Historic Two-Story
New
For Sale
$850,000
1040 Commercial St, Astoria, OR 97103
C-1-zoned commercial building in downtown Astoria with prior restaurant and other commercial uses.
Property Size4,356 SF
Price / SF$195.13
Days on Market3
Property Features for 1040 Commercial St
General Information
Standard status
Active
Size
4,356 SF
Zoning
C-1
Building Details
Year Built
1924
Buildings
1
Stories
2
Listing Agency:
Windermere Community Realty
Listed By:
Kathren Rusinovich
(503) 325-5111
Source:
Wisser
Added: Sep 22
Changed: Sep 23
Last Checked: Sep 23 at 2:56AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Windermere Community Realty
Investment Insights
Based on property information with market context.
Built in 1924, this two-story storefront property contains approximately 4,356 square feet within a historic commercial building. The property is zoned C-1 and has supported restaurant and other commercial uses, providing an established commercial format for continued occupancy or future planning subject to applicable approvals.
The building is located at 1040 Commercial Street in downtown Astoria, placing the property within the city’s central commercial area. Its storefront configuration and two-level layout offer a recognizable presence along Commercial Street, while the existing zoning and prior use history provide important context for evaluating potential commercial applications.
The building is located at 1040 Commercial Street in downtown Astoria, placing the property within the city’s central commercial area. Its storefront configuration and two-level layout offer a recognizable presence along Commercial Street, while the existing zoning and prior use history provide important context for evaluating potential commercial applications.
Key Highlights
- Approximately 4,356 SF of building area
- Two‑story commercial building constructed in 1924
- C‑1 commercial zoning
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
$66,931
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
7.87%
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%
$1,338,620
$1.3M
Cap Rate 7%
$956,157
$956.2K
Cap Rate 9%
$743,678
$743.7K
Market Conditions
NOI Build-Up for 4,356 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
$140.6K $32.28/SF
− Vacancy
−$45.0K −$10.33/SF
EGI
$95.6K $21.95/SF
− OpEx
−$28.7K −$6.59/SF
NOI
$66.9K $15.37/SF
Area
Clatsop County, OR
Vacancy
32.00%
Lease Rate
$32.28 /SF/Yr
Expense Ratio
30.00%
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%
$1,338,620
Cap Rate 7%
$956,157
Cap Rate 9%
$743,678
Alternative Uses
Best Use
Retail
$956.2K
$836.6K – $1.12M
NOI $66,931 @ 7.0% cap · market cap 7.87%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.27M
$1.11M – $1.48M
NOI $88,653 @ 7.0% cap · market cap 10.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,056
Businesses Nearby
62k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 58%
Shops & Services 42%
McDonald's
Dining
19,335 visits/mo
0.2 miles
Burger King
Dining
10,352 visits/mo
0.4 miles
Mobil
Shops & Services
7,418 visits/mo
0.4 miles
Chevron
Shops & Services
6,810 visits/mo
0.3 miles
U.S. Bank
Shops & Services
3,913 visits/mo
0.2 miles
Demographics for 97103, OR
18,080
Population
8,007
Households
2.3
Avg Household Size
44
Median Age
25%
College-Educated
93%
High-School Grad
163.3 sq mi
ZIP Area
111
Density / Sq Mi
$75,080
Median Household Income
$41,222
Median Earnings
$1,156
Median Rent
$437,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - C-1-zoned commercial building in downtown Astoria with prior restaurant and other commercial uses.
Where is this storefront property located?
The property is located at 1040 Commercial St Astoria, OR.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Approximately 4,356 SF of building area; Two‑story commercial building constructed in 1924; C‑1 commercial zoning
