Mixed-Use Building with
For Sale
$730,000
657 E Main St, Cottage Grove, OR 97424
Two commercial spaces and a second-floor apartment support mixed-use occupancy.
Property Size6,485 SF
Days on Market254
Property Features for 657 E Main St
General Information
Standard status
Active
Size
6,485 SF
Property subtype
Commercial
Zoning
C-2 (H)
Taxes and HOA fees
Annual Taxes
$7,403
Building Details
Building Size
6,485 SF
Year Built
1920
Buildings
1
Stories
2
Listing Agency:
Windermere RE Lane County
(541) 650-1226
Listed By:
River Molyneaux · License #201244874
(541) 650-1226
Source:
Metanars
Added: Dec 20, 2025
Changed: Aug 30
Last Checked: Aug 30 at 5:33PM
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 Windermere RE Lane County
Investment Insights
Based on property information with market context.
Built in 1920, this mixed-use property combines two commercial spaces with a 900 SqFt apartment on the second floor. The commercial component is configured for retail, office, or service-oriented use, while the upper-level residence adds a separate living component. The property carries C-2 (H) zoning.
The building is located at 657 E Main St in downtown Cottage Grove, within a walkable setting served by foot and vehicle traffic. The Axe & Fiddle is the majority tenant and has operated at the property since 2006, with weekly shows and events drawing local and visiting patrons. All units are leased, with some leases up for renewal in 2026. Downtown has also recently undergone a city-led redevelopment.
The building is located at 657 E Main St in downtown Cottage Grove, within a walkable setting served by foot and vehicle traffic. The Axe & Fiddle is the majority tenant and has operated at the property since 2006, with weekly shows and events drawing local and visiting patrons. All units are leased, with some leases up for renewal in 2026. Downtown has also recently undergone a city-led redevelopment.
Key Highlights
- Two commercial spaces plus a 900 SqFt second‑floor apartment
- C‑2 (H) zoning
- Built in 1920
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
$65,661
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
8.99%
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%
$1,313,220
$1.3M
Cap Rate 7%
$938,014
$938.0K
Cap Rate 9%
$729,567
$729.6K
Market Conditions
NOI Build-Up for 6,485 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
$116.7K $18.00/SF
− Vacancy
−$11.7K −$1.80/SF
EGI
$105.1K $16.20/SF
− OpEx
−$39.4K −$6.07/SF
NOI
$65.7K $10.13/SF
Area
Lane County, OR
Vacancy
10.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
37.50%
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%
$1,313,220
Cap Rate 7%
$938,014
Cap Rate 9%
$729,567
Alternative Uses
Best Use
Retail
$1.19M
$1.04M – $1.39M
NOI $83,141 @ 7.0% cap · market cap 11.39%
Second Best
Mixed Use
$938.0K
$820.8K – $1.09M
NOI $65,661 @ 7.0% cap · market cap 8.99%
Theoretical Best
Office A
$1.64M
$1.44M – $1.91M
NOI $114,844 @ 7.0% cap · market cap 15.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
736
Businesses Nearby
Explore this area
Business Placement
Demographics for 97424, OR
18,750
Population
7,920
Households
2.4
Avg Household Size
45
Median Age
22%
College-Educated
91%
High-School Grad
246.2 sq mi
ZIP Area
76
Density / Sq Mi
$71,985
Median Household Income
$36,588
Median Earnings
$1,012
Median Rent
$349,700
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two commercial spaces and a second-floor apartment support mixed-use occupancy.
Where is this mixed-use property located?
The property is located at 657 E Main St Cottage Grove, OR.
What is the asking price?
The asking price for this property is $730,000.
What are key features of this property?
This property features: Two commercial spaces plus a 900 SqFt second‑floor apartment; C‑2 (H) zoning; Built in 1920
