Baker Tower
1705 Main Street
Baker City, OR 97814
1705 Main Street
Baker City, OR 97814
The Baker Tower is the tallest building east of the Cascades — a steel-frame Art Deco landmark that's stood proudly in Baker City since 1929. It has presence, history, and most importantly, solid bones.
This isn't a ground-up development or a gut rehab. This is about stewarding a legacy asset and operating it more effectively than it has been in years. From under-managed residential units to a ballroom that's sitting idle, Baker Tower has all the pieces — it just needs someone to put them together and breathe life back into the building. That's where we come in.
We're not just acquiring a property; we're acquiring a legacy. We're becoming part of Baker City's downtown revival, and we're doing it with a clear plan, conservative assumptions, and aligned incentives. This is the kind of deal I love: misunderstood, underutilized, and full of long-term potential.
Asset: 10-story historic mixed-use tower
Location: Downtown Baker City, OR
Total Size: 34,900 SF
Unit Mix: Office, retail, residential, ballroom, and vacation rental
Year Built: 1929 (steel-frame, brick façade)
Condo Structure: Legally structured as separate condominiums, allowing for phased or individual floor sales
Cell Towers: 2 active leases; 1 will be sold at closing to fund $400K of down payment
Event Space: Ballroom to be repositioned as revenue-generating event venue
Short-Term Rental: Top floor to be converted into a vacation rental
Management: Brought in-house with dedicated on-site staff
Business Plan: No major rehab — focus is on operational improvement and lease optimization
Minimum Investment: $75,000
Target Raise: $550,000
Located in the heart of downtown Baker City, Baker Tower is a mixed-use landmark with deep historical roots and solid structural integrity. Originally built as a hotel in 1929, the building has since been adapted to serve a combination of office, retail, residential, and event space. Its unique scale, central location, and flexible layout make it a rare asset in an otherwise stable, low-turnover market.
Iconic 10-story building (tallest)
Built in 1929 (originally a hotel)
32,900 SF
Steel frame with brick façade
Elevator
Office/Retail and residential
Ballroom and event space
Common restrooms on multiple floors
On-site parking plus abundant street parking
Central water heat-pump system with tenant-controlled units
There's a lot to see! I recommend at least skimming this video. I included chapter markers for each space. You can use your mouse/finger to look around at all angles.
Let’s be candid: Baker City isn't a booming metro. It's a small, rural market with modest population and income growth, limited job creation, and relatively flat demand trends. But that stability is precisely what makes it appealing for this asset. The market isn't overheated or speculative — it's grounded. The residents who live and work here aren't transient; they stay. While Baker City won't deliver explosive rent growth, it offers dependable cash flow, low volatility, and the opportunity to create value through strong management and tenant-focused improvements.
Demographics: Small, stable population with modest growth and aging median (~45). The 2025 population projection is 10,285 — a ~1.85% increase (~0.37% annually).
Economy: County-wide job growth is modest but positive. It grew by ~2.6% from 2022 to 2023 (~6,270 to 6,430 jobs). Baker City employment is flat.
Housing: A tight rental market (4% vacancy rate); healthy owner occupancy and rising home values. In 2024, Baker City's median household income was $59,930, projected to reach $67,218 by 2029—~12% growth over 5 years (~2.2% annual).
Commercial: Elevated vacancies (10%) offer opportunity for repositioning or rental upside.
This business plan is refreshingly simple: buy a solid building, manage it well, and unlock value through thoughtful operations.
Baker Tower is already in good condition. Structurally sound, with reliable tenants and historic charm, it doesn’t need a major overhaul. Our job is to protect the downside and steadily improve performance. Here's how we'll do it:
Bring property management in-house. The residential side has suffered from inconsistent oversight. We'll fix that with hands-on management and an on-site team member responsible for janitorial, maintenance, and ballroom setup.
Reposition the ballroom as an event space. We've budgeted for staffing and marketing to turn it into a steady source of rental income.
Convert the top floor into a furnished vacation rental. Its views and layout make it ideal for short-term guests, providing a new, higher-yield revenue stream.
Address minor capital needs. Roof refinishing and some general cosmetic work are planned, but no major rehab is needed.
Sell one of the two cell tower leases. We're executing a simultaneous closing to raise $400K for the down payment, without relying on LP equity for it.
Unlock exit flexibility. Each floor is legally separated as a condo, allowing future resale to owner-users (office, retail, residential) or investors as needed.
In short, this is not a speculative repositioning play. It’s an operational execution play, with clear upside and built-in optionality.
Downtown Demand Elasticity: Baker City is small; leasing velocity could slow during an economic dip. Flat population and job growth amplify vacancy risk.
Market to regional tenants (medical, govt, remote workers).
Consider short-term flexible or remote work options.
Lease ramps staggered; push to diversify lease start dates.
Aging Building Systems: A 1929 structure with well-maintained, but vintage elevators, HVAC, and plumbing. System failure leads to tenant disruption, legal exposure, and a spike in CAPEX.
Conducted a detailed property condition assessment.
Budgeted annual capital reserve ($13K/year) for phased upgrades.
Will keep the existing service plans on major systems.
Utility Inefficiencies: The central water-source heat pump system may be prone to repairs, potentially requiring a higher OPEX.
Again, will keep the existing service plans on major systems.
Create educational and onboarding content that explains how the system works and how to run their individual unit efficiently.
Historic/Code Compliance Exposure: The building's age and historic designation could complicate renovations, code triggers, or permit delays.
If needed, engage an architect experienced in historic structures.
Consult local planning early.
Obtain clear guidelines on deviation allowances and financial incentives.
Tenant Concentration: Office tenants are dominant. If one or two major tenants leave, rental income takes a substantial hit.
Strive for a balanced tenant roster (office/retail/event/residential).
Convert some of the larger single-tenant spaces into smaller multi-tenant offices.
Include default protections in leases (ex: 60-day notice, rent guarantees).
Plan contingencies for replacement tenants or pop-up uses.
Event Space Utilization: Ballroom event space may underperform if not actively leased or properly managed.
Included an events manager in the pro forma as part of the staff cost.
Included a marketing budget to target community uses, conferences, and private events.
Will consider revenue share agreements with local vendors if needed.
Operational Complexity: Mixed-use (residential, commercial, events, cell towers) in a historic property increases management complexity and cost.
Retain an on-site person.
Use integrated software for tenant billing/reporting.
Use my in-house property management company, which will show care and attention.
Exit / Liquidity Risk: Small market and rural location may limit future buyer pool, suppressing exit valuation.
Clearly articulate alternate buyer profiles (municipality, non-profit, aggregator).
Prioritize maintaining functional historical character.
Build aggressive pro forma stress tests and flexibility for partial sale or refinance.
NOTE: The rates of return displayed on this page are only projections, and are not guarantees of any sort. Actual returns may vary widely, due to many economic and marketplace factors beyond our control.
I decided to keep the ownership and distribution structure simple. The investors will, collectively, receive 80% of the returns. That includes all cash flow and any funds from a capital event (such as a refi or sale).
The minimum investment is $75,000, which will give an ownership of 10.4%.
After getting his MBA, I started working for HP Inc. and actively investing. Over the last 16 years, I purchased over $5 million in real estate. My investments include 14 properties that span apartments, storage, and warehouses. I'm also a limited partner in a 112-unit development project. Read my one-page bio
I manage 105 personal units and recently became licensed to serve other property owners (21 units and counting). I’ve built proven systems, own all the tools, and hired a team. I plan to hire on-site support for janitorial, ballroom setup, and light maintenance. Learn more
Mr. Beer advises investors and sellers on transactions and long-term strategy. He leverages his background in software partnerships with his own personal experience investing in apartments to help clients leverage the resources, technology, relationships, and experience in his local office, as well as SVN at the national level. Mr. Beer helped us purchase a 15-bedroom investment. Learn more
Central Willamette Credit Union has over 35,000 members and $500 million in assets. Guided by the principle of People Helping People, Central Willamette provides ethical, community-focused financial services. Their mission: to enrich the community by offering accessible financial tools, compassionate service, and local investment, like their support for the historic Baker Tower. Learn more
Everest Infrastructure Partners specializes in acquiring and managing cell tower leases, with a portfolio spanning thousands of wireless sites across the U.S. and internationally. They work directly with property owners to unlock long-term value from telecom infrastructure while preserving property rights and flexibility. Spencer Davis, their Director of Acquisitions, brings a thoughtful, no-pressure approach to negotiations, making Everest a reliable partner in maximizing the value of wireless lease assets. Learn more
Call, email, or text me (James) expressing your interest, and we'll send the Private Placement Memorandum (PPM) for your review. We'll also send you the Subscription Agreement for signature.
Let me (James) know. We'll sign a subscription agreement, and our escrow officer will send you the wiring instructions.
Yes. K-1s will be delivered by March 31st of the following year.
10-20 years. This is a long-term, legacy hold. However, we plan to have a liquidity event (i.e., an opportunity to return significant capital) if interest rates are favorable.
Yes. Please consult with your CPA on how to use or carry over the depreciation.
$75,000
Yes, investments are accepted via 401 (k)/IRA funds.
The first distribution is anticipated to be sent to investors 6-9 months after acquisition, followed by quarterly distributions. Distributions are processed via ACH or check.
The wiring information is provided after you sign the subscription agreement (to be sent after you express interest). If your bank asks, the location of the entity created to purchase the property is in Corvallis, OR.
Reporting will begin 3 months after close. Quarterly investor reporting packages will be sent via email and uploaded to the investor portal.
The Sponsors are investing 6% of the total LP raise.
This document contains privileged and confidential information, and unauthorized use of this information in any manner is strictly prohibited. If you are not the intended recipient, please notify the sender immediately. This document is for informational purposes and is not intended to be a general solicitation or a securities offering of any kind. The information contained herein is from sources believed to be reliable, however, no representation by Sponsor(s), either expressed or implied, is made as to the accuracy of any information on this property, and all investors should conduct their own research to determine the accuracy of any statements made. An investment in this offering will be a speculative investment and subject to significant risks; therefore, investors are encouraged to consult with their personal legal and tax advisors. Neither the Sponsor(s), nor their representatives, officers, employees, affiliates, sub-contractors, or vendors provide tax, legal, or investment advice. Nothing in this document is intended to be or should be construed as such advice.
Potential investors and other readers are also cautioned that these forward-looking statements are predictions only based on current information, assumptions, and expectations that are inherently subject to risks and uncertainties that could cause future events or results to differ materially from those set forth or implied by such forward-looking statements. These forward-looking statements can be identified by the use of forward-looking terminology, such as “may,” “will,” “seek,” “should,” “expect,” “anticipate,” “project, “estimate,” “intend,” “continue,” or “believe” or the negatives thereof or other variations thereon or comparable terminology. These forward-looking statements are only made as of the date of this executive summary, and Sponsors undertake no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
This document further contains several future financial projections and forecasts. These estimated projections are based on numerous hypothetical scenarios, and the Sponsor(s) explicitly makes no representation or warranty of any kind with respect to any financial projection or forecast delivered in connection with the Offering or any of the assumptions underlying them.
This document further contains performance data that represents past performances. Past performance does not guarantee future results. Current performance may be lower or higher than the performance data presented.
All return examples provided are based on assumptions and expectations in light of currently available information, industry trends, and comparisons to competitor's financials. Therefore, actual performance may, and most likely will, substantially differ from these projections, and no guarantee is presented or implied as to the accuracy of specific forecasts, projections, or predictive statements contained in this document. The Sponsor further makes no representations or warranties that any investor will, or is likely to, achieve profits similar to those shown in the pro forma or other financial projections.
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