Listing Agency: MORE Realty I***@homesbymore.com Show Phone

Listed By: Michele Montoya · License #200501263 Show Phone

Added: Jun 30 Changed: Aug 19 Last Checked: Oct 4 at 6:06PM

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MLS# 619404320

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Investment Insights

Based on property information with market context.

This industrial flex property includes a 5,400-square-foot commercial outbuilding on 9.68 acres in Rainier, Oregon. The fully insulated structure has a heavy-equipment concrete slab, three 250-amp electrical panels, a 400-amp backup generator, and five mini-split heating and cooling systems. Interior partitions can be adjusted or removed, creating climate-controlled work areas for manufacturing, secure storage, mechanical operations, or agricultural processing.

The site includes a large gravel area for vehicles, heavy machinery, or RVs, along with a private well, septic system, and rain catchment cistern. Flat land and mature timber surround the improvements. The property is identified with PF-80 zoning and is located at 29100 Zimmerman Rd, Rainier, OR 97048.

Key Highlights

• 5,400‑square‑foot fully insulated commercial outbuilding
• 9.68 acres with flat land and mature timber
• Three 250‑amp panels plus a 400‑amp backup generator

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

$33,893

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

7.88%

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%

$677,860 $677.9K

Cap Rate 7%

$484,186 $484.2K

Cap Rate 9%

$376,589 $376.6K

Market Conditions

NOI Build-Up for 5,400 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

$51.8K $9.60/SF

− Vacancy

−$3.4K −$0.63/SF

EGI

$48.4K $8.97/SF

− OpEx

−$14.5K −$2.69/SF

NOI

$33.9K $6.28/SF

Area

Columbia County, OR

Vacancy

6.60%

Lease Rate

$9.60 /SF/Yr

Expense Ratio

30.00%

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%

$677,860

Cap Rate 7%

$484,186

Cap Rate 9%

$376,589

Alternative Uses

Best Use

Flex RnD

$974.0K

$852.3K – $1.14M (±1% cap)

NOI $68,182 @ 7.0% cap · market cap 15.86%

Second Best

Warehouse

$587.9K

$514.5K – $685.9K (±1% cap)

NOI $41,156 @ 7.0% cap · market cap 9.57%

Theoretical Best

Office A

$1.46M

$1.28M – $1.70M (±1% cap)

NOI $102,031 @ 7.0% cap · market cap 23.73%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Flex space

Lease Details

Yes

Heavy power

Location Intelligence

Trade Area within ½ mile

1

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 97048, OR

6,965

Population

3,115

Households

2.2

Avg Household Size

48

Median Age

15%

College-Educated

92%

High-School Grad

97.8 sq mi

ZIP Area

71

Density / Sq Mi

$74,453

Median Household Income

$35,528

Median Earnings

$882

Median Rent

$364,300

Median Home Value

Market

Vacancy Rate% for Industrial in West region

3.7% 2019

4.3% 2020

2.6% 2021

2.5% 2022

4.8% 2023

6.9% 2024

7.9% 2025

Questions? Ask Rey

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What type of property is this? Where is this flex space 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?

Flex space - Configured for manufacturing, storage, mechanical work, or agricultural processing with adaptable interior space and dedicated utility systems.

Where is this flex space located?

The property is located at 29100 ZIMMERMAN Rd Rainier, OR.

What is the asking price?

The asking price for this property is $429,900.

What are key features of this property?

This property features: 5,400‑square‑foot fully insulated commercial outbuilding; 9.68 acres with flat land and mature timber; Three 250‑amp panels plus a 400‑amp backup generator