Industrial Warehouse with Fenced
For Sale
$7,490,000
2257 Progress Way, Woodburn, OR 97071
Manufacturing-ready warehouse with controlled yard access, high-power electrical, and multiple loading doors.
Property Size51,274 SF
Lot Size3.00 Acres
Days on Market94
Property Features for 2257 Progress Way
General Information
Standard status
Active
Size
51,274 SF
Lot size
3.00 Acres
Property subtype
Industrial
Site & Location
Highway Access
Yes
Fenced Yard
Yes
Warehouse & Industrial
Dock-High Doors
2
Drive-In Doors
4
Heavy Power
Yes
Sprinkler System
Yes
Building Details
Building Size
51,274 SF
Year Built
1974
Listing Agency:
Norris & Stevens, Inc. - Corporate
Listed By:
Raymond Duchek · License #970300314
(503) 225-8492
Source:
Tcnworldwide
Added: Jun 2
Changed: Sep 3
Last Checked: Sep 2 at 1:59PM
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 Norris & Stevens, Inc. - Corporate
Investment Insights
Based on property information with market context.
This warehouse/manufacturing building is supported by extensive electrical infrastructure, including approximately 3,000 amps of power. The facility features four grade level doors and two dock-high doors, along with pneumatic air lines throughout the building. A fenced and paved yard on about three acres provides secured outdoor storage and controlled access points. The building is fully insulated and includes a dry fire sprinkler system. Additional flexibility comes from roughly 2,000 square feet of mezzanine space, with potential to expand office space if needed.
The property is situated for convenient highway connectivity, with easy access to the I-5 interchange. It also has secured perimeter fencing and the potential for rail access, which can be valuable for certain distribution or manufacturing workflows. A current tenant lease extends through February 2027, with the expected out-of-property date by June 2026.
For buyers, the existing configuration supports manufacturing and industrial users looking for a turn-key power and loading setup, along with a dedicated, secured yard for materials handling. Tenants evaluating relocation or expansion should consider the controlled perimeter, multiple door types, and pneumatic infrastructure as core operational advantages.
The property is situated for convenient highway connectivity, with easy access to the I-5 interchange. It also has secured perimeter fencing and the potential for rail access, which can be valuable for certain distribution or manufacturing workflows. A current tenant lease extends through February 2027, with the expected out-of-property date by June 2026.
For buyers, the existing configuration supports manufacturing and industrial users looking for a turn-key power and loading setup, along with a dedicated, secured yard for materials handling. Tenants evaluating relocation or expansion should consider the controlled perimeter, multiple door types, and pneumatic infrastructure as core operational advantages.
Key Highlights
- 1974‑built warehouse/manufacturing building with manufacturing‑ready features including pneumatic air lines throughout
- Extensive electrical infrastructure with 3,000‑amp power and multiple loading doors (4) grade level and (2) dock high
- ±3.0 acres of fenced and paved yard with secured perimeter fence and controlled access points
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
$540,349
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
7.21%
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%
$10,806,980
$10.8M
Cap Rate 7%
$7,719,271
$7.7M
Cap Rate 9%
$6,003,878
$6.0M
Market Conditions
NOI Build-Up for 51,274 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
$661.4K $12.90/SF
− Vacancy
−$25.7K −$0.50/SF
EGI
$635.7K $12.40/SF
− OpEx
−$95.4K −$1.86/SF
NOI
$540.3K $10.54/SF
Area
Marion County, OR
Vacancy
3.89%
Lease Rate
$12.90 /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%
$10,806,980
Cap Rate 7%
$7,719,271
Cap Rate 9%
$6,003,878
Alternative Uses
Best Use
Warehouse
$7.72M
$6.75M – $9.01M
NOI $540,349 @ 7.0% cap · market cap 7.21%
Second Best
Industrial
$6.36M
$5.56M – $7.42M
NOI $444,993 @ 7.0% cap · market cap 5.94%
Theoretical Best
Specialty Retail
$12.06M
$10.55M – $14.07M
NOI $844,114 @ 7.0% cap · market cap 11.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Dock-high doors
4
Drive-in doors
Yes
Heavy power
Yes
Sprinkler system
Yes
Fenced yard
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
573
Businesses Nearby
Explore this area
Business Placement
Demographics for 97071, OR
30,777
Population
10,595
Households
2.9
Avg Household Size
35
Median Age
17%
College-Educated
72%
High-School Grad
51.7 sq mi
ZIP Area
595
Density / Sq Mi
$70,130
Median Household Income
$35,927
Median Earnings
$1,382
Median Rent
$316,500
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Manufacturing property - Manufacturing-ready warehouse with controlled yard access, high-power electrical, and multiple loading doors.
Where is this manufacturing property located?
The property is located at 2257 Progress Way Woodburn, OR.
What is the asking price?
The asking price for this property is $7,490,000.
What are key features of this property?
This property features: 1974‑built warehouse/manufacturing building with manufacturing‑ready features including pneumatic air lines throughout; Extensive electrical infrastructure with 3,000‑amp power and multiple loading doors (4) grade level and (2) dock high; ±3.0 acres of fenced and paved yard with secured perimeter fence and controlled access points
