Single-Level Warehouse
For Sale
$695,000
308 N FIRST St, Drain, OR 97435
CommercialSale, Drain, OR
Property Size7,500 SF
Lot Size0.62 Acres
Price / SF$92.67
Days on Market135
Property Features for 308 N FIRST St
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
C1
View
City
Directions
I-5 exit 150, pass Yoncalla to Drain, Right on West B Ave, left on N First St.
Subdivision
_265
Standard status
Active
APN
R20859
Size
7,500 SF
Lot size
0.62 Acres
Taxes and HOA fees
Tax Description
DRAIN M&B, LOT M&B INST 279597 LESS PT SD, ACRES 0.62
Tax Annual Amount
5610
Legal Description
DRAIN M&B, LOT M&B INST 279597 LESS PT SD, ACRES 0.62
Building Details
Year built
1960
Floors in Building
1
Building materials
Block
Roof type
Flat, Rubber
Listing Agency:
RE/MAX Integrity · RE/MAX International
(541) 673-3272
Listed By:
Jody Tatone · License #780403754
(541) 430-5430
Added: Apr 13
Changed: Aug 25
Last Checked: Aug 25 at 11:06AM
MLS# 642092526
Copyright © 2026 Regional Multiple Listing Services. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This single-level commercial building offers 7,500 square feet of usable interior space and is suited to either retail or warehouse use. Block construction, a flat rubber roof, and a 1960 construction date define the existing improvements.
The property occupies 0.62 acres at 308 N First St in Drain, with frontage along Hwy 99 and a central in-town position. Paved parking is available on site, supplemented by street parking. C1 zoning supports the property’s commercial classification.
The property occupies 0.62 acres at 308 N First St in Drain, with frontage along Hwy 99 and a central in-town position. Paved parking is available on site, supplemented by street parking. C1 zoning supports the property’s commercial classification.
Key Highlights
- 7,500 square feet of usable space
- 0.62‑acre commercial parcel
- C1 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
$55,143
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
7.93%
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%
$1,102,860
$1.1M
Cap Rate 7%
$787,757
$787.8K
Cap Rate 9%
$612,700
$612.7K
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
−$9.7K −$1.30/SF
NOI
$55.1K $7.35/SF
Area
Douglas County, OR
Vacancy
3.89%
Lease Rate
$9.00 /SF/Yr
Expense Ratio
15.00%
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%
$1,102,860
Cap Rate 7%
$787,757
Cap Rate 9%
$612,700
Alternative Uses
Best Use
Retail
$1.28M
$1.12M – $1.49M
NOI $89,303 @ 7.0% cap · market cap 12.85%
Second Best
Warehouse
$787.8K
$689.3K – $919.1K
NOI $55,143 @ 7.0% cap · market cap 7.93%
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.
Similar Off Market Nearby
- Drain Self Storage — 626 S Cedar St, Drain, OR 97435
Frequently Asked Questions
What type of property is this?
Warehouse - C1-zoned commercial building with paved on-site parking and flexible retail or warehouse utility.
Where is this warehouse 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; 0.62‑acre commercial parcel; C1 zoning
