Historic Mixed-Use
For Sale
$4,750,000
661 S Main St, Lebanon, OR 97355
Downtown asset combines occupied retail and apartment components with upper-floor renovation underway.
Property Size33,612 SF
Price / SF$141.32
Days on Market61
Property Features for 661 S Main St
General Information
Standard status
Active
Size
33,612 SF
Property subtype
Commercial
Additional Details
Multifamily Units
10
Building Details
Year Built
1910
Buildings
1
Stories
3
Tenancy
Multiple
Listing Agency:
(541) 760-9964
Listed By:
Mendell Gosnell
(541) 760-9964
Source:
Centurion-res.idxbroker
Added: Jul 1
Changed: Aug 29
Last Checked: Aug 30 at 1:07PM
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 Mendell Gosnell
Investment Insights
Based on property information with market context.
Built in 1910, this approximately 33,612-square-foot mixed-use property includes four glass-front retail spaces on the ground level, all currently occupied. The second and third floors are undergoing renovation and are planned for 60+ hotel or apartment spaces. The property also contains 10 occupied apartment spaces, along with electrical and plumbing improvements throughout.
The portfolio includes a 0.37-acre off-street parking lot at 661 S Main St in Lebanon, Oregon. Its combination of street-level retail, occupied apartments, additional residential space, and upper-floor renovation gives the asset multiple operating components within a downtown setting.
The portfolio includes a 0.37-acre off-street parking lot at 661 S Main St in Lebanon, Oregon. Its combination of street-level retail, occupied apartments, additional residential space, and upper-floor renovation gives the asset multiple operating components within a downtown setting.
Key Highlights
- Approximately 33,612 SF mixed‑use property built in 1910
- Four glass‑front retail spaces; 100% occupied
- 10 apartment spaces; 100% occupied
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
$397,042
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
8.36%
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%
$7,940,840
$7.9M
Cap Rate 7%
$5,672,029
$5.7M
Cap Rate 9%
$4,411,578
$4.4M
Market Conditions
NOI Build-Up for 33,612 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
$705.9K $21.00/SF
− Vacancy
−$70.6K −$2.10/SF
EGI
$635.3K $18.90/SF
− OpEx
−$238.2K −$7.09/SF
NOI
$397.0K $11.81/SF
Area
Linn County, OR
Vacancy
10.00%
Lease Rate
$21.00 /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%
$7,940,840
Cap Rate 7%
$5,672,029
Cap Rate 9%
$4,411,578
Alternative Uses
Best Use
Retail
$7.38M
$6.46M – $8.61M
NOI $516,458 @ 7.0% cap · market cap 10.87%
Second Best
Mixed Use
$5.67M
$4.96M – $6.62M
NOI $397,042 @ 7.0% cap · market cap 8.36%
Theoretical Best
Office A
$9.79M
$8.57M – $11.42M
NOI $685,427 @ 7.0% cap · market cap 14.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
10
Residential units
Location Intelligence
Trade Area within ½ mile
745
Businesses Nearby
Explore this area
Business Placement
Demographics for 97355, OR
32,413
Population
13,623
Households
2.4
Avg Household Size
41
Median Age
18%
College-Educated
91%
High-School Grad
214.3 sq mi
ZIP Area
151
Density / Sq Mi
$64,307
Median Household Income
$39,934
Median Earnings
$1,267
Median Rent
$332,700
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?
Mixed-use property - Downtown asset combines occupied retail and apartment components with upper-floor renovation underway.
Where is this mixed-use property located?
The property is located at 661 S Main St Lebanon, OR.
What is the asking price?
The asking price for this property is $4,750,000.
What are key features of this property?
This property features: Approximately 33,612 SF mixed‑use property built in 1910; Four glass‑front retail spaces; 100% occupied; 10 apartment spaces; 100% occupied
