Single-Level Flex
For Sale
$695,000
308 N First St, Drain, OR 97435
Single-level commercial space suited to retail or warehouse use, with paved on-site parking and additional street parking.
Property Size7,500 SF
Price / SF$92.67
Days on Market40
Property Features for 308 N First St
General Information
Standard status
Active
Size
7,500 SF
Site & Location
Highway Access
Yes
Road Access
Yes
Amenities
paved onsite parking
Building Details
Year Built
1960
Buildings
1
Stories
1
Listing Agency:
RE/MAX Integrity
(541) 673-3272
Listed By:
Jody Tatone · License #780403754
Source:
Christiesrealestateevg
Added: Jul 21
Changed: Aug 28
Last Checked: Aug 29 at 12:14PM
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 RE/MAX Integrity
Investment Insights
Based on property information with market context.
This single-story flex-space property contains 7,500 square feet of usable area and was built in 1960. The configuration supports retail or warehouse use, providing a versatile commercial setting for a range of operations.
Positioned on Hwy 99 in central Drain, the property offers paved on-site parking along with additional street parking. Its location places the building within the community’s central area and provides direct highway exposure.
Positioned on Hwy 99 in central Drain, the property offers paved on-site parking along with additional street parking. Its location places the building within the community’s central area and provides direct highway exposure.
Key Highlights
- 7,500 square feet of usable space
- Single‑level flex‑space building
- Retail or warehouse use supported by the existing configuration
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
$45,412
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
6.53%
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%
$908,240
$908.2K
Cap Rate 7%
$648,743
$648.7K
Cap Rate 9%
$504,578
$504.6K
Market Conditions
NOI Build-Up for 7,500 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
$67.5K $9.00/SF
− Vacancy
−$2.6K −$0.35/SF
EGI
$64.9K $8.65/SF
− OpEx
−$19.5K −$2.59/SF
NOI
$45.4K $6.05/SF
Area
Douglas County, OR
Vacancy
3.89%
Lease Rate
$9.00 /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%
$908,240
Cap Rate 7%
$648,743
Cap Rate 9%
$504,578
Alternative Uses
Best Use
Flex RnD
$963.2K
$842.8K – $1.12M
NOI $67,421 @ 7.0% cap · market cap 9.70%
Second Best
Industrial
$648.7K
$567.7K – $756.9K
NOI $45,412 @ 7.0% cap · market cap 6.53%
Theoretical Best
Specialty Retail
$1.30M
$1.14M – $1.51M
NOI $90,866 @ 7.0% cap · market cap 13.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
138
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 97435, OR
2,326
Population
1,108
Households
2.1
Avg Household Size
47
Median Age
16%
College-Educated
87%
High-School Grad
99.0 sq mi
ZIP Area
23
Density / Sq Mi
$54,679
Median Household Income
$34,788
Median Earnings
$978
Median Rent
$270,800
Median Home Value
Market
Vacancy Rate% for Industrial 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?
Flex space - Single-level commercial space suited to retail or warehouse use, with paved on-site parking and additional street parking.
Where is this flex space located?
The property is located at 308 N First St Drain, OR.
What is the asking price?
The asking price for this property is $695,000.
What are key features of this property?
This property features: 7,500 square feet of usable space; Single‑level flex‑space building; Retail or warehouse use supported by the existing configuration
