Historic Furnished Bed &
For Sale
$995,000
648 W Main St, Carlton, OR 97111
Three-story lodging property with original built-ins, updated heating, and outdoor gathering areas.
Property Size3,994 SF
Price / SF$249.12
Days on Market257
Property Features for 648 W Main St
General Information
Standard status
Active
Size
3,994 SF
Total Parking Spaces
3
Property subtype
Commercial
Zoning
R1
Additional Details
Furnished
Yes
Business Included
Yes
Taxes and HOA fees
Annual Taxes
$4,224
Amenities
speakeasy
garden
patio
front porch
Building Details
Building Size
3,994 SF
Year Built
1915
Buildings
2
Stories
3
Listing Agency:
Cascade Hasson Sotheby's International Realty
(503) 314-2100
Listed By:
Jim McCartan · License #930100065
(503) 314-2100
Source:
Allprofessionalsre
Added: Dec 16, 2025
Changed: Aug 29
Last Checked: Aug 2 at 9:30AM
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 Cascade Hasson Sotheby's International Realty
Investment Insights
Based on property information with market context.
Built in 1915, this three-story bed and breakfast encompasses 3,994 square feet and is configured with five bedrooms and six baths. The property is offered furnished with the operating business in place, supporting continued hospitality use or conversion to a residence, VRBO, or short-term rental. Original built-ins and wood detailing complement gathering areas, while a brand-new furnace provides a modern mechanical update. A lower-level speakeasy with nautical design adds a distinctive guest feature.
The exterior includes a maintained yard, garden, patio, and front porch. Off-street parking accommodates up to three vehicles, with additional street parking available. Located at 648 W MAIN ST in Carlton, the property is steps from downtown, with walkable access to tasting rooms, restaurants, boutiques, and local events.
The exterior includes a maintained yard, garden, patio, and front porch. Off-street parking accommodates up to three vehicles, with additional street parking available. Located at 648 W MAIN ST in Carlton, the property is steps from downtown, with walkable access to tasting rooms, restaurants, boutiques, and local events.
Key Highlights
- 1915 bed and breakfast with 3,994 square feet across three stories
- Five bedrooms and six baths; furnished with the business in place
- Lower‑level Prohibition‑era speakeasy with nautical design
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
$51,283
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
5.15%
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%
$1,025,660
$1.0M
Cap Rate 7%
$732,614
$732.6K
Cap Rate 9%
$569,811
$569.8K
Market Conditions
NOI Build-Up for 3,994 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
$98.3K $24.60/SF
− Vacancy
−$5.0K −$1.25/SF
EGI
$93.2K $23.35/SF
− OpEx
−$42.0K −$10.51/SF
NOI
$51.3K $12.84/SF
Area
Yamhill County, OR
Vacancy
5.10%
Lease Rate
$24.60 /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%
$1,025,660
Cap Rate 7%
$732,614
Cap Rate 9%
$569,811
Alternative Uses
Best Use
Apartment 5plus
$732.6K
$641.0K – $854.7K
NOI $51,283 @ 7.0% cap · market cap 5.15%
Second Best
Hotel Hospitality
$601.7K
$526.5K – $702.0K
NOI $42,117 @ 7.0% cap · market cap 4.23%
Theoretical Best
Office A
$1.08M
$943.3K – $1.26M
NOI $75,466 @ 7.0% cap · market cap 7.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
207
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 97111, OR
3,435
Population
1,609
Households
2.1
Avg Household Size
41
Median Age
23%
College-Educated
91%
High-School Grad
38.0 sq mi
ZIP Area
90
Density / Sq Mi
$95,121
Median Household Income
$55,890
Median Earnings
$1,744
Median Rent
$472,900
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Bed & breakfast - Three-story lodging property with original built-ins, updated heating, and outdoor gathering areas.
Where is this bed & breakfast located?
The property is located at 648 W Main St Carlton, OR.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: 1915 bed and breakfast with 3,994 square feet across three stories; Five bedrooms and six baths; furnished with the business in place; Lower‑level Prohibition‑era speakeasy with nautical design
