Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    214 2nd Ave SW Albany, OR

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    Turnkey investment opportunity in downtown Albany, Oregon with long-term tenants.

    Type:RETAIL
    Property size:
    6,854 SF
    Lot size:
    0.16 Acres
    Price / SF:
    $124/SF
    Added:
    Feb 19, 2025
    Days on Market:
    435
    Last Refresh:
    Apr 5 at 10:50 pm

    Property Features for 214 2nd Ave SW

    General Information

    Standard status
    Active
    Size
    6,854 SF
    Lot size
    0.16 Acres
    Property subtype
    RETAIL

    We can help!

    Listing Contact
    Jordan Sparks
    Jordan Sparks

    Listing agent Jordan Sparks

    Listing office SMI Real Estate

    Listing date Feb 19, 2025

    Source Moodyscre

    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 SMI Real Estate

    Overview

    Remodeled Multi-Tenant Albany Investment Property

    This multi-tenant property in downtown Albany, Oregon, presents a turnkey investment opportunity. The building underwent a complete remodel in 2023, featuring a new TPO membrane roof, updated electrical service, significant plumbing upgrades, and modern interior finishes. The primary tenant, Greyhound Tavern, occupies over 5,000 square feet and has a custom wood-fired pizza oven and event space. Greyhound Tavern recently signed a 5-year NNN lease at $5,250 per month. Sugar J’s Ice Cream is the second tenant, with 2.5 years remaining on a 3-year lease at $1475 per month, plus a $75 utility fee. The property has a total size of 6,854 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Sugar J's Ice ... Grocery & Convenience Store

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Albany
    County
    Linn
    State
    Oregon
    Longitude
    -123.106
    Latitude
    44.6362

    Nearby Similar for Sale

    • $575,000
      3,027 SF

      Albany Triplex with Garages

      South Albany triplex featuring garages, yards, and modern amenities.
      3426 Marion (1,2,3) St SE, Albany, OR 97322
      View Details
    • $890,000
      4,524 SF

      Mixed-Use Property in Downtown Albany

      Multi-tenant office, retail, and residential mix in downtown Albany.
      418 E 1st Av, Albany, OR 97321
      View Details
    • $950,000
      8,900 SF

      Historic Church with Flexible Space

      8,900 sqft historic church suitable for ministry or community programs.
      1099 SW Queen Av, Albany, OR 97321
      View Details
    • $599,000
      7,264 SF

      Historical Downtown Retail Building

      Glass front retail building in historical downtown Albany, Oregon.
      424 1st (-426) Av SW, Albany, OR 97321
      View Details
    • $410,000
      2,080 SF

      Albany Duplex with Large Backyard

      Two homes in one with room to grow!
      2522/2520 Main St SE, Albany, OR 97322
      View Details
    • $3,525,000
      24,260 SF

      Light Industrial Building Investment Opportunity

      Class A light industrial building with long-term tenant, great location.
      1913-1957 Fescue St SE, Albany, OR 97322
      View Details
    • $970,000
      8,472 SF

      High Visibility Retail/Office Space

      8,000+ SF retail/office on corner lot in Albany.
      2501 Pacific Blvd SE, Albany, OR
      View Details
    • $550,000
      2,955 SF

      Historic Albany Building For Sale

      2,955 SF brick building in Albany's Historic Downtown.
      330 SW Washington St, Albany, OR 97321
      View Details
    • $3,850,000
      16,754 SF

      Albany Industrial Outdoor Storage Site

      9-acre industrial site with warehouse and office space for sale.
      3923 Old Salem Rd NE, Albany, OR 97321
      View Details
    • Contact for pricing

      Chipotle Corporate Lease Opportunity

      Corporate Chipotle lease with rental increases in top Oregon mall.
      1961 14th Avenue SE, Albany, OR 97322
      View Details
    • $970,000
      8,000 SF

      High Visibility Retail/Office Space

      8,000+ SF retail/office space on corner lot for sale.
      2501 Pacific Bl SE, Albany, OR 97321
      View Details
    • $1,320,000

      Jack in the Box Ground Lease

      Jack in the Box ground lease in Albany's retail corridor.
      1825 Pacific Blvd SE, Albany, OR 97321
      View Details

    FAQs

    What type of property is this?
    Pub - Turnkey investment opportunity in downtown Albany, Oregon with long-term tenants.
    Where is this pub located?
    The property is located at 214 2nd Ave SW Albany, 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: Turnkey investment property completely remodeled in 2023.; Primary tenant (Greyhound Tavern) with a new 5‑year NNN lease at $5,250/month.; Second tenant (Sugar J’s Ice Cream) with 2.5 years remaining on lease at $1,475/month + $75 utility fee.
    (541) 646-0650 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Jordan Sparks
    Jordan Sparks
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!