Investment Overview

Marcus & Millichap has been selected to exclusively market for sale the 9th Steet Retail Strip in Corvallis, OR, an owner/user or value-add opportunity. The property features a 7,721 SF building, currently 56% occupied by two tenants, with one vacant suite. An owner/user has the opportunity to occupy the vacant suite and collect income from the other tenants or a value-add opportunity investor can lease the vacant suite at market rents (+/- $22/SF NNN) and convert the other tenants to full NNN leases to achieve a pro-forma cap rate in excess of 11.6%. Offered at $207/SF, the property is priced well below replacement cost. Fronting NW 9th Street with visibility to 28,000+ VPD, pylon signage, and easy ingress/egress, the property sits within Corvallis's primary retail corridor surrounded by national tenants including Natural Grocers, Trader Joe's, Safeway, Fred Meyer, Walmart, TJ Maxx, Michaels, and more. Zoned Commercial Mixed-Use 2 (CMU-2), the property permits a broad range of commercial, retail, office, light industrial, and civic uses, with allowable building heights up to 75 feet offering long-term redevelopment potential. Located minutes from Oregon State University — Oregon's largest university for 12 consecutive years with 38,000+ students — the property benefits from consistent year-round retail demand. With a market vacancy rate of just 2.6%, 13% rent growth over five years, and no new supply delivered or under construction in over three years, Corvallis presents a high barrier-to-entry market supported by a population of over 75,000 within five miles, growing nearly 8% since 2020 and over 20% within one mile.