Building Details

Year Built 1950

Year Renovated 2019

Buildings 1

Stories 1

Units 1

Tenancy Single

Listing Agency: Gall Real Estate Services, LLC j***@gallre.com Show Phone

Listed By: Jennifer Hand · License #OR 960600193

Source: Crexi

Added: Jun 10, 2022 Changed: Aug 14 Last Checked: Aug 29 at 10:22PM

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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 Gall Real Estate Services, LLC

Investment Insights

Based on property information with market context.

This stand-alone retail building features frontage on Highway 22 and includes two access points. The parcel spans over 0.5 acres, providing ample on-site parking. A pole sign is in place. The interior includes some stainless steel elements, a flat top, a hood, and a walk-in from its prior use as a restaurant. Currently, the space is utilized as open retail and production area. The building includes two restrooms. The roof, insulation, and HVAC system are approximately 3 to 4 years old. The property has a size of 2464 square feet.

Key Highlights

• Highway 22 frontage for high visibility.
• Over 1/2 acre parcel with excellent on‑site parking.
• Recent updates include roof, insulation, and HVAC (3‑4 years old).

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

$37,860

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

7.59%

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%

$757,200 $757.2K

Cap Rate 7%

$540,857 $540.9K

Cap Rate 9%

$420,667 $420.7K

Market Conditions

NOI Build-Up for 2,464 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

$79.5K $32.28/SF

− Vacancy

−$25.5K −$10.33/SF

EGI

$54.1K $21.95/SF

− OpEx

−$16.2K −$6.59/SF

NOI

$37.9K $15.37/SF

Area

Linn County, OR

Vacancy

32.00%

Lease Rate

$32.28 /SF/Yr

Expense Ratio

30.00%

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%

$757,200

Cap Rate 7%

$540,857

Cap Rate 9%

$420,667

Alternative Uses

Best Use

Retail

$540.9K

$473.3K – $631.0K (±1% cap)

NOI $37,860 @ 7.0% cap · market cap 7.59%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$717.8K

$628.1K – $837.5K (±1% cap)

NOI $50,247 @ 7.0% cap · market cap 10.07%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Rex Images Promotions (Bike/Boat/Book/etc) Store

Suggested Use

Top Pick Real Estate Agency Storage Facility (Bike/Boat/Book/etc) Store Hair Salon Cafe & Coffee Shop Nail Salon

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

98

Businesses Nearby

7k

Monthly Visits Nearby

Explore this area Business Placement

Foot Traffic Nearby

Shops & Services 100%

Mobil Shops & Services

5,262 visits/mo 0.2 miles

U.S. Bank Shops & Services

1,410 visits/mo 0.3 miles

Demographics for 97360, OR

2,362

Population

964

Households

2.5

Avg Household Size

41

Median Age

11%

College-Educated

88%

High-School Grad

13.5 sq mi

ZIP Area

175

Density / Sq Mi

$68,912

Median Household Income

$38,846

Median Earnings

$1,168

Median Rent

$281,100

Median Home Value

Market

Vacancy Rate% for Retail in West region

7% 2020

6.3% 2021

5.5% 2022

5.3% 2023

5.5% 2024

5.8% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this retail space located? What is the asking price? Find similar properties ... What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Retail space - Stand-alone retail building with highway frontage and ample parking.

Where is this retail space located?

The property is located at 815 NW Santiam Blvd Mill City, OR.

What is the asking price?

The asking price for this property is $499,000.

What are key features of this property?

This property features: Highway 22 frontage for high visibility.; Over 1/2 acre parcel with excellent on‑site parking.; Recent updates include roof, insulation, and HVAC (3‑4 years old).