Highway 99 Grill Restaurant
For Sale
$800,000
290 N 3RD St, Harrisburg, OR 97446
CommercialSale, Harrisburg, OR
Property Size2,304 SF
Lot Size0.14 Acres
Price / SF$347.22
Days on Market391
Property Features for 290 N 3RD St
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
C-1
Directions
Hwy 99 E into Harrisburg turns into 3rd St property on left
Subdivision
_221
Standard status
Active
APN
0326690
Size
2,304 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Description
15S04W16AA
Tax Annual Amount
3028
Legal Description
15S04W16AA
Utilities
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1960
Listing Agency:
Premiere Property Group, LLC
(503) 670-9000
Listed By:
Theresa Monahan
(503) 805-7055
Added: Jul 31, 2025
Changed: Aug 25
Last Checked: Aug 25 at 5:06PM
MLS# 520295056
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 conventional restaurant property includes a 2,304-square-foot building on 0.14 acres. Constructed in 1960, the building is served by central air conditioning and forced-air heating. The property is associated with the Highway 99 Grill and is positioned on a commercial corner in Harrisburg, Oregon.
Zoned C-1, the asset offers an existing restaurant configuration with limited on-site parking. Additional parking opportunities are available nearby. The property is part of a larger multi-parcel portfolio, with the potential to acquire additional parcels forming up to an entire city block.
Zoned C-1, the asset offers an existing restaurant configuration with limited on-site parking. Additional parking opportunities are available nearby. The property is part of a larger multi-parcel portfolio, with the potential to acquire additional parcels forming up to an entire city block.
Key Highlights
- 2,304‑square‑foot restaurant building on 0.14 acres
- C‑1 zoning supports the property's commercial restaurant use
- Located at 290 N 3RD St in Harrisburg, OR 97446
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
$37,930
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
4.74%
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%
$758,600
$758.6K
Cap Rate 7%
$541,857
$541.9K
Cap Rate 9%
$421,444
$421.4K
Market Conditions
NOI Build-Up for 2,304 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
$74.4K $32.28/SF
− Vacancy
−$23.8K −$10.33/SF
EGI
$50.6K $21.95/SF
− OpEx
−$12.6K −$5.49/SF
NOI
$37.9K $16.46/SF
Area
Linn County, OR
Vacancy
32.00%
Lease Rate
$32.28 /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%
$758,600
Cap Rate 7%
$541,857
Cap Rate 9%
$421,444
Alternative Uses
Best Use
Specialty Retail
$541.9K
$474.1K – $632.2K
NOI $37,930 @ 7.0% cap · market cap 4.74%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$671.2K
$587.3K – $783.1K
NOI $46,984 @ 7.0% cap · market cap 5.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
175
Businesses Nearby
18k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 86%
Dining 14%
Dollar General
Shops & Services
7,491 visits/mo
0.1 miles
Dari Mart
Shops & Services
6,451 visits/mo
0.3 miles
SUBWAY
Dining
2,586 visits/mo
0.1 miles
KeyBank
Shops & Services
1,847 visits/mo
0.3 miles
Demographics for 97446, OR
5,067
Population
1,887
Households
2.7
Avg Household Size
39
Median Age
16%
College-Educated
93%
High-School Grad
123.0 sq mi
ZIP Area
41
Density / Sq Mi
$72,065
Median Household Income
$44,363
Median Earnings
$1,172
Median Rent
$318,200
Median Home Value
Market
Vacancy Rate% for Retail 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?
Conventional restaurant - Established restaurant property with C-1 zoning, central air, and forced-air heating.
Where is this conventional restaurant located?
The property is located at 290 N 3RD St Harrisburg, OR.
What is the asking price?
The asking price for this property is $800,000.
What are key features of this property?
This property features: 2,304‑square‑foot restaurant building on 0.14 acres; C‑1 zoning supports the property's commercial restaurant use; Located at 290 N 3RD St in Harrisburg, OR 97446
