Multi-Building Retail
New
For Sale
$2,900,000
230 N 3rd St, Harrisburg, OR 97446
CommercialSale, Harrisburg, OR
Property Size15,034 SF
Lot Size2.61 Acres
Price / SF$192.90
Days on Market3
Property Features for 230 N 3rd St
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
C-1
View
Territorial
Directions
Hwy 99 E turn into 3rd St to property on left known as Harrisburg Plaza
Subdivision
_221
Standard status
Active
APN
Not Found
Size
15,034 SF
Lot size
2.61 Acres
Taxes and HOA fees
Tax Description
15S04W16AA,15S04W16NE
Tax Annual Amount
35704
Legal Description
15S04W16AA,15S04W16NE
Utilities
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
2000
Building materials
Block, WoodFrame
Roof type
Composition, Flat
Listing Agency:
Premiere Property Group, LLC
(503) 670-9000
Listed By:
Theresa Monahan
(503) 805-7055
Added: Aug 26
Changed: Aug 27
Last Checked: Aug 28 at 3:06PM
MLS# 177377480
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 six-property commercial assemblage includes multiple buildings and parcels totaling 2.61 acres and 15,034 square feet. Existing operations span retail, restaurant, convenience, drive-through, and other service-oriented commercial uses. The improvements include block and wood-frame construction, forced-air heating, central air conditioning, and composition and flat roofing. The properties were built in 2000 and are zoned C-1.
The portfolio occupies a substantial portion of a city block along the Hwy 99E and 3rd Street corridor in Harrisburg. Multiple street frontages provide access from the surrounding commercial streets, while the assemblage includes properties at 290 N 3rd St, 260 N 3rd St, 230 N 3rd St, 170/190 N 3rd St, 305 Smith St, and 353 Smith St.
The portfolio occupies a substantial portion of a city block along the Hwy 99E and 3rd Street corridor in Harrisburg. Multiple street frontages provide access from the surrounding commercial streets, while the assemblage includes properties at 290 N 3rd St, 260 N 3rd St, 230 N 3rd St, 170/190 N 3rd St, 305 Smith St, and 353 Smith St.
Key Highlights
- Six‑property assemblage totaling 2.61 acres and 15,034 square feet
- C‑1 commercial zoning across the portfolio
- Retail, restaurant, convenience, drive‑through, and service‑oriented commercial uses
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 combine retail, restaurant, convenience, drive-through, and service-oriented uses across multiple parcels.
Where is this retail space located?
The property is located at 230 N 3rd St 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‑property assemblage totaling 2.61 acres and 15,034 square feet; C‑1 commercial zoning across the portfolio; Retail, restaurant, convenience, drive‑through, and service‑oriented commercial uses
