435 Evans StMcMinnville, OR 97128

Property Details for 435 Evans St

Lot size

0.28 AC

Zone code

C3

Property type

Medical offices

Property subtype

Medical centers

APN

R4421BC 02400

APU

R4421BC02400

Description

Exceptional investment opportunity in McMinnville, Oregon. This Class A, three-story office building, totaling 14,638 net rentable square feet, is situated on a 0.276-acre lot (APN 159651) at 435 NE Evans St, 97128. The property, built in 1945 and extensively renovated in 2017, boasts 12 units with 100% occupancy under long-term NNN leases. The building features a modern design incorporating energy-efficient upgrades including new electrical, plumbing, HVAC systems, R-30 ceiling insulation, triple-pane windows, foam wall insulation, steel studs, and 5/8" drywall. The asking price is $5,000,000, translating to $341.58 per square foot. The property is zoned Commercial-3 and currently houses two well-known local tenants occupying the majority of the space. All units will be leased at closing. Tenants share all expenses. This is a clean NNN investment with significant upside potential. The building is a multi-tenant property suitable for executive, medical, and traditional office uses.

• CAP approach

  CAP return

  Valuation

  6%

  $2,204,736

  6.5%

  $2,035,142

  7%

  $1,889,774

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,890,206

  Geo Method

  $2,311,152

• Alternative Use

  Use

  Valuation

  Residential

  $2,523,576

  Hospitality

  $2,311,582

  Educational

  $1,923,209

  Medical

  $1,989,351

  Retail

  $2,991,658

Location Insight

City

Mcminnville

County

Yamhill

State

Oregon

Latitude

45.2112

Longitude

-123.195

CBSA code

38900

CBSA name

PORTLAND-VANCOUVER-BEAVERTON, OR-WA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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