Tractor Supply Company Investment
For Sale
Contact for pricing
3296 Burdell Blvd, Lebanon, OR 97355
NN leased Tractor Supply Company in Lebanon, Oregon for sale.
Property Size21,930 SF
Price / SF$465.53
Days on Market193
Property Features for 3296 Burdell Blvd
General Information
Standard status
Active
Size
21,930 SF
Total Parking Spaces
80
Property subtype
Retail
Zoning
Z-MU - Mixed Use
Lease Type
NN
Investment Type
Net Lease
Net Operating Income
$602,342
Building Details
Year Built
2025
Buildings
1
Stories
1
Units
1
Tenancy
Single
Listing Agency:
SRS Real Estate Partners Newport Beach
Listed By:
Calvin Short · License #01927216
Source:
Crexi
Added: Jan 29
Changed: Aug 7
Last Checked: Aug 9 at 1:19PM
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 SRS Real Estate Partners Newport Beach
Investment Insights
Based on property information with market context.
The property is a fee simple interest (land & building ownership) in a NN leased Tractor Supply Company investment property located in Lebanon, Oregon. The corporate entity recently signed a brand new 15-year lease with 4 (5-year) options to extend. The lease features 5% rental increases every 5 years throughout the initial term and at the beginning of each option period. The lease is NN with limited landlord responsibilities. Tractor Supply Company has more than 2,400 locations across the US, and reported a 2024 revenue of over $14.88 Billion. The Tractor Supply Company is located adjacent to U.S. Highway 20, which averages 21,200 vehicles passing by daily. The site is situated directly across the highway from a Walmart Supercenter. The property is in the center of a primary retail corridor with other nearby national/credit tenants including Safeway, Grocery Outlet, Harbor Freight Tools, Chipotle, AutoZone, and more. The 5-mile trade area is supported by approximately 29,300 residents and 7,800 employees. Residents within 5 miles of the subject property have an average household income of $86,236. The property size is 21,930 square feet.
Key Highlights
- Brand new 15‑year lease with Tractor Supply Company (Nasdaq: TSCO).
- NN lease structure with limited landlord responsibilities.
- Corporate lease with Tractor Supply Company, with over 2,400 locations and $14.88 Billion in 2024 revenue.
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
$336,961
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
3.30%
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%
$6,739,220
$6.7M
Cap Rate 7%
$4,813,729
$4.8M
Cap Rate 9%
$3,744,011
$3.7M
Market Conditions
NOI Build-Up for 21,930 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
$707.9K $32.28/SF
− Vacancy
−$226.5K −$10.33/SF
EGI
$481.4K $21.95/SF
− OpEx
−$144.4K −$6.59/SF
NOI
$337.0K $15.37/SF
Area
Linn County, OR
Vacancy
32.00%
Lease Rate
$32.28 /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%
$6,739,220
Cap Rate 7%
$4,813,729
Cap Rate 9%
$3,744,011
Alternative Uses
Best Use
Retail
$4.81M
$4.21M – $5.62M
NOI $336,961 @ 7.0% cap · market cap 3.30%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.39M
$5.59M – $7.45M
NOI $447,204 @ 7.0% cap · market cap 4.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
278
Businesses Nearby
Explore this area
Business Placement
Demographics for 97355, OR
32,413
Population
13,623
Households
2.4
Avg Household Size
41
Median Age
18%
College-Educated
91%
High-School Grad
214.3 sq mi
ZIP Area
151
Density / Sq Mi
$64,307
Median Household Income
$39,934
Median Earnings
$1,267
Median Rent
$332,700
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - NN leased Tractor Supply Company in Lebanon, Oregon for sale.
Where is this retail space located?
The property is located at 3296 Burdell Blvd Lebanon, OR.
What is the asking price?
The asking price for this property is $10,209,000.
What are key features of this property?
This property features: Brand new 15‑year lease with Tractor Supply Company (Nasdaq: TSCO).; NN lease structure with limited landlord responsibilities.; Corporate lease with Tractor Supply Company, with over 2,400 locations and $14.88 Billion in 2024 revenue.
