanon, OR
Property Size26,456 SF
Lot Size2.90 Acres
Price / SF$105.84
Days on Market128
Property Features for 2711 S Main & 2721 Rd
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
HC
View
Territorial
Standard status
Active
Size
26,456 SF
Lot size
2.90 Acres
Taxes and HOA fees
Tax Annual Amount
9818
Utilities
Heating system
Natural Gas
Cooling system
Gas (Cooling)
Amenities
3 phase power
City water/sewer
14' ceilings
operating bridge cranes
Building Details
Year built
1976
Roof type
Composition
Listing Agency:
KELLER WILLIAMS REALTY MID-WILLAMETTE - GILLOTT TEAM
(541) 738-7770
Listed By:
LAURA GILLOTT · License #920300248
(541) 990-7785
Added: Apr 21
Changed: Aug 19
Last Checked: Aug 26 at 5:06AM
MLS# 839866
Copyright © 2026 Willamette Valley Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This fully leased flex property comprises three separate buildings on two tax lots totaling 2.90 acres. The improvements accommodate a mix of construction, retail, auto repair, storage, and office uses. Two buildings feature 14-foot ceilings and operating bridge cranes, while the site is fenced and secured. The property has three-phase power, city water and sewer, natural gas heating, and gas cooling.
Building 2711 received a composition roof replacement in 2017. Site improvements completed in 2024 include LED lighting and paving. The property is zoned HC and was built in 1976, providing a multi-building industrial configuration with established occupancy and a range of existing commercial functions.
Building 2711 received a composition roof replacement in 2017. Site improvements completed in 2024 include LED lighting and paving. The property is zoned HC and was built in 1976, providing a multi-building industrial configuration with established occupancy and a range of existing commercial functions.
Key Highlights
- Fully leased three‑building flex complex on two tax lots
- 2.90‑acre site zoned HC
- Two buildings with 14' ceilings and operating bridge cranes
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
$165,932
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
5.93%
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%
$3,318,640
$3.3M
Cap Rate 7%
$2,370,457
$2.4M
Cap Rate 9%
$1,843,689
$1.8M
Market Conditions
NOI Build-Up for 26,456 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
$269.9K $10.20/SF
− Vacancy
−$14.6K −$0.55/SF
EGI
$255.3K $9.65/SF
− OpEx
−$89.3K −$3.38/SF
NOI
$165.9K $6.27/SF
Area
Linn County, OR
Vacancy
5.40%
Lease Rate
$10.20 /SF/Yr
Expense Ratio
35.00%
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%
$3,318,640
Cap Rate 7%
$2,370,457
Cap Rate 9%
$1,843,689
Alternative Uses
Best Use
Retail
$5.81M
$5.08M – $6.78M
NOI $406,504 @ 7.0% cap · market cap 14.52%
Second Best
Warehouse
$4.63M
$4.05M – $5.40M
NOI $324,192 @ 7.0% cap · market cap 11.58%
Theoretical Best
Office A
$7.71M
$6.74M – $8.99M
NOI $539,499 @ 7.0% cap · market cap 19.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Yes
Fenced yard
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 97355, OR
32,413
Population
13,623
Households
2.4
Avg Household Size
41
Median Age
18%
College-Educated
91%
High-School Grad
214.3 sq mi
ZIP Area
151
Density / Sq Mi
$64,307
Median Household Income
$39,934
Median Earnings
$1,267
Median Rent
$332,700
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Fenced, secured improvements support construction, retail, automotive, storage, and office operations with HC zoning and municipal utilities.
Where is this flex space located?
The property is located at 2711 S Main & 2721 Rd Lebanon, OR.
What is the asking price?
The asking price for this property is $2,800,000.
What are key features of this property?
This property features: Fully leased three‑building flex complex on two tax lots; 2.90‑acre site zoned HC; Two buildings with 14' ceilings and operating bridge cranes
