Mixed-Use Property with
New
For Sale
$575,000
308 NW SANTIAM Blvd, Mill City, OR 97360
MultiFamily, MillCity, OR
Property Size3,068 SF
Lot Size0.44 Acres
Price / SF$187.42
Days on Market2
Property Features for 308 NW SANTIAM Blvd
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
CH
Bedrooms
3
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 1, Bathroom 3, Bedroom 2, Bathroom 2, Bedroom 3, Bathroom 4, Bedroom 1
View
City, River
Elementary school
Santiam
Middle school
Santiam
High school
Santiam
Directions
On Hwy 22 just S of the Dollar General in Mill CIty
Subdivision
_170
Standard status
Active
APN
100835
Size
3,068 SF
Lot size
0.44 Acres
Taxes and HOA fees
Tax Description
HADLEYS ADDITION, BLOCK 1, LOT 9, ACRES 0.44
Tax Annual Amount
5989
Legal Description
HADLEYS ADDITION, BLOCK 1, LOT 9, ACRES 0.44
Utilities
Heating system
Ductless (Heating)
Water front features
River Front
Water front
1
Amenities
two EV chargers
Building Details
Year built
1983
Floors in Building
1
Number of units
4
Roof type
Composition
Listing Agency:
Stellar Realty Northwest
(503) 265-8153
Listed By:
Katy Rosecrans · License #200402282
(541) 905-1962
Added: Sep 26
Last Checked: Sep 27 at 1:06PM
MLS# 537479638
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 3,068-square-foot mixed-use property includes three residential units and a public laundromat. The property was renovated, with the multifamily component added since 2020. Two EV chargers are available on site, and the parcel includes parking for tenants and laundry customers.
The 0.44-acre property has CH zoning and river frontage. Built in 1983, it has ductless heating.
The 0.44-acre property has CH zoning and river frontage. Built in 1983, it has ductless heating.
Key Highlights
- Three residential units and a public laundromat
- 3,068 square feet on a 0.44‑acre parcel
- Multifamily component added since 2020
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
$36,241
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
6.30%
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%
$724,820
$724.8K
Cap Rate 7%
$517,729
$517.7K
Cap Rate 9%
$402,678
$402.7K
Market Conditions
NOI Build-Up for 3,068 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
$64.4K $21.00/SF
− Vacancy
−$6.4K −$2.10/SF
EGI
$58.0K $18.90/SF
− OpEx
−$21.7K −$7.09/SF
NOI
$36.2K $11.81/SF
Area
Linn County, OR
Vacancy
10.00%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
37.50%
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%
$724,820
Cap Rate 7%
$517,729
Cap Rate 9%
$402,678
Alternative Uses
Best Use
Mixed Use
$517.7K
$453.0K – $604.0K
NOI $36,241 @ 7.0% cap · market cap 6.30%
Second Best
Apartment 5plus
$381.1K
$333.5K – $444.7K
NOI $26,680 @ 7.0% cap · market cap 4.64%
Theoretical Best
Office A
$893.8K
$782.1K – $1.04M
NOI $62,564 @ 7.0% cap · market cap 10.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
135
Businesses Nearby
Explore this area
Business Placement
Demographics for 97360, OR
2,362
Population
964
Households
2.5
Avg Household Size
41
Median Age
11%
College-Educated
88%
High-School Grad
13.5 sq mi
ZIP Area
175
Density / Sq Mi
$68,912
Median Household Income
$38,846
Median Earnings
$1,168
Median Rent
$281,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Three residential units accompany a public laundry facility with on-site parking for residents and customers.
Where is this mixed-use property located?
The property is located at 308 NW SANTIAM Blvd Mill City, OR.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: Three residential units and a public laundromat; 3,068 square feet on a 0.44‑acre parcel; Multifamily component added since 2020
