Mixed-Use Property with Two
For Sale
$1,900,000
1856 37TH St, Florence, OR 97439
CommercialSale, Florence, OR
Property Size6,048 SF
Lot Size0.51 Acres
Price / SF$314.15
Days on Market223
Property Features for 1856 37TH St
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
H
View
Territorial
Directions
Corner of Hwy 101 & East 37th St
Subdivision
_228
Standard status
Active
APN
0784486
Size
6,048 SF
Lot size
0.51 Acres
Taxes and HOA fees
Tax Description
18-12-23-22 TL01800, 01900 & 02000
Tax Annual Amount
7973
Legal Description
18-12-23-22 TL01800, 01900 & 02000
Building Details
Year built
1938
Floors in Building
2
Building materials
LapSiding, T111Siding
Roof type
Composition
Listing Agency:
West Coast Real Estate Service
(541) 997-7653
Listed By:
Jim Hoberg · License #880700052
(541) 997-7653
Added: Jan 15
Changed: Jun 11
Last Checked: Aug 26 at 2:06AM
MLS# 639008570
Copyright © 2026 Regional Multiple Listing Services. 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 mixed-use property comprises two buildings totaling 6,048 square feet across 0.51 acres and three tax lots. The older structure, built in 1938, has two levels with a 720-square-foot one-bedroom, one-bath apartment above a 2,128-square-foot main floor currently used as a thrift store. A second building, completed in 1991, provides 3,200 square feet on one level, including a 1,696-square-foot laundromat and a 1,504-square-foot deli/cafe.
The property occupies the corner of Hwy 101 and 37th Street, with approximately 120 feet of Hwy 101 frontage. Zoning is H. Existing improvements include lap siding, T1-11 siding, and composition roofing.
The property occupies the corner of Hwy 101 and 37th Street, with approximately 120 feet of Hwy 101 frontage. Zoning is H. Existing improvements include lap siding, T1-11 siding, and composition roofing.
Key Highlights
- 0.51‑acre mixed‑use property spanning three tax lots
- Two buildings totaling 6,048 square feet
- Approximately 120 feet of Hwy 101 frontage at Hwy 101 and 37th Street
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
$87,084
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
4.58%
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%
$1,741,680
$1.7M
Cap Rate 7%
$1,244,057
$1.2M
Cap Rate 9%
$967,600
$967.6K
Market Conditions
NOI Build-Up for 6,048 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
$121.2K $20.04/SF
− Vacancy
−$5.1K −$0.84/SF
EGI
$116.1K $19.20/SF
− OpEx
−$29.0K −$4.80/SF
NOI
$87.1K $14.40/SF
Area
Lane County, OR
Vacancy
4.20%
Lease Rate
$20.04 /SF/Yr
Expense Ratio
25.00%
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%
$1,741,680
Cap Rate 7%
$1,244,057
Cap Rate 9%
$967,600
Alternative Uses
Best Use
Specialty Retail
$1.24M
$1.09M – $1.45M
NOI $87,084 @ 7.0% cap · market cap 4.58%
Second Best
Retail
$1.11M
$969.2K – $1.29M
NOI $77,538 @ 7.0% cap · market cap 4.08%
Theoretical Best
Office A
$1.53M
$1.34M – $1.79M
NOI $107,105 @ 7.0% cap · market cap 5.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
189
Businesses Nearby
25k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 62%
Dining 38%
Bi-Mart
Shops & Services
12,134 visits/mo
0.3 miles
Burger King
Dining
6,897 visits/mo
0.2 miles
Les Schwab Tire Center
Shops & Services
2,576 visits/mo
0.3 miles
SUBWAY
Dining
2,385 visits/mo
0.3 miles
U-Haul
Shops & Services
607 visits/mo
0.3 miles
Demographics for 97439, OR
15,634
Population
9,056
Households
1.7
Avg Household Size
62
Median Age
27%
College-Educated
92%
High-School Grad
168.3 sq mi
ZIP Area
93
Density / Sq Mi
$58,576
Median Household Income
$36,146
Median Earnings
$1,164
Median Rent
$364,600
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 - Corner commercial asset combines residential space with multiple operating business components.
Where is this mixed-use property located?
The property is located at 1856 37TH St Florence, OR.
What is the asking price?
The asking price for this property is $1,900,000.
What are key features of this property?
This property features: 0.51‑acre mixed‑use property spanning three tax lots; Two buildings totaling 6,048 square feet; Approximately 120 feet of Hwy 101 frontage at Hwy 101 and 37th Street
