Downtown Canby Multi-Tenant Professional
For Sale
Contact for pricing
285 NE 3rd Ave, Canby, OR 97013
Versatile commercial property in downtown Canby with income upside.
Property Size2,037 SF
Price / SF$367.70
Days on Market181
Property Features for 285 NE 3rd Ave
General Information
Standard status
Active
Size
2,037 SF
Total Parking Spaces
6
Property subtype
Office
Zoning
C-1
Investment Type
Owner/User
Building Details
Year Built
1937
Year Renovated
2002
Buildings
2
Stories
2
Tenancy
Multi
Listing Agency:
Firefly Real Estate
(503) 752-6966
Listed By:
Aimee Davis · License #Ore 990100198
Source:
Crexi
Added: Feb 20
Changed: Aug 16
Last Checked: Aug 18 at 5:03AM
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 Firefly Real Estate
Investment Insights
Based on property information with market context.
This purpose-priced commercial property is for sale in a desirable downtown Canby location, zoned C-1 Downtown Commercial. Currently owner-occupied by a successful commercial construction company, the building has been updated and configured to support multi-tenant professional use, owner-user occupancy, or a live/work strategy. The main building features a remodeled lobby, a spacious conference room, 3 offices, a project room, a lunchroom, and an ADA ramp. A detached garage structure, currently used for storage, includes an unfinished bathroom. Updates are found throughout the property, including new siding. The structure was relocated to this site in 2004. Ample on-site parking, additional on-street parking, and proximity to a large public parking area near the movie theater are notable strengths. The property also benefits from Canby Loop (bus) access and a fire hydrant at the corner of the lot. It offers strong visibility and proximity to city offices, a bank, shopping, and dining. New owners can elect to participate in the Historic H.O.A. The building is currently owner-occupied and functioning as an active business location. The property size is 2037 square feet.
Key Highlights
- Prime downtown Canby location with C‑1 zoning, offering versatile use as multi‑tenant professional space, owner‑user occupancy, or live/work.
- Ample parking with on‑site spaces, on‑street parking, and proximity to a large public parking area.
- Thoughtfully updated main building with remodeled lobby, conference room, multiple offices, and ADA accessibility.
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
$32,000
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
4.27%
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%
$640,000
$640.0K
Cap Rate 7%
$457,143
$457.1K
Cap Rate 9%
$355,556
$355.6K
Market Conditions
NOI Build-Up for 2,037 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
$60.4K $29.64/SF
− Vacancy
−$9.2K −$4.51/SF
EGI
$51.2K $25.13/SF
− OpEx
−$19.2K −$9.43/SF
NOI
$32.0K $15.71/SF
Area
Clackamas County, OR
Vacancy
15.20%
Lease Rate
$29.64 /SF/Yr
Expense Ratio
37.50%
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%
$640,000
Cap Rate 7%
$457,143
Cap Rate 9%
$355,556
Alternative Uses
Best Use
Mixed Use
$457.1K
$400.0K – $533.3K
NOI $32,000 @ 7.0% cap · market cap 4.27%
Second Best
Office B
$376.7K
$329.6K – $439.5K
NOI $26,368 @ 7.0% cap · market cap 3.52%
Theoretical Best
Office A
$549.8K
$481.1K – $641.5K
NOI $38,489 @ 7.0% cap · market cap 5.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
896
Businesses Nearby
Explore this area
Business Placement
Demographics for 97013, OR
24,512
Population
9,152
Households
2.7
Avg Household Size
41
Median Age
30%
College-Educated
88%
High-School Grad
58.9 sq mi
ZIP Area
416
Density / Sq Mi
$99,343
Median Household Income
$49,207
Median Earnings
$1,439
Median Rent
$509,100
Median Home Value
Market
Vacancy Rate% for Office 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?
Office building - Versatile commercial property in downtown Canby with income upside.
Where is this office building located?
The property is located at 285 NE 3rd Ave Canby, OR.
What is the asking price?
The asking price for this property is $749,000.
What are key features of this property?
This property features: Prime downtown Canby location with C‑1 zoning, offering versatile use as multi‑tenant professional space, owner‑user occupancy, or live/work.; Ample parking with on‑site spaces, on‑street parking, and proximity to a large public parking area.; Thoughtfully updated main building with remodeled lobby, conference room, multiple offices, and ADA accessibility.
