Mixed-Use Craftsman with Commercial
New
For Sale
$499,000
622 S Main St, Milton Freewater, OR 97862
A 1923 Craftsman combines residential character with a finished lower level and food-service infrastructure.
Property Size4,917 SF
Price / SF$101.48
Days on Market2
Property Features for 622 S Main St
General Information
Standard status
Active
Size
4,917 SF
Property subtype
Land
Additional Details
Road Access
Yes
Amenities
dance hall
culinary garden with herbs and fruit trees
Building Details
Year Built
1923
Buildings
1
Construction
Craftsman
Listing Agency:
Tri-Cities Realty Group, LLC
Listed By:
Pamela Caldwell
(509) 949-1771
Source:
Searchresultsrealtygroup
Added: Sep 12
Last Checked: Sep 13 at 8:05AM
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 Tri-Cities Realty Group, LLC
Investment Insights
Based on property information with market context.
Built in 1923, this 4,917-square-foot Craftsman combines a residential layout with commercial functionality under mixed-use zoning. The main level includes 5 bedrooms, 2 bathrooms, hardwood floors, built-in cabinetry, and a fireplace, creating a character-rich interior suited to the property’s live-work configuration.
The finished basement adds a dance hall and a 1/2 commercial kitchen equipped with a 3-compartment sink, hand-washing sink, and two 220V outlets. The property also includes an outdoor culinary garden with established herbs and fruit trees. Located at 622 S Main St in Milton Freewater, the building has accommodated residential and commercial use, including a tasting room, café, restaurant, vacation rental, or creative business space.
The finished basement adds a dance hall and a 1/2 commercial kitchen equipped with a 3-compartment sink, hand-washing sink, and two 220V outlets. The property also includes an outdoor culinary garden with established herbs and fruit trees. Located at 622 S Main St in Milton Freewater, the building has accommodated residential and commercial use, including a tasting room, café, restaurant, vacation rental, or creative business space.
Key Highlights
- 4,917‑square‑foot mixed‑use Craftsman built in 1923
- 5 bedrooms and 2 bathrooms with hardwood floors, built‑ins, and a fireplace
- Finished basement includes a dance hall
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
$28,995
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
5.81%
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%
$579,900
$579.9K
Cap Rate 7%
$414,214
$414.2K
Cap Rate 9%
$322,167
$322.2K
Market Conditions
NOI Build-Up for 4,917 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
$44.3K $9.00/SF
− Vacancy
−$2.8K −$0.58/SF
EGI
$41.4K $8.42/SF
− OpEx
−$12.4K −$2.53/SF
NOI
$29.0K $5.90/SF
Area
Umatilla County, OR
Vacancy
6.40%
Lease Rate
$9.00 /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%
$579,900
Cap Rate 7%
$414,214
Cap Rate 9%
$322,167
Alternative Uses
Best Use
Specialty Retail
$792.0K
$693.0K – $924.1K
NOI $55,443 @ 7.0% cap · market cap 11.11%
Second Best
Mixed Use
$727.0K
$636.1K – $848.2K
NOI $50,891 @ 7.0% cap · market cap 10.20%
Theoretical Best
Office A
$1.03M
$900.6K – $1.20M
NOI $72,051 @ 7.0% cap · market cap 14.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
312
Businesses Nearby
22k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 88%
Shops & Services 12%
Safeway
Groceries
19,212 visits/mo
0.4 miles
Les Schwab Tire Center
Shops & Services
2,453 visits/mo
0.5 miles
U.S. Bank
Shops & Services
269 visits/mo
0.5 miles
Demographics for 97862, OR
11,512
Population
5,245
Households
2.2
Avg Household Size
39
Median Age
13%
College-Educated
79%
High-School Grad
292.9 sq mi
ZIP Area
39
Density / Sq Mi
$54,013
Median Household Income
$32,787
Median Earnings
$858
Median Rent
$225,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - A 1923 Craftsman combines residential character with a finished lower level and food-service infrastructure.
Where is this mixed-use property located?
The property is located at 622 S Main St Milton Freewater, OR.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: 4,917‑square‑foot mixed‑use Craftsman built in 1923; 5 bedrooms and 2 bathrooms with hardwood floors, built‑ins, and a fireplace; Finished basement includes a dance hall
