Historic Brick Warehouse with
For Sale
$265,000
155 THORN AVE, Milton Freewater, OR 97862
Brick warehouse built in 1915 with concrete floor, storage loft, two 14' overhead doors, and a 30x36 carport.
Property Size3,076 SF
Lot Size0.66 Acres
Price / SF$86.15
Days on Market51
Property Features for 155 THORN AVE
General Information
Standard status
Active
Size
3,076 SF
Lot size
0.66 Acres
Property subtype
Land
Additional Details
Drive-In Doors
2
Amenities
storage loft
carport
Building Details
Year Built
1915
Listing Agency:
Roff Real Estate Inc.
(541) 938-6655
Listed By:
Vickie Roff · License #960200046
(509) 520-8715
Source:
Eliterealtyprofessionals
Added: Jul 25
Changed: Sep 8
Last Checked: Sep 13 at 11:38AM
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 Roff Real Estate Inc.
Investment Insights
Based on property information with market context.
A solid brick warehouse constructed in 1915, offered for sale and totaling 3,076 square feet. The building includes a concrete floor, a storage loft, and two overhead doors sized at 14 feet, supporting straightforward equipment or vehicle access. An additional 30x36 carport provides covered space for RV or equipment storage.
The property sits on a .66-acre lot, offering room for storage and flexibility for future use within the existing industrial building site footprint. The structure’s durable brick construction and industrial-era features support practical applications such as storage and workshop use.
With both enclosed warehouse space and covered exterior storage, this offering is designed for day-to-day operational needs where covered and accessible storage matter.
The property sits on a .66-acre lot, offering room for storage and flexibility for future use within the existing industrial building site footprint. The structure’s durable brick construction and industrial-era features support practical applications such as storage and workshop use.
With both enclosed warehouse space and covered exterior storage, this offering is designed for day-to-day operational needs where covered and accessible storage matter.
Key Highlights
- Brick warehouse constructed in 1915 with 3,076 SF building size on a 0.66‑acre lot
- Concrete floor and storage loft for workshop or storage use
- Two 14' overhead doors for easy equipment or vehicle access
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
NOI $22,025 @ 7.0% cap · market cap 8.31%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$643.9K
$563.4K – $751.2K
NOI $45,074 @ 7.0% cap · market cap 17.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
2
Drive-in doors
Location Intelligence
Trade Area within ½ mile
122
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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 warehouse built in 1915 with concrete floor, storage loft, two 14' overhead doors, and a 30x36 carport.
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: Brick warehouse constructed in 1915 with 3,076 SF building size on a 0.66‑acre lot; Concrete floor and storage loft for workshop or storage use; Two 14' overhead doors for easy equipment or vehicle access
