Three-Story Office/Retail
For Sale
Contact for pricing
300 Ellsworth St. SW, Albany, OR 97321
WaFd Bank will lease back its ground-floor space at closing, while the remainder offers shell-ready redevelopment in HD zoning.
Property Size19,497 SF
Price / SF$179.46
Days on Market182
Property Features for 300 Ellsworth St. SW
General Information
Standard status
Active
Size
19,497 SF
Class
A
Total Parking Spaces
15
Property subtype
Office, Mixed Use
Zoning
HD - Historic Downtown
Occupancy
25%
Investment Type
Redevelopment
Building Details
Year Built
1978
Stories
3
Tenancy
Multi
Listing Agency:
C.W. Walker & Associates, Inc.
Listed By:
Isaac Grant, CCIM · License #OR-201256253
(541) 484-4422
Source:
Crexi
Added: Apr 25
Changed: Oct 11
Last Checked: Oct 20 at 8:54PM
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 C.W. Walker & Associates, Inc.
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Investment Insights
Based on property information with market context.
300 Ellsworth St. SW in Albany, Oregon is a three-story building with a mix of leased and vacant space on a 0.32-acre parcel. Approximately 4,500 square feet of the ground floor is occupied by WaFd Bank, and the tenant will execute a leaseback for its space at closing, creating stabilized income from day one. The balance of the building includes additional vacant ground-floor area (approximately 1,928 square feet) and the entire second floor, which are currently in shell condition.
The building features exposed brick, and the property is described as allowing flexibility for redevelopment under the HD zoning. This existing configuration provides a foundation for design and delivery of space tailored to market demand, including possibilities such as professional office, boutique retail, and service-oriented businesses.
With built-in tenancy anchoring the property and substantial shell space available for build-out, the asset is positioned for an investor, developer, or owner-user seeking to reposition and lease the remaining areas.
The building features exposed brick, and the property is described as allowing flexibility for redevelopment under the HD zoning. This existing configuration provides a foundation for design and delivery of space tailored to market demand, including possibilities such as professional office, boutique retail, and service-oriented businesses.
With built-in tenancy anchoring the property and substantial shell space available for build-out, the asset is positioned for an investor, developer, or owner-user seeking to reposition and lease the remaining areas.
Key Highlights
- 3‑story building on a 0.32‑acre parcel built in 1978 in downtown Albany, Oregon
- Approximately 4,500 SF ground floor occupied by WaFd Bank, with leaseback at closing for immediate stabilized income
- Remaining vacant areas include about 1,928 SF of ground floor in shell condition
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$320,975
Cap Rate
9.17%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$6,419,500
$6.4M
Cap Rate 7%
$4,585,357
$4.6M
Cap Rate 9%
$3,566,389
$3.6M
Market Conditions
NOI Build-Up for 19,497 SF
Gross rent
$629.4K $32.28/SF
− Vacancy
−$201.4K −$10.33/SF
EGI
$428.0K $21.95/SF
− OpEx
−$107.0K −$5.49/SF
NOI
$321.0K $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 Rate 5%
$6,419,500
Cap Rate 7%
$4,585,357
Cap Rate 9%
$3,566,389
Alternative Uses
Best Use
Office B
$5.09M
$4.45M – $5.94M
NOI $356,140 @ 7.0% cap · market cap 10.18%
Second Best
Specialty Retail
$4.59M
$4.01M – $5.35M
NOI $320,975 @ 7.0% cap · market cap 9.17%
Theoretical Best
Office A
$5.68M
$4.97M – $6.63M
NOI $397,589 @ 7.0% cap · market cap 11.36%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
1,527
Businesses Nearby
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Business Placement
Demographics for 97321, OR
30,291
Population
11,790
Households
2.6
Avg Household Size
41
Median Age
38%
College-Educated
96%
High-School Grad
69.1 sq mi
ZIP Area
438
Density / Sq Mi
$95,687
Median Household Income
$45,963
Median Earnings
$1,264
Median Rent
$442,400
Median Home Value
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Market
Vacancy Rate% for Office in West region
Frequently Asked Questions
What type of property is this?
Office building - WaFd Bank will lease back its ground-floor space at closing, while the remainder offers shell-ready redevelopment in HD zoning.
Where is this office building located?
The property is located at 300 Ellsworth St. SW Albany, OR.
What is the asking price?
The asking price for this property is $3,499,000.
What are key features of this property?
This property features: 3‑story building on a 0.32‑acre parcel built in 1978 in downtown Albany, Oregon; Approximately 4,500 SF ground floor occupied by WaFd Bank, with leaseback at closing for immediate stabilized income; Remaining vacant areas include about 1,928 SF of ground floor in shell condition
