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    424 1St Ave Albany, OR 97321

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    424 1St Ave Albany, OR 97321

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    • Investment properties
    • 8,619 SF
    • 0.08 lot acres
    For Sale
    $699,000
    View Listing →
    Downtown Albany Commercial Gem For Sale
    $699,000
    5,228 SF

    Downtown Albany Commercial Gem

    Historic building, high visibility, flexible space.

    424 1St Ave, Albany, OR 97321
    View Listing
    Property ID
    US71-0425885
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Bike N Hike / (Bike/Boat/Book/etc) Store
    • I.S.I World Of Roofing / Roofing Company / General Contractor

    Property Details for 424 1St Ave

    Year built
    1980
    Lot size
    0.08 lot acres
    Property size
    8,619 SF
    Property type
    Investment properties
    Property subtype
    Live-work space
    APN
    11S 03W 06CD 10401
    APU
    11S03W06CD10401

    Description

    This exceptional 5,228 square foot commercial property, located at 424 1st Avenue, Unit 424 in the heart of Albany, Oregon, presents a unique investment opportunity. Built in the 1900s, this classic historical building boasts 7,264 square feet of stunning glass-front retail space, providing unparalleled visibility and street presence. The property features 50 feet of frontage on 1st Street, ensuring maximum exposure to potential customers. Currently configured as a single large space, the layout offers incredible flexibility. The open floor plan is ideal for a variety of retail or commercial uses, and the existing structure allows for easy division into multiple tenant units, maximizing rental income potential. Behind the expansive display area, ample back storage space is available, complemented by two functional loft areas, adding versatility and potential for additional office or storage space. The building's character is further enhanced by its exposed brick and glass construction, creating a unique and attractive aesthetic. The roof is a TPO membrane, approximately 10 years old, ensuring long-term structural integrity. The 0.06-acre lot provides convenient access and ample space for customer parking or outdoor displays. This property is a rare find, combining historical charm with modern functionality in a prime downtown location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $624,000
      Market price range: $624k - $1.97M
      AI Estimate
      $624,000
      Market price range: $624k - $1.97M

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

    Location Insight

    • Map
    • Local Demand
    City
    Albany
    County
    Linn
    State
    Oregon
    Longitude
    -123.1
    Latitude
    44.6377
    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
    $1,367
    $0.00
    $0.00
    $68,650
    -
    $59,390
    $98,730
    $158,120

    Comparable in this City

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    • Value Estimation by Request
      1,608 SF

      904 Pacific SE Blvd

      OFFICE/RESIDENTIAL (MIXED USE) • 1,608 SF
      904 Pacific SE Blvd, Albany, OR 97321-3149
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    • Value Estimation
      $640,000
      2,800 SF

      409 1st NW Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 2,800 SF
      409 1st NW Ave, Albany, OR 97321-2227
      View Details
    • Value Estimation by Request
      1,980 SF

      434 1st SW Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 1,980 SF
      434 1st SW Ave, Albany, OR 97321-2228
      View Details
    • Value Estimation
      $1,945,000
      26,822 SF

      200 1st SW Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 26,822 SF
      200 1st SW Ave, Albany, OR 97321
      View Details
    • Value Estimation by Request
      3,213 SF

      426 1st SW Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 3,213 SF
      426 1st SW Ave, Albany, OR 97321
      View Details

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    • $890,000
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      Mixed-Use Property in Downtown Albany

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    • $699,000
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      Downtown Albany Commercial Gem

      Historic building, high visibility, flexible space.
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      Versatile Albany Commercial Property For Sale

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    Similar Nearby for Lease

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      1,984 SF

      Retail Space in Albany, Oregon

      Retail space available for lease in Albany, Oregon.
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      842 SF

      Retail Suites in Heritage Plaza

      Retail/office suites available in well-located Albany shopping center.
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      Two warehouse spaces available between Corvallis and I-5.
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      3,855 SF

      Class B Office Space Available

      3,855 RSF office space for rent, ample parking.
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    View Listing
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    424 1St Ave
    Albany, OR 97321
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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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