Corvallis Millrace Center
Industrial | 7.51% CAP | 41,478 SqFt
Marketing description
Marcus & Millichap has been exclusively chosen to market Corvallis Millrace, a versatile mixed-use property located in Corvallis, OR. This dynamic complex offers a blend of retail, office, and industrial spaces, built in 1973 and renovated in 1997. Spanning 41,478 square feet on a generous 2.95-acre lot, it provides ample room for diverse business operations. Recent improvements include a brand new roof installed on building 1750 in 2024, a three-year-old warrantied roof on building 1760, and a brand new roof installed on building 1780 in 2026. Additionally, the parking lot has been recently redone, new gas packs have been installed on the roof of building 1750, and a wireless fire suppression system is being implemented to eliminate monthly phone line charges. A flood designation removal is also in progress, and a 10-year transferable warranty is available.
Corvallis Millrace Center boasts an impressive roster of tenants, including prestigious institutions like Oregon State University, as well as established companies such as Acute Engineering and Kohler Design Corporation. Its strategic location near Oregon State University's campus, home to over 37,000 students and 9,000 faculty and staff, ensures a steady flow of potential customers and employees. With 78 on-site parking spaces, multiple points of ingress and egress, and prominent signage, the center offers excellent visibility and accessibility for tenants and visitors alike. Building 1780 is further enhanced with a 3-phase 480 amp power supply. This prime positioning, combined with its flexible spaces and diverse tenant mix, makes Corvallis Millrace Center an attractive option for businesses looking to establish or expand their presence in the thriving Corvallis market.
Investment highlights
- Strategically located near Oregon State University's campus, which is home to over 37,000 students and 9,000 faculty and staff, the property benefits from a steady flow of potential customers and employees. This proximity enhances tenant appeal and ensures consistent demand for retail, office, and industrial spaces.
- Corvallis Millrace has undergone significant upgrades, including new roofs (2024 for building 1750, three-year-old roof on 1760, 2026 for building 1780). Recent enhancements include a redone parking lot, new gas packs, and a wireless fire suppression system. A flood designation removal is underway, with a 10-year transferable warranty.
- The property features an impressive roster of tenants, including Oregon State University, Acute Engineering, and Kohler Design Corporation. This diverse mix of prestigious institutions and established businesses highlights the center's broad market appeal and stable income potential.
- Spanning 41,478 square feet on a 2.95-acre lot, Corvallis Millrace offers flexible spaces suited for diverse business operations. Key features include 78 on-site parking spaces, multiple points of ingress and egress, prominent signage for excellent visibility, and a 3-phase 480 amp power supply to building 1780. These attributes make it an attractive investment opportunity in the thriving Corvallis market.
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