208 1St Ave Albany, OR 97321
- Retail properties
- 6,900 SF
- 0.10 lot acres
Current Use by Public Records
- Retail properties
Property Details for 208 1St Ave
- Year built
- 1900
- Lot size
- 0.10 lot acres
- Property size
- 6,900 SF
- Property type
- Retail properties
- Property subtype
- Restaurants
Description
This exceptional mixed-use property, located at 208 W 1st Ave in historic downtown Albany, Oregon (97321), presents a compelling investment opportunity. The 6,900 square foot building, situated on a 0.1-acre lot, comprises two buildings with two stories each, and boasts a blend of commercial and residential space. Built in 1900 and extensively renovated in 2010, the property features four units: two apartments and two commercial storefronts currently occupied at 100% occupancy. The commercial spaces include a bistro and a storefront, while the upper level houses two apartments. The property's original brick walls and wood flooring retain its historic charm, while modern upgrades enhance its functionality. The building benefits from a high-traffic location, with over 22,000 vehicles daily passing on the Albany-Corvallis Highway and over 6,000 on West 1st Avenue, ensuring high visibility and foot traffic. The property's strong financial performance is reflected in its 5.80% cap rate and a Net Operating Income (NOI) of $76,796. Recent improvements include bar area enhancements to the bistro in 2023. This stabilized investment offers a blend of consistent income and potential for appreciation in a thriving downtown area, characterized by a diverse mix of shops, restaurants, and cultural attractions. The property is offered fee simple with an APN of 11S 03W 06CC 05400. This is a rare chance to acquire a piece of Albany's rich history and benefit from its vibrant commercial and residential growth.
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
- Albany
- County
- Linn
- State
- Oregon
- Longitude
- -123.106
- Latitude
- 44.6371
