For Sale
$299,900
353 SMITH St, Harrisburg, OR 97446
CommercialSale, Harrisburg, OR
Property Size1,558 SF
Lot Size0.50 Acres
Price / SF$192.49
Days on Market393
Property Features for 353 SMITH St
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
C-1
View
Territorial
Directions
South on 3rd and East on Smith to property on the right
Subdivision
_221
Standard status
Active
APN
0326757
Size
1,558 SF
Lot size
0.50 Acres
Taxes and HOA fees
Tax Description
15S04W16AA
Tax Annual Amount
3505
Legal Description
15S04W16AA
Utilities
Heating system
Forced Air
Building Details
Year built
1865
Floors in Building
2
Building materials
Frame, WoodFrame
Roof type
Composition
Listing Agency:
Premiere Property Group, LLC
(503) 670-9000
Listed By:
Theresa Monahan
(503) 805-7055
Added: Aug 2, 2025
Changed: Aug 25
Last Checked: Aug 29 at 11:06AM
MLS# 171964483
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.
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
$13,549
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
4.52%
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%
$270,980
$271.0K
Cap Rate 7%
$193,557
$193.6K
Cap Rate 9%
$150,544
$150.5K
Market Conditions
NOI Build-Up for 1,558 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
$25.2K $16.20/SF
− Vacancy
−$606 −$0.39/SF
EGI
$24.6K $15.81/SF
− OpEx
−$11.1K −$7.12/SF
NOI
$13.5K $8.70/SF
Area
Linn County, OR
Vacancy
2.40%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
45.00%
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%
$270,980
Cap Rate 7%
$193,557
Cap Rate 9%
$150,544
Alternative Uses
Best Use
Apartment 5plus
$193.6K
$169.4K – $225.8K
NOI $13,549 @ 7.0% cap · market cap 4.52%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$453.9K
$397.1K – $529.5K
NOI $31,771 @ 7.0% cap · market cap 10.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
180
Businesses Nearby
Explore this area
Business Placement
Demographics for 97446, OR
5,067
Population
1,887
Households
2.7
Avg Household Size
39
Median Age
16%
College-Educated
93%
High-School Grad
123.0 sq mi
ZIP Area
41
Density / Sq Mi
$72,065
Median Household Income
$44,363
Median Earnings
$1,172
Median Rent
$318,200
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
Where is this commercial land located?
The property is located at 353 SMITH St Harrisburg, OR.
What is the asking price?
The asking price for this property is $299,900.
