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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    251 3rd Ave Mill City, OR 97360-0039

    • Office Properties & Spaces
    • 2,088 SF
    • 0.23 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US71-0533503
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Office Properties & Spaces

    Property Details for 251 3rd Ave

    Lot size
    0.23 lot acres
    Property size
    2,088 SF
    Property type
    Office Properties & Spaces
    APN
    09S 03E 30DD 06100
    APU
    09S03E30DD06100

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Mill City
    County
    Linn
    State
    Oregon
    Longitude
    -122.48
    Latitude
    44.7535
    CBSA code
    10540
    CBSA name
    ALBANY-LEBANON, OR MICROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $0.00
    $0.00
    $0.00
    $0.00
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation by Request
      2.22 Acres

      1097 4th Ave

      OFFICE (GENERAL) • 2.22 Acres
      1097 4th Ave, Mill City, OR 97360-2506
      View Details
    • Value Estimation by Request
      1,700 SF

      280 Santiam Blvd

      OFFICE BUILDING • 1,700 SF
      280 Santiam Blvd, Mill City, OR 97360-2105
      View Details
    • Value Estimation
      $690,000
      3,782 SF

      833 Santiam Blvd

      OFFICE BUILDING • 3,782 SF
      833 Santiam Blvd, Mill City, OR 97360-2101
      View Details
    • Value Estimation by Request
      0.23 Acres

      Mill

      MEDICAL BUILDING • 0.23 Acres
      Mill, City, OR 97360
      View Details
    • Value Estimation by Request
      870 SF

      129 Wall St

      OFFICE BUILDING • 870 SF
      129 Wall St, Mill City, OR 97360-0027
      View Details
    • Value Estimation by Request
      3,694 SF

      280 1st Ave

      MEDICAL BUILDING • 3,694 SF
      280 1st Ave, Mill City, OR 97360-2324
      View Details

    Similar Nearby for Sale

    • $985,000
      68.00 Acres

      North Santiam Riverfront Land

      68-acre riverfront property with development potential.
      40111 SE Fairview St, Mill City, OR 97360
      View Details
    • $525,000
      2,464 SF

      Mill City Retail Opportunity

      Prime Restaurant/Retail Space, $525,000
      815 Santiam Blvd, Mill City, OR 97360
      View Details
    • $525,000
      2,464 SF

      Retail Building on Highway Frontage

      Stand-alone retail building with excellent parking and highway frontage.
      815 NW Santiam Blvd, Mill City, OR 97360
      View Details

    Similar Nearby for Lease

    • $2.00 SF/Yr
      6,072 SF

      Retail Building in Mill City

      Commercial building for lease with on-site parking and exposure.
      204 S 1St Ave, Mill City, OR 97360
      View Details
    • Contact for pricing

      Highway 22 Frontage Ground Lease

      Ground lease opportunity in Mill City, Oregon with highway frontage.
      Mill City, OR 97360
      View Details
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    251 3rd Ave
    Mill City, OR 97360-0039
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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