Multi-Property Retail
New
For Sale
$2,900,000
230 N 3rd Street, Harrisburg, OR 97446
Six commercial properties with multiple buildings, parcels, street frontages, and C-1 zoning along the Hwy 99E/3rd Street corridor.
Property Size15,034 SF
Price / SF$192.90
Days on Market6
Property Features for 230 N 3rd Street
General Information
Standard status
Active
Size
15,034 SF
Property subtype
Commercial
Zoning
C-1
Site & Location
Drive-Thru
Yes
Highway Access
Yes
Road Access
Yes
Additional Details
Asking Price
$2,900,000
Building Details
Year Built
2000
Listing Agency:
Premiere Property Group,LLC
Listed By:
Theresa Monahan
(877) 319-7625
Source:
Century21northhomes
Added: Aug 25
Changed: Aug 30
Last Checked: Aug 30 at 2:10AM
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
Investment Insights
Based on property information with market context.
This retail portfolio combines six commercial properties with multiple buildings and parcels along the Hwy 99E/3rd Street corridor in Harrisburg. The assemblage includes existing retail, restaurant, convenience, drive-through, and service-oriented commercial uses, providing a varied operating profile across the included assets.
The properties represent a portion of a city block and offer multiple street frontages within Harrisburg’s commercial core. C-1 commercial zoning applies across the assemblage. The offering includes properties at 230 N 3rd Street and additional locations on N 3rd Street and Smith Street, with the assets offered together or individually.
The properties represent a portion of a city block and offer multiple street frontages within Harrisburg’s commercial core. C-1 commercial zoning applies across the assemblage. The offering includes properties at 230 N 3rd Street and additional locations on N 3rd Street and Smith Street, with the assets offered together or individually.
Key Highlights
- Six commercial properties assembled across multiple buildings and parcels
- Existing retail, restaurant, convenience, drive‑through, and service‑oriented uses
- Multiple street frontages across the assemblage
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
$247,502
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
8.53%
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%
$4,950,040
$5.0M
Cap Rate 7%
$3,535,743
$3.5M
Cap Rate 9%
$2,750,022
$2.8M
Market Conditions
NOI Build-Up for 15,034 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
$485.3K $32.28/SF
− Vacancy
−$155.3K −$10.33/SF
EGI
$330.0K $21.95/SF
− OpEx
−$82.5K −$5.49/SF
NOI
$247.5K $16.46/SF
Area
Linn County, OR
Vacancy
32.00%
Lease Rate
$32.28 /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%
$4,950,040
Cap Rate 7%
$3,535,743
Cap Rate 9%
$2,750,022
Alternative Uses
Best Use
Specialty Retail
$3.54M
$3.09M – $4.13M
NOI $247,502 @ 7.0% cap · market cap 8.53%
Second Best
Retail
$3.30M
$2.89M – $3.85M
NOI $231,002 @ 7.0% cap · market cap 7.97%
Theoretical Best
Office A
$4.38M
$3.83M – $5.11M
NOI $306,578 @ 7.0% cap · market cap 10.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
175
Businesses Nearby
18k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 86%
Dining 14%
Dollar General
Shops & Services
7,491 visits/mo
0.1 miles
Dari Mart
Shops & Services
6,451 visits/mo
0.3 miles
SUBWAY
Dining
2,586 visits/mo
0.1 miles
KeyBank
Shops & Services
1,847 visits/mo
0.3 miles
Demographics for 97446, OR
5,067
Population
1,887
Households
2.7
Avg Household Size
39
Median Age
16%
College-Educated
93%
High-School Grad
123.0 sq mi
ZIP Area
41
Density / Sq Mi
$72,065
Median Household Income
$44,363
Median Earnings
$1,172
Median Rent
$318,200
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?
Retail space - Six commercial properties with multiple buildings, parcels, street frontages, and C-1 zoning along the Hwy 99E/3rd Street corridor.
Where is this retail space located?
The property is located at 230 N 3rd Street Harrisburg, OR.
What is the asking price?
The asking price for this property is $2,900,000.
What are key features of this property?
This property features: Six commercial properties assembled across multiple buildings and parcels; Existing retail, restaurant, convenience, drive‑through, and service‑oriented uses; Multiple street frontages across the assemblage
