Flex Property with
3640 S Santiam Hwy, Lebanon, OR 97355
For Sale
$750,000
Commercial, Lebanon, OR
Property Size3,330 SF
Lot Size0.46 Acres
Price / SF$225.23
Days on Market394
Property Features for 3640 S Santiam Hwy
General Information
Property type
Property subtype
Zoning
View
Standard status
Size
Lot size
Taxes and HOA fees
Tax Annual Amount
Utilities
Heating system
Cooling system
Water source
Amenities
conference room
bathrooms
kitchenettes
Building Details
Year built
Listing Agency:
KELLER WILLIAMS REALTY MID-WILLAMETTE - GILLOTT TEAM
(541) 738-7770
Listed By:
LAURA GILLOTT · License OR #920300248
(541) 990-7785
Added: Oct 14, 2025
Changed: Oct 16
Last Checked: Nov 11 at 12:06AM
MLS# 834488
Copyright © 2026 Willamette Valley Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
This remodeled flex property totals 3,330 square feet and includes six office suites, a conference room, two bathrooms, and two kitchenettes. A 36' x 36' area can serve as a showroom, event space, or additional office space. The site also has a 20 x 75 shop with a concrete floor and loft, plus a 20 x 40 machine shed.
Two tax lots comprise 0.46 acres, with access from Hwy 20 and Cascade Drive. A fenced yard provides parking. The property is zoned UGM 1 and was built in 1956. Heating includes natural gas, floor furnace, and central systems; cooling is central air. Office furnishings are negotiable.
Two tax lots comprise 0.46 acres, with access from Hwy 20 and Cascade Drive. A fenced yard provides parking. The property is zoned UGM 1 and was built in 1956. Heating includes natural gas, floor furnace, and central systems; cooling is central air. Office furnishings are negotiable.
Key Highlights
- Remodeled flex property with 3,330 square feet
- Six office suites, conference room, two bathrooms, and two kitchenettes
- 36' x 36' showroom, event, or office area
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$60,827
Cap Rate
8.11%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,216,540
$1.2M
Cap Rate 7%
$868,957
$869.0K
Cap Rate 9%
$675,856
$675.9K
Market Conditions
NOI Build-Up for 3,330 SF
Gross rent
$94.3K $28.32/SF
− Vacancy
−$13.2K −$3.96/SF
EGI
$81.1K $24.36/SF
− OpEx
−$20.3K −$6.09/SF
NOI
$60.8K $18.27/SF
Area
Linn County, OR
Vacancy
14.00%
Lease Rate
$28.32 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,216,540
Cap Rate 7%
$868,957
Cap Rate 9%
$675,856
Alternative Uses
Best Use
Office B
$869.0K
$760.3K – $1.01M
NOI $60,827 @ 7.0% cap · market cap 8.11%
Second Best
Industrial
$480.1K
$420.1K – $560.1K
NOI $33,605 @ 7.0% cap · market cap 4.48%
Theoretical Best
Office A
$970.1K
$848.8K – $1.13M
NOI $67,906 @ 7.0% cap · market cap 9.05%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
6
Office units
Yes
Fenced yard
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
170
Businesses Nearby
Balanced
Demand for This Use
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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
$332,700
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Flex space in Linn County, OR
Properties on Market for Flex space in Linn County
Vacancy Rate% for Office in West region
Frequently Asked Questions
What type of property is this?
Flex space - Remodeled offices are paired with a conference room, kitchenettes, shop space, and a fenced yard.
Where is this flex space located?
The property is located at 3640 S Santiam Hwy Lebanon, OR.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Remodeled flex property with 3,330 square feet; Six office suites, conference room, two bathrooms, and two kitchenettes; 36' x 36' showroom, event, or office area
