Office Building on Corner
For Sale
$420,000
Pending
296 S Main Street, Prineville, OR 97754
COMMERCIAL - Prineville, OR
Property Size2,630 SF
Lot Size0.21 Acres
Days on Market373
Property Features for 296 S Main Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
R2
Parking features
Driveway, On Street, Alley
Patio and Porch features
Patio, Porch
Interior features
Ceiling Fan(s), Laminate Counters
Subdivision
Oregon + Western
Lot features
Corner Lot, Landscaped, Level
Directions
From US Hwy 26 (3rd St) go south on Main, property on the corner of S Main and SE 3rd St.
Standard status
Pending
APN
8343
Size
2,630 SF
Lot size
0.21 Acres
Taxes and HOA fees
Tax Year
2025
Utilities
Sewer type
Public Sewer
Heating system
Heat Pump (Heating), Forced Air
Cooling system
Heat Pump, Central Air
Water source
Public
Building Details
Year built
1955
Floors in Building
1
Number of units
2
Flooring type
Laminate
Building materials
Frame
Roof type
Composition
Additional Structures
Storage
Listing Agency:
Crook County Properties LLC
(541) 447-3020
Listed By:
Michael Warren II · License #200605300
(541) 390-1032
Added: Jul 31, 2025
Changed: Aug 4
Last Checked: Aug 7 at 9:06AM
MLS# 220206992
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 well-maintained property is currently configured for office use and includes a large reception area, four offices, a large conference room, and storage rooms. Interior finishes include laminate flooring and laminate counters, along with ceiling fans. Heating and cooling are provided by a forced-air system with a heat pump, central air, and a composition roof. Parking is available with both on-street and off-street options, plus an alley and driveway.
The property sits on a 0.21-acre corner lot in Prineville, Oregon. A small building in the back is approximately 950 SF and has power, water, sewer, and a bathroom, which may support a variety of uses with some modifications, including an ADU scenario. The main property also features both porch and patio elements, and public water and public sewer service.
The property sits on a 0.21-acre corner lot in Prineville, Oregon. A small building in the back is approximately 950 SF and has power, water, sewer, and a bathroom, which may support a variety of uses with some modifications, including an ADU scenario. The main property also features both porch and patio elements, and public water and public sewer service.
Key Highlights
- 0.21‑acre corner lot with both on‑street and off‑street parking
- Current office layout includes large reception, four offices, and a large conference room
- Back building approx 950 SF with power, water, sewer, and a bathroom
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
$37,768
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
8.99%
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%
$755,360
$755.4K
Cap Rate 7%
$539,543
$539.5K
Cap Rate 9%
$419,644
$419.6K
Market Conditions
NOI Build-Up for 2,630 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
$53.7K $20.40/SF
− Vacancy
−$3.3K −$1.25/SF
EGI
$50.4K $19.15/SF
− OpEx
−$12.6K −$4.79/SF
NOI
$37.8K $14.36/SF
Area
Crook County, 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%
$755,360
Cap Rate 7%
$539,543
Cap Rate 9%
$419,644
Alternative Uses
Best Use
Office B
$539.5K
$472.1K – $629.5K
NOI $37,768 @ 7.0% cap · market cap 8.99%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.14M
$994.1K – $1.33M
NOI $79,531 @ 7.0% cap · market cap 18.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
732
Businesses Nearby
Explore this area
Business Placement
Demographics for 97754, OR
21,627
Population
9,985
Households
2.2
Avg Household Size
46
Median Age
21%
College-Educated
90%
High-School Grad
1,370.6 sq mi
ZIP Area
16
Density / Sq Mi
$76,698
Median Household Income
$42,395
Median Earnings
$1,224
Median Rent
$397,700
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Well-maintained office setup with reception, offices, conference room, and a back building on a 0.21-acre corner lot.
Where is this office building located?
The property is located at 296 S Main Street Prineville, OR.
What is the asking price?
The asking price for this property is $420,000.
What are key features of this property?
This property features: 0.21‑acre corner lot with both on‑street and off‑street parking; Current office layout includes large reception, four offices, and a large conference room; Back building approx 950 SF with power, water, sewer, and a bathroom
