Building Details

Year built 2005

Floors in Building 1

Building materials Concrete, MetalSiding

Roof type Metal

Listing Agency: Coldwell Banker Farley Company · Coldwell Banker Real Estate j**@farleyco.net Show Phone

Listed By: Jerry Baker · License #201211883 Show Phone

Added: Jun 17 Changed: Aug 25 Last Checked: Aug 26 at 5:06AM

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MLS# 260381642

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 self-storage property includes 38 units distributed between two buildings totaling 2,800 square feet. Built in 2005, the improvements feature concrete construction, metal siding, and metal roofing. The property occupies 0.71 acres and is identified with RGEN zoning.

Located on 1st St in Athena, Oregon, the asset provides an established physical layout for storage operations. Its compact site configuration and two-building arrangement support a straightforward self-storage format within the Athena market.

Key Highlights

• 38 storage units across two buildings
• 2,800 square feet of improvements
• 0.71‑acre property

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

$23,623

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

7.27%

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%

$472,460 $472.5K

Cap Rate 7%

$337,471 $337.5K

Cap Rate 9%

$262,478 $262.5K

Market Conditions

NOI Build-Up for 2,800 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

$36.3K $12.96/SF

− Vacancy

−$2.5K −$0.91/SF

EGI

$33.7K $12.05/SF

− OpEx

−$10.1K −$3.62/SF

NOI

$23.6K $8.44/SF

Area

Umatilla County, OR

Vacancy

7.00%

Lease Rate

$12.96 /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%

$472,460

Cap Rate 7%

$337,471

Cap Rate 9%

$262,478

Alternative Uses

Best Use

Self Storage

$337.5K

$295.3K – $393.7K (±1% cap)

NOI $23,623 @ 7.0% cap · market cap 7.27%

Second Best

Warehouse

$286.4K

$250.6K – $334.2K (±1% cap)

NOI $20,049 @ 7.0% cap · market cap 6.17%

Theoretical Best

Office A

$586.1K

$512.9K – $683.8K (±1% cap)

NOI $41,030 @ 7.0% cap · market cap 12.62%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Self storage facilities

Location Intelligence

Trade Area within ½ mile

74

Businesses Nearby

Explore this area Business Placement

Demographics for 97813, OR

1,386

Population

614

Households

2.3

Avg Household Size

44

Median Age

32%

College-Educated

93%

High-School Grad

53.8 sq mi

ZIP Area

26

Density / Sq Mi

$73,688

Median Household Income

$38,438

Median Earnings

$868

Median Rent

$217,200

Median Home Value

Market

Vacancy Rate% for Industrial in West region

3.7% 2019

4.3% 2020

2.6% 2021

2.5% 2022

4.8% 2023

6.9% 2024

7.9% 2025

Questions? Ask Rey

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What type of property is this? Where is this self storage facilities located? What is the asking price? Find similar properties ... What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Self storage facility - Two-building storage property with concrete construction, metal siding, and a metal roof.

Where is this self storage facility located?

The property is located at 1st St Athena, OR.

What is the asking price?

The asking price for this property is $325,000.

What are key features of this property?

This property features: 38 storage units across two buildings; 2,800 square feet of improvements; 0.71‑acre property