Mixed-Use Building with
For Sale
$599,900
309 W 1st Ave, Albany, OR 97321
Flexible downtown property combines street-level commercial space, a private residence, and separately accessed rear workspace.
Property Size4,500 SF
Price / SF$133.31
Days on Market9
Property Features for 309 W 1st Ave
General Information
Standard status
Active
Size
4,500 SF
Additional Details
Floor
Street Level
Building Details
Year Built
1890
Listing Agency:
LORADITCH RANCH AND HOME REAL ESTATE
(541) 322-8880
Listed By:
AARON FULCHER
Source:
Oregonhomeshop
Added: Aug 21
Changed: Aug 28
Last Checked: Aug 28 at 12:45PM
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 LORADITCH RANCH AND HOME REAL ESTATE
Investment Insights
Based on property information with market context.
This 4500-square-foot mixed-use building, constructed in 1890, combines commercial and residential components in a two-level configuration. The ground floor is arranged as an open retail or office area, with the potential to divide it into two units subject to buyer verification. Separate rear access serves storage or additional office space.
A two-bedroom, two-bath residential unit occupies the upper level and has a long-term tenant in place. The property is located in historic downtown Albany at 309 W 1st Ave, with a layout suited to live-work use or owner-occupancy. The existing arrangement also allows consideration of future residential reconfiguration, subject to verification.
A two-bedroom, two-bath residential unit occupies the upper level and has a long-term tenant in place. The property is located in historic downtown Albany at 309 W 1st Ave, with a layout suited to live-work use or owner-occupancy. The existing arrangement also allows consideration of future residential reconfiguration, subject to verification.
Key Highlights
- 4500 SF mixed‑use property at 309 W 1st Ave, Albany, OR 97321
- Street‑level retail/office area can remain open or be divided into two units, subject to buyer verification
- Second‑floor 2 bed, 2 bath residential unit with a long‑term tenant
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
$53,156
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
8.86%
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%
$1,063,120
$1.1M
Cap Rate 7%
$759,371
$759.4K
Cap Rate 9%
$590,622
$590.6K
Market Conditions
NOI Build-Up for 4,500 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
$94.5K $21.00/SF
− Vacancy
−$9.5K −$2.10/SF
EGI
$85.1K $18.90/SF
− OpEx
−$31.9K −$7.09/SF
NOI
$53.2K $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%
$1,063,120
Cap Rate 7%
$759,371
Cap Rate 9%
$590,622
Alternative Uses
Best Use
Office B
$1.17M
$1.03M – $1.37M
NOI $82,199 @ 7.0% cap · market cap 13.70%
Second Best
Retail
$987.8K
$864.3K – $1.15M
NOI $69,144 @ 7.0% cap · market cap 11.53%
Theoretical Best
Office A
$1.31M
$1.15M – $1.53M
NOI $91,765 @ 7.0% cap · market cap 15.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,579
Businesses Nearby
Explore this area
Business Placement
Demographics for 97321, OR
30,291
Population
11,790
Households
2.6
Avg Household Size
41
Median Age
38%
College-Educated
96%
High-School Grad
69.1 sq mi
ZIP Area
438
Density / Sq Mi
$95,687
Median Household Income
$45,963
Median Earnings
$1,264
Median Rent
$442,400
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Flexible downtown property combines street-level commercial space, a private residence, and separately accessed rear workspace.
Where is this mixed-use property located?
The property is located at 309 W 1st Ave Albany, OR.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: 4500 SF mixed‑use property at 309 W 1st Ave, Albany, OR 97321; Street‑level retail/office area can remain open or be divided into two units, subject to buyer verification; Second‑floor 2 bed, 2 bath residential unit with a long‑term tenant
