Myrtlewood Factory Outlet 903 Garibaldi Ave 6,400 SF 6% Leased Retail Building Garibaldi, OR 97118 $995,000 ($155.47/SF)
INVESTMENT HIGHLIGHTS
- Heavy Coast Hwy Traffic
- Established for over 40 years
- Abundant On-Site Parking
- Business can be sold separately with long term lease of 2,400 sf showroom by Seller
EXECUTIVE SUMMARY
Iconic Myrtlewood Factory Outlet Business & Real Estate FOR SALE! Established over 40 years ago @ this most prominent location w/ traffic counts over 9,000 ADT/day. Store offers quality local artisanal work, including gifts, furnishings, lighting, etc. Seller has developed the retail business, increasing revenue annually. Features retail area, 2nd floor flex space and shop space. Recent building updates include ductless heat pump, metal roof, front aesthetic features. Abundant Parking On-site.
Office: 100; Sq Ft/Retail: 4000; Sq Ft/Showroom: 2400; Sq Ft/Warehouse: 1600 Sq Ft.
Also, additional income available by adding 3 vacation rentals on 2nd level. Engineer says 3 Vacation Rentals could be built upstairs.
Owner has done a lot of due diligence. Out right uses in the Commercial Zone. See rough sketch of layout attached.
Office: 100; Sq Ft/Retail: 4000; Sq Ft/Showroom: 2400; Sq Ft/Warehouse: 1600 Sq Ft.
Also, additional income available by adding 3 vacation rentals on 2nd level. Engineer says 3 Vacation Rentals could be built upstairs.
Owner has done a lot of due diligence. Out right uses in the Commercial Zone. See rough sketch of layout attached.
FINANCIAL SUMMARY (ACTUAL - 2023) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$366,010
|
$57.19
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$141,721
|
$22.14
|
| Effective Gross Income |
$224,289
|
$35.05
|
| Taxes |
$4,969
|
$0.78
|
| Operating Expenses |
$177,292
|
$27.70
|
| Total Expenses |
$182,261
|
$28.48
|
| Net Operating Income |
$42,028
|
$6.57
|
PROPERTY FACTS
Sale Type
Investment or Owner User
Property Type
Retail
Property Subtype
Freestanding
Building Size
6,400 SF
Building Class
B
Year Built/Renovated
1980/2022
Price
$995,000
Price Per SF
$155.47
Percent Leased
6%
Building Height
1 Story
Building FAR
0.51
Lot Size
0.29 AC
Opportunity Zone
Yes
Zoning
G_C-1 - See Attached
Frontage
140’ on Garibaldi Ave (Hwy 101)
AMENITIES
- Bus Line
- Signage
- Storage Space
PROPERTY TAXES
| Parcel Number | R0016137 | Total Assessment | $366,350 (2024) |
| Land Assessment | $226,160 (2024) | Annual Taxes | $4,969 ($0.78/SF) |
| Improvements Assessment | $140,190 (2024) | Tax Year | 2023 |
