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Listing Agency: GALL REAL ESTATE SERVICES LLC Show Phone

Listed By: JENNIFER HAND · License #960600193 Show Phone

Source: Exprealty

Added: Jun 6, 2022 Changed: Oct 1 Last Checked: Oct 15 at 1:21AM

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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 / Yr

$37,860

Cap Rate

7.59%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$757,200 $757.2K

Cap Rate 7%

$540,857 $540.9K

Cap Rate 9%

$420,667 $420.7K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,464 SF

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 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. How Realmo checks its estimates

Property Analytics

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Open Analytics

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

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).