216 13Th St Philomath, OR 97370
- Retail properties
- 2,472 SF
- 0.34 lot acres
Current Use by Public Records
- Retail properties
Property Details for 216 13Th St
- Lot size
- 0.34 lot acres
- Property size
- 2,472 SF
- Property type
- Retail properties
- Property subtype
- Retail space
Description
This exceptional investment opportunity is located in the heart of downtown Philomath, Oregon, just one block from Main Street. The property consists of three buildings situated on a 0.34-acre lot, including two commercial buildings totaling 2,472 square feet and a single-family residence with one bedroom and one bathroom. Currently, the property boasts 75% occupancy with two commercial tenants. One commercial unit leases for $850 per month, while the residential unit rents for $840 per month. A third commercial unit is currently vacant, presenting an immediate opportunity to increase revenue. The property is zoned Office-Residential (O-R), allowing for flexibility in future development. An adjacent 0.14-acre vacant lot is included in the sale, providing potential for expansion or additional development. The commercial buildings recently underwent exterior painting in Summer 2024. The property features six parking spaces and the asking price is $625,000, resulting in a price per square foot of $252.83. The current leases are on a modified basis, with a one-year term commencing June 1, 2024, and expiring May 31, 2025. The property's Assessed Parcel Numbers (APNs) are 170799 and 170807. This is a rare opportunity to acquire a multi-income-generating property in a thriving downtown location. No ground lease exists.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Philomath
- County
- Benton
- State
- Oregon
- Longitude
- -123.368
- Latitude
- 44.5416
