Building Details

Year built 1947

Roof type Composition

Listing Agency: EXP REALTY, LLC L***@exprealty.com Show Phone

Listed By: SHAWN RICHARDSON · License #201210661 Show Phone

Added: May 22 Changed: Sep 15 Last Checked: Oct 7 at 4:06AM

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MLS# 841406

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.

This 1.3-acre property spans three tax lots and includes a 5,291-square-foot commercial building constructed in 1947. The interior is configured for restaurant and bar operations, with a commercial kitchen, dining area, and established bar space. Central heating, forced-air heating, central air conditioning, and a composition roof are in place. The site is zoned NPC-C.

Located at 28405 Salmon River Hwy in Grand Ronde, the property fronts Salmon River Highway/OR-18 and records approximately 10,100 vehicles per day. On-site parking and established commercial infrastructure support the current hospitality configuration. The property is near Spirit Mountain Casino and provides access to Oregon Coast, Salem, McMinnville, and Willamette Valley travel routes. Its existing layout is identified for restaurant, brewery, taproom, cafe, lounge, event venue, or redevelopment uses.

Key Highlights

• 1.3 acres across three tax lots
• 5,291 SF commercial building constructed in 1947
• Approximately 10,100 vehicles per day on Salmon River Hwy/OR‑18

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

Industrial

$723.8K

$633.3K – $844.5K (±1% cap)

NOI $50,667 @ 7.0% cap · market cap 4.22%

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.

Property Analytics

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Current Use

Bars & Pubs

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

10,100 VPD

Traffic count

Yes

Highway access

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 bars & pubs 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?

Bar & Pub - Restaurant-bar configuration includes a commercial kitchen, dining area, established bar, and on-site parking.

Where is this bar & pub 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: 1.3 acres across three tax lots; 5,291 SF commercial building constructed in 1947; Approximately 10,100 vehicles per day on Salmon River Hwy/OR‑18