Mixed-Use Building with
For Sale
$455,000
227 2nd Ave SW, Albany, OR 97321
Street-level retail space is paired with a separately accessed residential apartment and upper-level office area.
Property Size2,596 SF
Price / SF$175.27
Days on Market49
Property Features for 227 2nd Ave SW
General Information
Standard status
Active
Size
2,596 SF
Property subtype
Business Opportunity
Amenities
large display windows
open showroom
private office/conference room
kitchen
restroom
upstairs office with balcony
exposed brick
two-story living room
dining area
laundry room
2 bedrooms
2 full baths
bonus room
Building Details
Year Built
1890
Buildings
1
Listing Agency:
PREMIERE PROPERTY GROUP, LLC ALBANY
Listed By:
TRACY BERTALOTTO · License #201224367
(541) 401-1475
Source:
Wisser
Added: Sep 5
Changed: Oct 7
Last Checked: Oct 5 at 10:03PM
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 PREMIERE PROPERTY GROUP, LLC ALBANY
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Investment Insights
Based on property information with market context.
This 2,596-square-foot mixed-use building, constructed in 1890, combines street-facing commercial space with separately accessed residential accommodations. The retail portion includes large display windows, an open showroom, private office or conference space, a kitchen, restroom, and an upstairs office with balcony access.
The apartment is entered from the alley and features exposed brick, a two-story living room, dining area, kitchen, laundry room, two bedrooms, two full bathrooms, and a bonus room that may function as a third bedroom. A new roof and solar tubes were installed in 2022. The property is located in downtown Albany, and permitted uses should be confirmed with the City.
The apartment is entered from the alley and features exposed brick, a two-story living room, dining area, kitchen, laundry room, two bedrooms, two full bathrooms, and a bonus room that may function as a third bedroom. A new roof and solar tubes were installed in 2022. The property is located in downtown Albany, and permitted uses should be confirmed with the City.
Key Highlights
- 2,596‑square‑foot mixed‑use building constructed in 1890
- Street‑facing retail area with large display windows and open showroom
- Separate alley‑accessed apartment with 2 bedrooms and 2 full baths
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$39,888
Cap Rate
8.77%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$797,760
$797.8K
Cap Rate 7%
$569,829
$569.8K
Cap Rate 9%
$443,200
$443.2K
Market Conditions
NOI Build-Up for 2,596 SF
Gross rent
$83.8K $32.28/SF
− Vacancy
−$26.8K −$10.33/SF
EGI
$57.0K $21.95/SF
− OpEx
−$17.1K −$6.59/SF
NOI
$39.9K $15.37/SF
Area
Linn County, OR
Vacancy
32.00%
Lease Rate
$32.28 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$797,760
Cap Rate 7%
$569,829
Cap Rate 9%
$443,200
Alternative Uses
Best Use
Retail
$569.8K
$498.6K – $664.8K
NOI $39,888 @ 7.0% cap · market cap 8.77%
Second Best
Mixed Use
$438.1K
$383.3K – $511.1K
NOI $30,665 @ 7.0% cap · market cap 6.74%
Theoretical Best
Office A
$756.3K
$661.7K – $882.3K
NOI $52,938 @ 7.0% cap · market cap 11.63%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
1,527
Businesses Nearby
15k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 93%
Dining 7%
Chase Bank
Shops & Services
5,924 visits/mo
0.1 miles
KeyBank
Shops & Services
3,538 visits/mo
0.1 miles
Umpqua Bank
Shops & Services
2,864 visits/mo
0.1 miles
Enterprise Rent-A-Car
Shops & Services
1,226 visits/mo
0.1 miles
Big Town Hero
Dining
997 visits/mo
0.1 miles
Demographics for 97321, OR
30,291
Population
11,790
Households
2.6
Avg Household Size
41
Median Age
38%
College-Educated
96%
High-School Grad
69.1 sq mi
ZIP Area
438
Density / Sq Mi
$95,687
Median Household Income
$45,963
Median Earnings
$1,264
Median Rent
$442,400
Median Home Value
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Market
Vacancy Rate% for Retail in West region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Street-level retail space is paired with a separately accessed residential apartment and upper-level office area.
Where is this mixed-use property located?
The property is located at 227 2nd Ave SW Albany, OR.
What is the asking price?
The asking price for this property is $455,000.
What are key features of this property?
This property features: 2,596‑square‑foot mixed‑use building constructed in 1890; Street‑facing retail area with large display windows and open showroom; Separate alley‑accessed apartment with 2 bedrooms and 2 full baths
