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 Market136
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: Aug 24
Last Checked: Sep 6 at 8:31AM
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.
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 = 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
$320,975
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
9.17%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,527
Businesses Nearby
Explore this area
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
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 - 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
