Historic Newberg Office Building For
For Sale
Contact for pricing
700 E 1st St, Newberg, OR 97132
Iconic Romanesque building in historic downtown Newberg with on-site parking.
Property Size6,330 SF
Price / SF$363.35
Days on Market148
Property Features for 700 E 1st St
General Information
Standard status
Active
Size
6,330 SF
Class
A
Property subtype
Office
Zoning
C3
Occupancy
100%
Building Details
Year Built
1930
Year Renovated
2006
Buildings
1
Stories
2
Tenancy
Single
Listing Agency:
Miller Consulting Group LLC
Listed By:
Mary Martin Miller · License #200107121
Source:
Crexi
Added: Mar 18
Changed: Aug 8
Last Checked: Aug 11 at 6:36PM
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 Miller Consulting Group LLC
Investment Insights
Based on property information with market context.
Located in the heart of historic downtown Newberg, this Romanesque-style building offers a blend of turn-of-the-century character and modern structural integrity. The property, formerly a fraternal meeting hall and later the Ben Franklin Bank, has been meticulously maintained and is currently a premier professional office venue. The total office space is 6,330 square feet, fully outfitted for professional use. A full basement provides over 3,100 square feet of storage space. The property includes a rare on-site parking lot with 16 dedicated spaces. The building's architecture features classic Romanesque masonry. A new roof was installed in 2022, and the HVAC system has been recently updated. A full seismic upgrade and masonry reinforcement were completed in 2006, and a total interior and exterior professional renovation was completed in the mid-2000s. Situated on a central corner, the property is located adjacent to retail shops, art galleries, and professional services, and is steps away from restaurants and cafes. The high-traffic corner location ensures high visibility.
Key Highlights
- Prime corner location in Historic Downtown Newberg with high visibility.
- Rare on‑site parking lot with 16 dedicated spaces.
- 6,330 SF of fully outfitted professional office space.**
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
$81,940
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
3.56%
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%
$1,638,800
$1.6M
Cap Rate 7%
$1,170,571
$1.2M
Cap Rate 9%
$910,444
$910.4K
Market Conditions
NOI Build-Up for 6,330 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
$144.3K $22.80/SF
− Vacancy
−$35.1K −$5.54/SF
EGI
$109.3K $17.26/SF
− OpEx
−$27.3K −$4.31/SF
NOI
$81.9K $12.94/SF
Area
Yamhill County, OR
Vacancy
24.30%
Lease Rate
$22.80 /SF/Yr
Expense Ratio
25.00%
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%
$1,638,800
Cap Rate 7%
$1,170,571
Cap Rate 9%
$910,444
Alternative Uses
Best Use
Office B
$1.17M
$1.02M – $1.37M
NOI $81,940 @ 7.0% cap · market cap 3.56%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.71M
$1.50M – $1.99M
NOI $119,604 @ 7.0% cap · market cap 5.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,138
Businesses Nearby
Explore this area
Business Placement
Demographics for 97132, OR
32,028
Population
12,411
Households
2.6
Avg Household Size
38
Median Age
39%
College-Educated
93%
High-School Grad
62.6 sq mi
ZIP Area
512
Density / Sq Mi
$95,150
Median Household Income
$46,005
Median Earnings
$1,567
Median Rent
$498,500
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Iconic Romanesque building in historic downtown Newberg with on-site parking.
Where is this office building located?
The property is located at 700 E 1st St Newberg, OR.
What is the asking price?
The asking price for this property is $2,300,000.
What are key features of this property?
This property features: Prime corner location in Historic Downtown Newberg with high visibility.; Rare on‑site parking lot with 16 dedicated spaces.; 6,330 SF of fully outfitted professional office space.**
