Building Details

Year Built 1947

Listing Agency: eXp Realty, LLC

Listed By: Shawn Richardson · License #201210661 Show Phone

Source: Rosecityrealtygroup

Added: Jul 31 Changed: Oct 8 Last Checked: Oct 7 at 12:55PM

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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.

This restaurant property at 28405 Salmon River Hwy includes an operating bar and dining area, supported by a functional commercial kitchen and onsite parking. The existing configuration is suited to continued restaurant and hospitality operations, with the building dating to 1947.

The property sits along Salmon River Highway in Grand Ronde, near Spirit Mountain Casino. Its location provides access toward the Oregon Coast, Salem, McMinnville, and the Willamette Valley, with surrounding travel activity connected to local, commuter, casino, and tourism traffic. The site may also accommodate other hospitality-oriented concepts identified for the property, including a brewery, taproom, café, lounge, or event venue.

Key Highlights

• Restaurant and bar property at 28405 Salmon River Hwy, Grand Ronde, OR 97347
• Functional commercial kitchen with established bar and dining areas
• Onsite parking included

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$73,143

Cap Rate

6.10%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,462,860 $1.5M

Cap Rate 7%

$1,044,900 $1.0M

Cap Rate 9%

$812,700 $812.7K

Market Conditions

NOI Build-Up for 5,291 SF

Gross rent

$101.6K $19.20/SF

− Vacancy

−$4.1K −$0.77/SF

EGI

$97.5K $18.43/SF

− OpEx

−$24.4K −$4.61/SF

NOI

$73.1K $13.82/SF

Area

Polk County, OR

Vacancy

4.00%

Lease Rate

$19.20 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,462,860

Cap Rate 7%

$1,044,900

Cap Rate 9%

$812,700

Alternative Uses

Best Use

Specialty Retail

$1.04M

$914.3K – $1.22M (±1% cap)

NOI $73,143 @ 7.0% cap · market cap 6.10%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.40M

$1.23M – $1.64M (±1% cap)

NOI $98,336 @ 7.0% cap · market cap 8.19%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Conventional restaurants

Suggested Use

Top Pick Electrical Service (Bike/Boat/Book/etc) Store Storage Facility Grocery & Convenience Store Parking Lot & Garage Food Market

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

31

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 97347, OR

2,187

Population

752

Households

2.9

Avg Household Size

43

Median Age

4%

College-Educated

74%

High-School Grad

47.3 sq mi

ZIP Area

46

Density / Sq Mi

$41,250

Median Household Income

$30,758

Median Earnings

$754

Median Rent

$249,500

Median Home Value

Market

Vacancy Rate% for Retail in West region

7% 2020

6.3% 2021

5.5% 2022

5.3% 2023

5.5% 2024

5.8% 2025

Questions? Ask Rey

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What type of property is this? Where is this conventional restaurants located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Conventional restaurant - Operating hospitality venue with a commercial kitchen, dining area, onsite parking, and direct highway exposure.

Where is this conventional restaurant located?

The property is located at 28405 Salmon River Hwy Grand Ronde, OR.

What is the asking price?

The asking price for this property is $1,200,000.

What are key features of this property?

This property features: Restaurant and bar property at 28405 Salmon River Hwy, Grand Ronde, OR 97347; Functional commercial kitchen with established bar and dining areas; Onsite parking included