Flex Industrial
For Sale
$674,900
890 N MAIN St, Independence, OR 97351
CommercialSale, Independence, OR
Property Size5,944 SF
Lot Size0.76 Acres
Price / SF$113.54
Days on Market159
Property Features for 890 N MAIN St
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
IH
Directions
HWY 22 to HWY 51 to N Main
Subdivision
_167
Standard status
Active
APN
305398
Size
5,944 SF
Lot size
0.76 Acres
Taxes and HOA fees
Tax Description
MANUFACTURING
Tax Annual Amount
3238
Legal Description
MANUFACTURING
Utilities
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1955
Floors in Building
1
Building materials
Block, Concrete, MetalFrame
Roof type
Flat, Metal
Listing Agency:
Tree City Real Estate
(503) 757-1869
Listed By:
Lizbeth Abbott
(503) 757-1869
Added: Mar 21
Changed: Aug 25
Last Checked: Aug 26 at 4:06AM
MLS# 762052439
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.
This 0.76-acre flex industrial property includes an approximately 5,944-square-foot building constructed in 1955. The layout combines an open shop with high ceilings, multiple work areas, mezzanine storage, several offices, and 1.5 bathrooms, including a full bathroom with a shower. Two roll-up doors provide direct building access, while an attached secondary shop or garage adds workspace and storage capacity.
Industrial improvements include three-phase power, multiple electrical panels, compressed air infrastructure, a chain hoist, security system, water heater, forced-air heating, and central air. The block, concrete, and metal-frame building sits on a concrete slab beneath a flat metal roof. A fenced yard and on-site parking complement the building.
The property fronts N. Main Street / Highway 51 in Independence’s established industrial corridor and is zoned IH. Its address is 890 N MAIN St, Independence, OR 97351.
Industrial improvements include three-phase power, multiple electrical panels, compressed air infrastructure, a chain hoist, security system, water heater, forced-air heating, and central air. The block, concrete, and metal-frame building sits on a concrete slab beneath a flat metal roof. A fenced yard and on-site parking complement the building.
The property fronts N. Main Street / Highway 51 in Independence’s established industrial corridor and is zoned IH. Its address is 890 N MAIN St, Independence, OR 97351.
Key Highlights
- 0.76‑acre industrial property with an approximately 5,944 SF building
- IH zoning with frontage on N. Main Street / Highway 51
- Open shop, offices, mezzanine storage, and attached secondary shop/garage
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
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 - Flexible industrial space with shop, office, mezzanine, and a fenced yard.
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 with an approximately 5,944 SF building; IH zoning with frontage on N. Main Street / Highway 51; Open shop, offices, mezzanine storage, and attached secondary shop/garage
