Updated Professional Office
For Sale
$749,000
285 NE 3RD Ave, Canby, OR 97013
CommercialSale, Canby, OR
Property Size2,037 SF
Lot Size0.13 Acres
Price / SF$367.70
Days on Market186
Property Features for 285 NE 3RD Ave
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
C-1
Directions
Hwy 170/Ivy Str to Right onto 3rd Ave to 285 NE 3rd on right (just a couple blocks from Fair ground)
Subdivision
_146
Standard status
Active
APN
05007152
Size
2,037 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Description
SECTION 33 TOWNSHIP 3S RANGE 1E QUARTER DB TAX LOT 02601
Tax Annual Amount
3797
Legal Description
SECTION 33 TOWNSHIP 3S RANGE 1E QUARTER DB TAX LOT 02601
Utilities
Heating system
Heat Pump (Heating), Forced Air
Cooling system
Heat Pump
Building Details
Year built
1937
Floors in Building
2
Building materials
Brick, Concrete, WoodFrame
Roof type
Composition
Listing Agency:
Firefly Real Estate
(503) 829-8328
Listed By:
Aimee Davis · License #ORE990100198
(503) 752-6966
Added: Feb 20
Changed: Aug 24
Last Checked: Aug 25 at 2:06PM
MLS# 247565227
Copyright © 2026 Regional Multiple Listing Services. 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 updated professional office building contains approximately 2,037 square feet on approximately 0.13 acre. The interior includes a remodeled lobby, conference room, private offices, project room, lunchroom, and an ADA-accessible entrance. Six on-site parking spaces support the existing office configuration.
Positioned at 285 NE 3rd Avenue in Downtown Canby, the property is next to the Civic Center and close to public parking, restaurants, shopping, and other downtown amenities. C-1 Downtown Commercial zoning and the Downtown Canby Overlay apply to the site. The building was constructed in 1937 and features brick, concrete, and wood-frame construction, a composition roof, heat-pump heating and cooling, and forced-air heating.
Positioned at 285 NE 3rd Avenue in Downtown Canby, the property is next to the Civic Center and close to public parking, restaurants, shopping, and other downtown amenities. C-1 Downtown Commercial zoning and the Downtown Canby Overlay apply to the site. The building was constructed in 1937 and features brick, concrete, and wood-frame construction, a composition roof, heat-pump heating and cooling, and forced-air heating.
Key Highlights
- Approximately 2,037 SF office building on approximately 0.13 acre
- C‑1 Downtown Commercial zoning with Downtown Canby Overlay
- Remodeled lobby, conference room, private offices, project room, and lunchroom
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
$26,368
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
3.52%
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%
$527,360
$527.4K
Cap Rate 7%
$376,686
$376.7K
Cap Rate 9%
$292,978
$293.0K
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
$46.4K $22.80/SF
− Vacancy
−$11.3K −$5.54/SF
EGI
$35.2K $17.26/SF
− OpEx
−$8.8K −$4.31/SF
NOI
$26.4K $12.94/SF
Area
Clackamas County, OR
Vacancy
24.30%
Lease Rate
$22.80 /SF/Yr
Expense Ratio
25.00%
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%
$527,360
Cap Rate 7%
$376,686
Cap Rate 9%
$292,978
Alternative Uses
Best Use
Office B
$376.7K
$329.6K – $439.5K
NOI $26,368 @ 7.0% cap · market cap 3.52%
Second Best
—
—
no second resolved use
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 - C-1 commercial property with flexible office configuration near Canby’s Civic Center and downtown amenities.
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: Approximately 2,037 SF office building on approximately 0.13 acre; C‑1 Downtown Commercial zoning with Downtown Canby Overlay; Remodeled lobby, conference room, private offices, project room, and lunchroom
