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Millrace Center - Corvallis, OR

Millrace Center - Corvallis, OR


1750-1780 SW 3rd Street, Corvallis, OR 97301

Rentable Bldg Area: 41,372 SF

Lot Size: 2.95 Acres (128,502 SF) 

Current Cap Rate: 6%

Market Cap Rate: 8.94%



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  • Investment Highlights

    Corvallis Industrial market is nearly at capacity, with
    only 0.8% of total SF vacancies and no additional space
    under construction, due to a heavy restraint on space.

    With a variety of tenant profiles including Oregon State
    University, the three buildings of varying use space
    (Flex/Retail, Medical Office, and Warehouse), provide
    ample opportunity for a variety of needs.

    Located on Pacific Highway, tenants and customers
    alike have easy access to US Route 20 and I-5.

    The property is currently operating at lower than
    market average lease rates, and with the opportunity to
    fill a vacant spot the property has significant upside on
    its rates.

    With a highly educated population that’s expected to
    continue growing, Corvallis is set for a continuing need
    for business development space in the area surrounding
    the downtown market.

  • Investment Overview

    The Vara Group is excited to offer for sale the property
    at 1750-1780 3rd St SW in Corvallis, Oregon. This unique property
    includes three separate elements: a Flex/Retail Building, Medical Office Building, and Warehouse Building, all situated on 2.95 acres of land in the heart of the Corvallis-MUE zoning district.

    The 41,372 SF rentable building area includes 17,692 SF of
    flex/retail space, 4,180 SF of medical office space, and 19,500 SF of
    warehouse space. The buildings were constructed in 1973 and 1997 using a combination of concrete, metal, and wood frame construction, with the warehouse and flex/retail buildings offering dock high, drive-in, and grade level loading capability. The property also includes 72 parking stalls for tenants and customers.

    This is a rare opportunity to acquire a well-maintained property
    that offers both stability and value-added potential. The property is
    ideally situated just minutes from I-5 in the growing Corvallis area, and it presents a prime opportunity for an owner/occupant or investor looking to establish a foothold in this thriving market. With its versatile layout, ample parking, strategic location, and diverse tenant mix including Oregon State Univeristy, this property offers endless possibilities for growth and development in one of the most dynamic regions of the Pacific Northwest.

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