Historic Office
New
For Sale
$1,500,000
536 Ne 5th St, McMinnville, OR 97128
A multi-level office property with private rooms, reception space, and C-3 zoning allowing several commercial and residential uses.
Property Size4,300 SF
Price / SF$348.84
Days on Market4
Property Features for 536 Ne 5th St
General Information
Standard status
Active
Size
4,300 SF
Total Parking Spaces
11
Property subtype
Commercial
Zoning
C-3
Amenities
fireplace
crown molding
wooden finishes
storage
Building Details
Year Built
1929
Buildings
1
Stories
3
Construction
English cottage-style
Tenancy
Single
Owner Occupied
Yes
Listing Agency:
Miller Consulting Group, LLC
Listed By:
Michael Morris · License #1012481
(503) 740-9200
Source:
Handrisrealty
Added: Oct 18
Changed: Oct 21
Last Checked: Oct 20 at 8:54PM
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 Miller Consulting Group, LLC
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Investment Insights
Based on property information with market context.
The Spence House is a 4,300-square-foot office building in a 1929 English cottage-style structure recognized as a historical building by the National Register of Historical Places. Its first and second floors contain multiple private offices, with reception space and two bathrooms on the first floor and a full bathroom upstairs. A finished basement provides storage and includes a fireplace and two staircases; the unfinished third floor offers additional space. Architectural details include steep gables, casement windows, brick and stucco exterior finishes, crown molding, and wood flooring. The roof was replaced in 2011, the sewer lateral in 2016, and HVAC units in 2019, 2024, and 2025. The building is not ADA compliant, though some ADA improvements have been made.
C-3 zoning permits office, retail, mixed-use, and multifamily uses, with conditions applying to single-use and duplex residences. The property is across from the County Courthouse and two blocks from Third St in downtown McMinnville. It includes 11 dedicated parking spaces, with street parking also available.
C-3 zoning permits office, retail, mixed-use, and multifamily uses, with conditions applying to single-use and duplex residences. The property is across from the County Courthouse and two blocks from Third St in downtown McMinnville. It includes 11 dedicated parking spaces, with street parking also available.
Key Highlights
- 4,300‑square‑foot building constructed in 1929
- C‑3 zoning permits office, retail, mixed‑use, and multifamily uses, subject to conditions for some residential configurations
- Multiple private offices across the first and second floors, plus reception area and three bathrooms
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$55,662
Cap Rate
3.71%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,113,240
$1.1M
Cap Rate 7%
$795,171
$795.2K
Cap Rate 9%
$618,467
$618.5K
Market Conditions
NOI Build-Up for 4,300 SF
Gross rent
$98.0K $22.80/SF
− Vacancy
−$23.8K −$5.54/SF
EGI
$74.2K $17.26/SF
− OpEx
−$18.6K −$4.31/SF
NOI
$55.7K $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 Rate 5%
$1,113,240
Cap Rate 7%
$795,171
Cap Rate 9%
$618,467
Alternative Uses
Best Use
Office B
$795.2K
$695.8K – $927.7K
NOI $55,662 @ 7.0% cap · market cap 3.71%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.16M
$1.02M – $1.35M
NOI $81,247 @ 7.0% cap · market cap 5.42%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,487
Businesses Nearby
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
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Market
Vacancy Rate% for Office in West region
Frequently Asked Questions
What type of property is this?
Office building - A multi-level office property with private rooms, reception space, and C-3 zoning allowing several commercial and residential uses.
Where is this office building located?
The property is located at 536 Ne 5th St McMinnville, OR.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: 4,300‑square‑foot building constructed in 1929; C‑3 zoning permits office, retail, mixed‑use, and multifamily uses, subject to conditions for some residential configurations; Multiple private offices across the first and second floors, plus reception area and three bathrooms
