1031 Exchange Property on Corner
For Sale
$499,000
305 Smith St, Harrisburg, OR 97446
C-1-zoned property includes land and a building leased to Subway.
Property Size1,556 SF
Days on Market375
Property Features for 305 Smith St
General Information
Standard status
Active
Size
1,556 SF
Total Parking Spaces
5
Property subtype
Commercial
Zoning
C-1
Additional Details
Corner Location
Yes
Taxes and HOA fees
Annual Taxes
$9,376
Building Details
Building Size
1,556 SF
Year Built
2012
Buildings
1
Stories
1
Listing Agency:
Premiere Property Group, LLC
(503) 805-7055
Listed By:
Theresa Monahan
(503) 805-7055
Source:
Allprofessionalsre
Added: Aug 2, 2025
Changed: Aug 9
Last Checked: Aug 11 at 2:58PM
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 Premiere Property Group, LLC
Investment Insights
Based on property information with market context.
This C-1-zoned commercial property includes both the land and building at 305 Smith St. The improvements were constructed in 2012 and are leased to Subway under a land lease arrangement. The property is positioned on a corner lot and forms part of a larger multi-parcel portfolio described as collectively spanning nearly an entire city block.
The existing Subway tenancy provides an established operating use within the property. The asset is offered for sale with the land and building included, and tenant operations should not be disturbed during visits.
The existing Subway tenancy provides an established operating use within the property. The asset is offered for sale with the land and building included, and tenant operations should not be disturbed during visits.
Key Highlights
- Land and building included in the sale
- Leased to Subway under a land lease arrangement
- C‑1 zoning
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
$23,908
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
4.79%
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%
$478,160
$478.2K
Cap Rate 7%
$341,543
$341.5K
Cap Rate 9%
$265,644
$265.6K
Market Conditions
NOI Build-Up for 1,556 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
$50.2K $32.28/SF
− Vacancy
−$16.1K −$10.33/SF
EGI
$34.2K $21.95/SF
− OpEx
−$10.2K −$6.59/SF
NOI
$23.9K $15.37/SF
Area
Linn County, OR
Vacancy
32.00%
Lease Rate
$32.28 /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%
$478,160
Cap Rate 7%
$341,543
Cap Rate 9%
$265,644
Alternative Uses
Best Use
Retail
$341.5K
$298.9K – $398.5K
NOI $23,908 @ 7.0% cap · market cap 4.79%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$453.3K
$396.6K – $528.8K
NOI $31,730 @ 7.0% cap · market cap 6.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
180
Businesses Nearby
18k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 86%
Dining 14%
Dollar General
Shops & Services
7,491 visits/mo
0.2 miles
Dari Mart
Shops & Services
6,451 visits/mo
0.1 miles
SUBWAY
Dining
2,586 visits/mo
0.1 miles
KeyBank
Shops & Services
1,847 visits/mo
0.1 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?
1031 exchange property - C-1-zoned property includes land and a building leased to Subway.
Where is this 1031 exchange property located?
The property is located at 305 Smith St Harrisburg, OR.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: Land and building included in the sale; Leased to Subway under a land lease arrangement; C‑1 zoning
