Single-Story Office Building with Four
For Sale
$1,555,000
23 NW Greenwood Avenue, Bend, OR 97703
Commercial Sale, Bend, OR
Property Size4,100 SF
Lot Size0.16 Acres
Price / SF$379.27
Days on Market76
Property Features for 23 NW Greenwood Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
CB
Parking features
Parking Lot
Standard status
Active
APN
103412
Size
4,100 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
3827
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
1941
Floors in Building
1
Number of units
1
Flooring type
Concrete
Building materials
Concrete
Roof type
Membrane
Listing Agency:
Berkshire Hathaway HomeService · Berkshire Hathaway HomeServices
(541) 322-8880
Listed By:
Raechelle A Boddy · License #201219703
(248) 935-4592
Added: Jun 9
Changed: Aug 19
Last Checked: Aug 23 at 8:06PM
MLS# 220223191
Copyright © 2026 Oregon Data Share. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This single-story office building is designed for professional flexibility and everyday functionality. The interior includes 12 private offices, a reception area, a waiting area, and three bathrooms, including one full bath. Four separate entrances support multiple-tenant use and may also accommodate a medical conversion. Rear parking and convenient accessibility are included to serve both clients and staff.
Located on one of Bend’s busiest corridors, the property provides significant visibility along the Bend Parkway, with more than 53,000 vehicles passing daily.
Renovations were completed in 2005, and the building has newer HVAC along with consistent ongoing maintenance, supporting an owner-user or tenant-ready setup.
Located on one of Bend’s busiest corridors, the property provides significant visibility along the Bend Parkway, with more than 53,000 vehicles passing daily.
Renovations were completed in 2005, and the building has newer HVAC along with consistent ongoing maintenance, supporting an owner-user or tenant-ready setup.
Key Highlights
- Single‑story office building with approx. 4,100 SF, built in 1941
- 12 private offices plus reception, waiting area, and three bathrooms (including one full bath)
- Four separate entrances for multi‑tenant occupancy or a medical conversion
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$58,878
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.79%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,177,560
$1.2M
Cap Rate 7%
$841,114
$841.1K
Cap Rate 9%
$654,200
$654.2K
Market Conditions
NOI Build-Up for 4,100 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$83.6K $20.40/SF
− Vacancy
−$5.1K −$1.25/SF
EGI
$78.5K $19.15/SF
− OpEx
−$19.6K −$4.79/SF
NOI
$58.9K $14.36/SF
Area
Bend, OR
Vacancy
6.14%
Lease Rate
$20.40 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,177,560
Cap Rate 7%
$841,114
Cap Rate 9%
$654,200
Alternative Uses
Best Use
Office B
$841.1K
$736.0K – $981.3K
NOI $58,878 @ 7.0% cap · market cap 3.79%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.77M
$1.55M – $2.07M
NOI $123,984 @ 7.0% cap · market cap 7.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,016
Businesses Nearby
Explore this area
Business Placement
Demographics for 97703, OR
32,475
Population
16,032
Households
2
Avg Household Size
45
Median Age
60%
College-Educated
98%
High-School Grad
269.8 sq mi
ZIP Area
120
Density / Sq Mi
$118,160
Median Household Income
$52,182
Median Earnings
$1,831
Median Rent
$915,900
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Single-story office building with four separate entrances, reception and 12 private offices, plus rear parking.
Where is this office building located?
The property is located at 23 NW Greenwood Avenue Bend, OR.
What is the asking price?
The asking price for this property is $1,555,000.
What are key features of this property?
This property features: Single‑story office building with approx. 4,100 SF, built in 1941; 12 private offices plus reception, waiting area, and three bathrooms (including one full bath); Four separate entrances for multi‑tenant occupancy or a medical conversion
