Restored Mixed-Use
For Sale
$950,000
144 S Main St, Independence, OR 97351
Commercial space, an upstairs apartment, and a high-ceiling garage create a flexible downtown property configuration.
Property Size5,150 SF
Days on Market634
Property Features for 144 S Main St
General Information
Standard status
Active
Size
5,150 SF
Total Parking Spaces
2
Property subtype
Commercial
Zoning
MUPC
Taxes and HOA fees
Annual Taxes
$7,529
Building Details
Building Size
5,150 SF
Year Built
1890
Buildings
1
Stories
2
Listing Agency:
Coho Realty
(503) 385-8835
Listed By:
Peter Braunworth · License #200603159
(971) 707-4646
Source:
Metanars
Added: Dec 10, 2024
Changed: Sep 4
Last Checked: Sep 5 at 8:28AM
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 Coho Realty
Investment Insights
Based on property information with market context.
The historic Belt Building at 144 S Main ST combines restored commercial space with residential and utility components. The ground floor supports retail, office, or food service use, while the upper level contains a 2-bedroom, 1-bathroom apartment with laundry facilities.
An oversized 2-car garage adds functional space with high ceilings and a restroom. The property has frontage on Main Street in downtown Independence and sits directly across from the fountain at Riverfront Park.
An oversized 2-car garage adds functional space with high ceilings and a restroom. The property has frontage on Main Street in downtown Independence and sits directly across from the fountain at Riverfront Park.
Key Highlights
- Historic Belt Building with restored and structurally reinforced improvements
- Ground floor suited for retail, office, or food service use
- Upstairs 2‑bedroom, 1‑bathroom apartment with laundry facilities
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
$61,970
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
6.52%
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%
$1,239,400
$1.2M
Cap Rate 7%
$885,286
$885.3K
Cap Rate 9%
$688,556
$688.6K
Market Conditions
NOI Build-Up for 5,150 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
$92.7K $18.00/SF
− Vacancy
−$4.2K −$0.81/SF
EGI
$88.5K $17.19/SF
− OpEx
−$26.6K −$5.16/SF
NOI
$62.0K $12.03/SF
Area
Polk County, OR
Vacancy
4.50%
Lease Rate
$18.00 /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%
$1,239,400
Cap Rate 7%
$885,286
Cap Rate 9%
$688,556
Alternative Uses
Best Use
Retail
$885.3K
$774.6K – $1.03M
NOI $61,970 @ 7.0% cap · market cap 6.52%
Second Best
Mixed Use
$803.4K
$703.0K – $937.3K
NOI $56,238 @ 7.0% cap · market cap 5.92%
Theoretical Best
Office A
$1.37M
$1.20M – $1.60M
NOI $95,716 @ 7.0% cap · market cap 10.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
327
Businesses Nearby
8k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 53%
Dining 47%
Umpqua Bank
Shops & Services
4,473 visits/mo
0.1 miles
Krispy Krunchy Chicken
Dining
3,953 visits/mo
0.1 miles
Demographics for 97351, OR
11,292
Population
3,697
Households
3.1
Avg Household Size
34
Median Age
25%
College-Educated
89%
High-School Grad
52.3 sq mi
ZIP Area
216
Density / Sq Mi
$84,717
Median Household Income
$40,990
Median Earnings
$1,592
Median Rent
$357,700
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Commercial space, an upstairs apartment, and a high-ceiling garage create a flexible downtown property configuration.
Where is this mixed-use property located?
The property is located at 144 S Main St Independence, OR.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Historic Belt Building with restored and structurally reinforced improvements; Ground floor suited for retail, office, or food service use; Upstairs 2‑bedroom, 1‑bathroom apartment with laundry facilities
