Industrial Flex
For Sale
Contact for pricing
697 34th Street, Springfield, OR 97478
Flexible industrial building allows an owner to occupy all or part while leasing additional space.
Property Size9,660 SF
Price / SF$150.10
Days on Market49
Property Features for 697 34th Street
General Information
Standard status
Active
Size
9,660 SF
Class
B
Property subtype
Industrial
Zoning
Light Medium Industrial
Investment Type
Owner/User
Building Details
Year Built
1987
Buildings
1
Listing Agency:
Campbell Commercial Real Estate
(541) 484-2214
Listed By:
Bill Newland · License #OR 200812038
Source:
Crexi
Added: Jul 9
Changed: Aug 8
Last Checked: Aug 24 at 2:19PM
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 Campbell Commercial Real Estate
Investment Insights
Based on property information with market context.
697 34th Street is an industrial flex warehouse offered for sale with a layout designed to support multiple operating scenarios. The existing configuration provides flexibility for an owner-user to occupy a portion of the building and lease additional space, or for a buyer to utilize the entire facility for business operations.
The property is located in Springfield’s established industrial corridor, positioned for regional connectivity.
As a flexible industrial asset, the building is suited to buyers looking for a functional facility with room to scale occupancy depending on business needs.
The property is located in Springfield’s established industrial corridor, positioned for regional connectivity.
As a flexible industrial asset, the building is suited to buyers looking for a functional facility with room to scale occupancy depending on business needs.
Key Highlights
- Industrial building built in 1987
- Flexible layout lets a buyer occupy all or part of the building while leasing additional space
- Suitable for both owner‑users and investors seeking a functional industrial asset
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
$110,954
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
7.65%
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%
$2,219,080
$2.2M
Cap Rate 7%
$1,585,057
$1.6M
Cap Rate 9%
$1,232,822
$1.2M
Market Conditions
NOI Build-Up for 9,660 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
$183.2K $18.96/SF
− Vacancy
−$12.5K −$1.29/SF
EGI
$170.7K $17.67/SF
− OpEx
−$59.7K −$6.18/SF
NOI
$111.0K $11.49/SF
Area
Lane County, OR
Vacancy
6.80%
Lease Rate
$18.96 /SF/Yr
Expense Ratio
35.00%
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%
$2,219,080
Cap Rate 7%
$1,585,057
Cap Rate 9%
$1,232,822
Alternative Uses
Best Use
Flex RnD
$1.59M
$1.39M – $1.85M
NOI $110,954 @ 7.0% cap · market cap 7.65%
Second Best
Warehouse
$1.01M
$884.9K – $1.18M
NOI $70,795 @ 7.0% cap · market cap 4.88%
Theoretical Best
Office A
$2.44M
$2.14M – $2.85M
NOI $171,070 @ 7.0% cap · market cap 11.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
478
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 97478, OR
39,155
Population
15,182
Households
2.6
Avg Household Size
40
Median Age
22%
College-Educated
92%
High-School Grad
168.4 sq mi
ZIP Area
233
Density / Sq Mi
$79,051
Median Household Income
$38,508
Median Earnings
$1,314
Median Rent
$361,200
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Flexible industrial building allows an owner to occupy all or part while leasing additional space.
Where is this flex space located?
The property is located at 697 34th Street Springfield, OR.
What is the asking price?
The asking price for this property is $1,450,000.
What are key features of this property?
This property features: Industrial building built in 1987; Flexible layout lets a buyer occupy all or part of the building while leasing additional space; Suitable for both owner‑users and investors seeking a functional industrial asset
