Flex and Warehouse
For Sale
$1,800,000
2721 S Main St, Lebanon, OR 97355
Commercial, Lebanon, OR
Property Size15,520 SF
Lot Size1.98 Acres
Price / SF$115.98
Days on Market51
Property Features for 2721 S Main St
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
HC
View
Territorial
Standard status
Active
Size
15,520 SF
Lot size
1.98 Acres
Taxes and HOA fees
Tax Annual Amount
6534
Building Details
Year built
1930
Listing Agency:
KELLER WILLIAMS REALTY MID-WILLAMETTE - GILLOTT TEAM
(541) 738-7770
Listed By:
LAURA GILLOTT · License #920300248
(541) 990-7785
Added: Jul 1
Changed: Aug 19
Last Checked: Aug 20 at 8:06AM
MLS# 842905
Copyright © 2026 Willamette Valley Multiple Listing Service. 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.
Two buildings totaling approximately 15,520 SF sit on a 1.98-acre parcel zoned Highway Commercial. Building one is approximately 6,500 SF and features 14' ceilings, a bridge crane, 3 phase power, and city services.
Building two is approximately 8,500 SF and serves multiple tenants with shop space, office, and storage. The property includes new LED lighting and a secured, fenced storage yard.
Built in 1930, the buildings are set up to support flexible industrial and light distribution uses, with on-site power and a crane in building one, and a multi-tenant mix of shop, office, and storage in building two.
Building two is approximately 8,500 SF and serves multiple tenants with shop space, office, and storage. The property includes new LED lighting and a secured, fenced storage yard.
Built in 1930, the buildings are set up to support flexible industrial and light distribution uses, with on-site power and a crane in building one, and a multi-tenant mix of shop, office, and storage in building two.
Key Highlights
- Two buildings totaling approx. 15,520 SF
- 1.98‑acre lot zoned Highway Commercial (HC)
- Building one approx. 6,500 SF with 14' ceilings and bridge crane
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
$156,621
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
8.70%
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%
$3,132,420
$3.1M
Cap Rate 7%
$2,237,443
$2.2M
Cap Rate 9%
$1,740,233
$1.7M
Market Conditions
NOI Build-Up for 15,520 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
$232.8K $15.00/SF
− Vacancy
−$9.1K −$0.58/SF
EGI
$223.7K $14.42/SF
− OpEx
−$67.1K −$4.32/SF
NOI
$156.6K $10.09/SF
Area
Linn County, OR
Vacancy
3.89%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
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%
$3,132,420
Cap Rate 7%
$2,237,443
Cap Rate 9%
$1,740,233
Alternative Uses
Best Use
Warehouse
$2.72M
$2.38M – $3.17M
NOI $190,182 @ 7.0% cap · market cap 10.57%
Second Best
Industrial
$2.24M
$1.96M – $2.61M
NOI $156,621 @ 7.0% cap · market cap 8.70%
Theoretical Best
Office A
$4.52M
$3.96M – $5.27M
NOI $316,489 @ 7.0% cap · market cap 17.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Fenced yard
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
443
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 97355, OR
32,413
Population
13,623
Households
2.4
Avg Household Size
41
Median Age
18%
College-Educated
91%
High-School Grad
214.3 sq mi
ZIP Area
151
Density / Sq Mi
$64,307
Median Household Income
$39,934
Median Earnings
$1,267
Median Rent
$332,700
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?
Flex space - Two-building flex and warehouse property on 1.98 acres, zoned Highway Commercial, with new LED lighting and fenced storage yard.
Where is this flex space located?
The property is located at 2721 S Main St Lebanon, OR.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: Two buildings totaling approx. 15,520 SF; 1.98‑acre lot zoned Highway Commercial (HC); Building one approx. 6,500 SF with 14' ceilings and bridge crane
