Building Details

Year built 1960

Floors in Building 1

Building materials Block

Roof type Rubber, Flat

Listing Agency: RE/MAX Integrity · RE/MAX International j***@rosenet.net Show Phone

Listed By: Jody Tatone · License #780403754 Show Phone

Added: Apr 13 Changed: Sep 30 Last Checked: Oct 9 at 7:06PM

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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.

Key Highlights

• 7,500 square feet of usable space
• 0.62‑acre commercial parcel
• C1 zoning

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$55,143

Cap Rate

7.93%

Suggested Prices Based on Cap Rates

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

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 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 (±1% cap)

NOI $89,303 @ 7.0% cap · market cap 12.85%

Second Best

Warehouse

$787.8K

$689.3K – $919.1K (±1% cap)

NOI $55,143 @ 7.0% cap · market cap 7.93%

Theoretical Best

Specialty Retail

$1.30M

$1.14M – $1.51M (±1% cap)

NOI $90,866 @ 7.0% cap · market cap 13.07%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Open Analytics

Current Use

Western Union Bank Ray's Food Place Grocery & Convenience Store Cardtronics ATM Atm

Suggested Use

Top Pick Plumbing Service Building Supply Auto Parts Store Storage Facility Butcher Cafe & Coffee Shop

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

3.7% 2019

4.3% 2020

2.6% 2021

2.5% 2022

4.8% 2023

6.9% 2024

7.9% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this warehouses located? What is the asking price? Find similar properties What are key features of this property?

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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