Industrial Building with Fenced
For Sale
$674,900
890 N Main St, Independence, OR 97351
Industrial building with open shop, mezzanine storage, two roll-up doors, and fenced yard space.
Property Size5,944 SF
Lot Size0.76 Acres
Price / SF$113.54
Days on Market168
Property Features for 890 N Main St
General Information
Standard status
Active
Size
5,944 SF
Lot size
0.76 Acres
Site & Location
Highway Access
Yes
Road Access
Yes
Fenced Yard
Yes
Outdoor Storage
Yes
Additional Details
Heavy Power
Yes
Taxes and HOA fees
Annual Taxes
$3,237
Amenities
chain hoist
security system
water heater
climate control
compressed air infrastructure
Building Details
Year Built
1955
Construction
masonry block and metal
Listing Agency:
Tree City Real Estate
Listed By:
Lizbeth Abbott
(503) 757-1869
Source:
Exprealty
Added: Mar 22
Changed: Aug 25
Last Checked: Sep 5 at 12:59PM
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 Tree City Real Estate
Investment Insights
Based on property information with market context.
Industrial property offering a flexible layout with a large open shop area, multiple work zones, mezzanine storage, and two roll-up doors for access. Interior features include multiple office spaces and 1.5 bathrooms, including a full bath with shower. The building is supported by industrial utilities such as three-phase power, multiple electrical panels, and existing compressed air infrastructure. Additional improvements include a chain hoist, security system, water heater, and climate control, with construction of masonry block and metal exterior on a concrete slab under a metal roof.
The property sits on busy N. Main Street / Highway 51 in Independence, providing high-visibility frontage within the city’s established industrial corridor. An attached secondary shop/garage adds further storage or workspace, and the site includes a fenced yard plus ample on-site parking.
The property sits on busy N. Main Street / Highway 51 in Independence, providing high-visibility frontage within the city’s established industrial corridor. An attached secondary shop/garage adds further storage or workspace, and the site includes a fenced yard plus ample on-site parking.
Key Highlights
- 0.76‑acre industrial property on N. Main St / Highway 51 in Independence with fenced yard and ample on‑site parking
- Approximately 5,944 SF building built in 1955 with masonry block & metal exterior on concrete slab and metal roof
- Large open shop area with high ceilings, multiple work zones, and two roll‑up doors for efficient access
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
$61,014
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
9.04%
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%
$1,220,280
$1.2M
Cap Rate 7%
$871,629
$871.6K
Cap Rate 9%
$677,933
$677.9K
Market Conditions
NOI Build-Up for 5,944 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
$99.9K $16.80/SF
− Vacancy
−$6.0K −$1.01/SF
EGI
$93.9K $15.79/SF
− OpEx
−$32.9K −$5.53/SF
NOI
$61.0K $10.26/SF
Area
Polk County, OR
Vacancy
6.00%
Lease Rate
$16.80 /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%
$1,220,280
Cap Rate 7%
$871,629
Cap Rate 9%
$677,933
Alternative Uses
Best Use
Warehouse
$905.1K
$792.0K – $1.06M
NOI $63,357 @ 7.0% cap · market cap 9.39%
Second Best
Flex RnD
$871.6K
$762.7K – $1.02M
NOI $61,014 @ 7.0% cap · market cap 9.04%
Theoretical Best
Office A
$1.58M
$1.38M – $1.84M
NOI $110,473 @ 7.0% cap · market cap 16.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Heavy power
Yes
Fenced yard
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
128
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 97351, OR
11,292
Population
3,697
Households
3.1
Avg Household Size
34
Median Age
25%
College-Educated
89%
High-School Grad
52.3 sq mi
ZIP Area
216
Density / Sq Mi
$84,717
Median Household Income
$40,990
Median Earnings
$1,592
Median Rent
$357,700
Median Home Value
Market
Vacancy Rate% for Industrial 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?
Flex space - Industrial building with open shop, mezzanine storage, two roll-up doors, and fenced yard space.
Where is this flex space located?
The property is located at 890 N Main St Independence, OR.
What is the asking price?
The asking price for this property is $674,900.
What are key features of this property?
This property features: 0.76‑acre industrial property on N. Main St / Highway 51 in Independence with fenced yard and ample on‑site parking; Approximately 5,944 SF building built in 1955 with masonry block & metal exterior on concrete slab and metal roof; Large open shop area with high ceilings, multiple work zones, and two roll‑up doors for efficient access
