Medical Office
For Sale
$415,000
349 SE BAKER St, McMinnville, OR 97128
CommercialSale, McMinnville, OR
Property Size1,430 SF
Price / SF$290.21
Days on Market64
Property Features for 349 SE BAKER St
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
c-3
Directions
between Baker and Adam near Handley
Subdivision
_156
Standard status
Active
APN
435504
Size
1,430 SF
Taxes and HOA fees
Tax Description
UNIT 349 IN MCMINNVILLE MEDICAL CLINIC
Tax Annual Amount
5996
Legal Description
UNIT 349 IN MCMINNVILLE MEDICAL CLINIC
Utilities
Heating system
Heat Pump (Heating)
Building Details
Year built
1980
Floors in Building
1
Building materials
Brick
Listing Agency:
Bella Casa Real Estate Group
(503) 437-9005
Listed By:
Joni McCreith
(503) 310-5613
Added: Jun 24
Changed: Aug 25
Last Checked: Aug 26 at 6:06AM
MLS# 555172593
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 1,430-square-foot medical office property was built in 1980 with brick construction and heat-pump heating. The space is suited to medical or dental operations and may also accommodate conversion to another office use.
Located at 349 SE BAKER St in McMinnville, the property is within the 97128 postal area of Yamhill County. C-3 zoning is in place, supporting the property’s commercial office positioning.
Located at 349 SE BAKER St in McMinnville, the property is within the 97128 postal area of Yamhill County. C-3 zoning is in place, supporting the property’s commercial office positioning.
Key Highlights
- 1,430 square feet of office space
- Medical or dental office configuration
- Can be converted to other office use
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
$18,511
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
4.46%
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%
$370,220
$370.2K
Cap Rate 7%
$264,443
$264.4K
Cap Rate 9%
$205,678
$205.7K
Market Conditions
NOI Build-Up for 1,430 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
$32.6K $22.80/SF
− Vacancy
−$7.9K −$5.54/SF
EGI
$24.7K $17.26/SF
− OpEx
−$6.2K −$4.31/SF
NOI
$18.5K $12.94/SF
Area
Yamhill County, OR
Vacancy
24.30%
Lease Rate
$22.80 /SF/Yr
Expense Ratio
25.00%
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%
$370,220
Cap Rate 7%
$264,443
Cap Rate 9%
$205,678
Alternative Uses
Best Use
Office B
$264.4K
$231.4K – $308.5K
NOI $18,511 @ 7.0% cap · market cap 4.46%
Second Best
Healthcare Medical
$153.1K
$133.9K – $178.6K
NOI $10,714 @ 7.0% cap · market cap 2.58%
Theoretical Best
Office A
$386.0K
$337.7K – $450.3K
NOI $27,019 @ 7.0% cap · market cap 6.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,409
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 97128, OR
38,394
Population
15,291
Households
2.5
Avg Household Size
40
Median Age
28%
College-Educated
88%
High-School Grad
112.2 sq mi
ZIP Area
342
Density / Sq Mi
$72,055
Median Household Income
$37,427
Median Earnings
$1,295
Median Rent
$419,200
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Baker Street Animal Hospital — 1715 SW Baker St, McMinnville, OR 97128
- Third Street Veterinary Hospital — 303 NE Irvine St, McMinnville, OR 97128
- Homeward Bound Pets Spay and Neuter Clinic — 723 NE Evans St, McMinnville, OR 97128
Frequently Asked Questions
What type of property is this?
Medical Office Space - Brick office space with a flexible layout for medical, dental, or general office use.
Where is this medical office space located?
The property is located at 349 SE BAKER St McMinnville, OR.
What is the asking price?
The asking price for this property is $415,000.
What are key features of this property?
This property features: 1,430 square feet of office space; Medical or dental office configuration; Can be converted to other office use
