1644 Main StPhilomath, OR 97370

Property Details for 1644 Main St

Year built

1988

Lot size

0.28 AC

Property size (Sq ft)

4,039 SF

Zone code

C-2

Property type

Turn key restaurants

APN

12612DB03600

APU

12612DB03600

Description

Exceptional opportunity to acquire a well-established restaurant and building in the bustling town of Philomath, Oregon. This 4,039 square foot, single-story building, situated on a 0.28-acre lot at 1644 Main Street, boasts a prime location with high traffic visibility. Built in 1988 and extensively renovated in 2012, the property features ample parking (19 spaces) and is zoned C-2, allowing for diverse commercial uses. The interior includes a spacious main dining area with a separate gallery accommodating up to 40 guests, a large 12x16 walk-in refrigerator, and two restrooms with two stalls each. The building is equipped with two HVAC units and a swamp cooler. The current tenant, a successful restaurant and bakery, offers a turnkey operation, including all kitchen equipment, a smoker, grill, established recipes, and pre-packaged mixes. The business has demonstrated consistent year-over-year sales growth for ten years, even during the COVID-19 pandemic. A dedicated gluten-free menu and mill with ten packaged dry mixes present significant expansion potential. The asking price for the real estate is $969,000. The business is available for an additional $275,000. This is a rare opportunity to own a thriving business with a loyal customer base in a desirable location. The maximum occupancy is 99 persons.

• CAP approach

  CAP return

  Valuation

  6%

  $823,738

  6.5%

  $760,374

  7%

  $706,061

• Comparable approach

  Method

  Valuation

  Relative Method

  $661,605

  Geo Method

  $1,076,310

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $1,454,720

  Mixed-Use / Specialty

  $769,011

  Hospitality / Lodging

  $578,974

  Office

  $776,263

  Institutional / Educational

  $803,518

  Residential Income

  $940,116

  Multifamily

  $1,064,610

  Automotive / Energy

  $688,729

  Parking / Income-Based Land

  $226,460

  Restaurant / Food Service

  $424,188

  Healthcare / Senior Housing

  $776,969

Location Insight

City

Philomath

County

Benton

State

Oregon

Latitude

44.5397

Longitude

-123.362

CBSA code

18700

CBSA name

CORVALLIS, OR METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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