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    815 NW Santiam Blvd Mill City, OR 97360
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    Property profile & analytics

    815 NW Santiam Blvd Mill City, OR 97360

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    • Specialty properties
    • 2,464 SF
    • 0.55 lot acres
    For Sale
    $499,000
    View Listing →
    Retail Building on Highway 22 For Sale
    $499,000
    2,464 SF

    Retail Building on Highway 22

    Stand-alone retail building with highway frontage and ample parking.

    815 NW Santiam Blvd, Mill City, OR 97360
    View Listing
    Property ID
    US71-0555491
    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

    • Rex Images Promotions / (Bike/Boat/Book/etc) Store / Printing Service

    Property Details for 815 NW Santiam Blvd

    Year built
    1950
    Lot size
    0.55 lot acres
    Property size
    2,464 SF
    Zone code
    UT5
    Property type
    Specialty properties
    APN
    093E30DB00500
    APU
    093E30DB00500

    Description

    This exceptional 2,464-square-foot retail property, located at 815 NW Santiam Blvd in Mill City, Oregon (97360), presents a unique investment opportunity. Situated on a 0.55-acre lot with Highway 22 frontage and two convenient access points, this single-story building boasts ample on-site parking and a pre-existing pole sign. Built in 1950 and extensively renovated in 2019, the property features a gross lease structure and is currently 100% occupied as open retail and production space. The interior retains some restaurant-grade equipment, including stainless steel appliances, a flat top, hood system, and a walk-in refrigerator/freezer, offering flexibility for various uses. Two restrooms are conveniently located within the space. Recent upgrades include a new roof, insulation, and HVAC system (installed 3-4 years ago). The property is zoned for Commercial Highway use (APN: 541959/958) and offers significant potential as a single or multi-tenant investment. The asking price is $525,000, translating to $213.07 per square foot. This turnkey property is ready for immediate occupancy and presents a compelling opportunity for a savvy investor seeking a strong return on investment in a desirable location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Mill City
    County
    Marion
    State
    Oregon
    Longitude
    -122.486
    Latitude
    44.7577
    CBSA code
    41420
    CBSA name
    SALEM, OR METROPOLITAN 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
    $2,659
    $0.00
    $0.00
    $182,710
    -
    $86,250
    $105,860
    $192,110

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      1,792 SF

      12325 Budlong SE Ln

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    Similar Nearby for Sale

    • $985,000

      Land Available in Mill City

      Land for sale at 40111 SE FAIRVIEW ST, Mill City, OR
      40111 SE Fairview St, Mill City, OR 97360
      View Details
    • $985,000
      68.00 Acres

      North Santiam Riverfront Land

      68-acre riverfront property with development potential.
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    • $499,000
      2,464 SF

      Retail Building on Highway 22

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

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