Two-Space Mixed-Use
For Sale
$730,000
657 E MAIN St, Cottage Grove, OR 97424
CommercialSale, CottageGrove, OR
Property Size6,485 SF
Lot Size0.10 Acres
Price / SF$112.57
Days on Market248
Property Features for 657 E MAIN St
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
C-2 (H)
View
City
Directions
Right on E Main St. Left on S 7th St.
Subdivision
_235
Standard status
Active
APN
0896504
Size
6,485 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Description
TL 0896504. Addresses included: 637, 641, 657 E Main St. 25 and 27 S 7th St.
Tax Annual Amount
7403
Legal Description
TL 0896504. Addresses included: 637, 641, 657 E Main St. 25 and 27 S 7th St.
Utilities
Heating system
Heat Pump (Heating)
Cooling system
Window Unit(s)
Building Details
Year built
1920
Floors in Building
2
Building materials
Brick
Roof type
Flat
Listing Agency:
Windermere RE Lane County · Windermere Real Estate
(541) 484-2022
Listed By:
River Molyneaux · License #201244874
(541) 650-1226
Added: Dec 20, 2025
Changed: Aug 25
Last Checked: Aug 25 at 1:06PM
MLS# 639815176
Copyright © 2026 Regional Multiple Listing Services. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Built in 1920, this 6485-square-foot mixed-use property combines two large commercial spaces on the ground floor with a 900 SqFt apartment on the second floor. The commercial areas are suited to retail, office, and service-oriented uses, while brick construction, a flat roof, heat-pump heating, and window-unit cooling define the existing improvements. All units are leased, with some leases scheduled for renewal in 2026.
The property is located at 657 E MAIN St in downtown Cottage Grove, Oregon, within a walkable area with foot and vehicle traffic. The Axe & Fiddle is the majority tenant and has operated at the property since 2006, with weekly shows and events. The building is zoned C-2 (H) and occupies a 0.1-acre site.
The property is located at 657 E MAIN St in downtown Cottage Grove, Oregon, within a walkable area with foot and vehicle traffic. The Axe & Fiddle is the majority tenant and has operated at the property since 2006, with weekly shows and events. The building is zoned C-2 (H) and occupies a 0.1-acre site.
Key Highlights
- 6485 square feet of mixed‑use building area
- Two large ground‑floor commercial spaces
- 900 SqFt second‑floor apartment
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
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
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 - Brick construction supports retail, office, or service-oriented occupancy alongside an upstairs apartment.
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: 6485 square feet of mixed‑use building area; Two large ground‑floor commercial spaces; 900 SqFt second‑floor apartment
