Historic Mixed-Use Property with
For Sale
$895,000
233 SE 4th St, Pendleton, OR 97801
C1-zoned building combines commercial dining areas with private upper-level living space.
Property Size9,177 SF
Days on Market133
Property Features for 233 SE 4th St
General Information
Standard status
Active
Size
9,177 SF
Total Parking Spaces
15
Property subtype
Commercial
Zoning
C1
Additional Details
Patio
Yes
Taxes and HOA fees
Annual Taxes
$17,372
Amenities
fireplaces
private decks
parking lot
garage
Building Details
Building Size
9,177 SF
Year Built
1904
Buildings
2
Stories
3
Listing Agency:
eXp Realty, LLC
(503) 389-0821
Listed By:
Nick Shivers · License #200209063
(503) 389-0821
Source:
Allprofessionalsre
Added: Apr 20
Changed: Aug 29
Last Checked: Aug 20 at 8:39AM
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 eXp Realty, LLC
Investment Insights
Based on property information with market context.
Built in 1904, this C1-zoned mixed-use property brings together a restaurant-oriented commercial level and private accommodations above. The lower level includes dining rooms, a full kitchen, beverage pantry, wait station, dish room, bar, indoor dining, outdoor dining, and a patio. A dedicated parking lot supports the operation, while the 1,380-square-foot garage adds storage or expansion flexibility.
The upper level contains four bedrooms and two bathrooms, including a suite with a jetted tub and dual shower. Additional living areas include a living room, office, kitchenette, laundry, and multiple private decks. The configuration can support an owner’s residence, boutique inn, or short-term rental use, subject to applicable requirements. Located at 233 SE 4th Street, the property is above street level and moments from Main Street in Pendleton, Oregon.
The upper level contains four bedrooms and two bathrooms, including a suite with a jetted tub and dual shower. Additional living areas include a living room, office, kitchenette, laundry, and multiple private decks. The configuration can support an owner’s residence, boutique inn, or short-term rental use, subject to applicable requirements. Located at 233 SE 4th Street, the property is above street level and moments from Main Street in Pendleton, Oregon.
Key Highlights
- 1904‑built mixed‑use property with restaurant and upper‑level private quarters
- C1 zoning supports the property's mixed‑use configuration
- Restaurant level includes full kitchen, beverage pantry, wait station, and dish room
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
$57,213
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
6.39%
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%
$1,144,260
$1.1M
Cap Rate 7%
$817,329
$817.3K
Cap Rate 9%
$635,700
$635.7K
Market Conditions
NOI Build-Up for 9,177 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
$137.7K $15.00/SF
− Vacancy
−$17.2K −$1.88/SF
EGI
$120.4K $13.13/SF
− OpEx
−$63.2K −$6.89/SF
NOI
$57.2K $6.23/SF
Area
Umatilla County, OR
Vacancy
12.50%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
52.50%
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%
$1,144,260
Cap Rate 7%
$817,329
Cap Rate 9%
$635,700
Alternative Uses
Best Use
Specialty Retail
$1.48M
$1.29M – $1.72M
NOI $103,477 @ 7.0% cap · market cap 11.56%
Second Best
Mixed Use
$1.36M
$1.19M – $1.58M
NOI $94,982 @ 7.0% cap · market cap 10.61%
Theoretical Best
Office A
$1.92M
$1.68M – $2.24M
NOI $134,475 @ 7.0% cap · market cap 15.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
964
Businesses Nearby
Explore this area
Business Placement
Demographics for 97801, OR
21,882
Population
9,033
Households
2.4
Avg Household Size
39
Median Age
26%
College-Educated
92%
High-School Grad
496.2 sq mi
ZIP Area
44
Density / Sq Mi
$73,308
Median Household Income
$38,719
Median Earnings
$924
Median Rent
$277,600
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - C1-zoned building combines commercial dining areas with private upper-level living space.
Where is this mixed-use property located?
The property is located at 233 SE 4th St Pendleton, OR.
What is the asking price?
The asking price for this property is $895,000.
What are key features of this property?
This property features: 1904‑built mixed‑use property with restaurant and upper‑level private quarters; C1 zoning supports the property's mixed‑use configuration; Restaurant level includes full kitchen, beverage pantry, wait station, and dish room
