Three-Story Mixed-Use
For Sale
$1,400,000
615 SW Evergreen Avenue, Redmond, OR 97756
Commercial Sale, Redmond, OR
Property Size7,500 SF
Lot Size0.06 Acres
Price / SF$186.67
Days on Market208
Property Features for 615 SW Evergreen Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
C-2
Parking features
On Street
Interior features
Elevator
Accessibility
Accessible Elevator Installed
Lot features
Corner Lot, Level
View
City
Standard status
Active
APN
123427
Size
7,500 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
9552
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Wall Furnace
Cooling system
Central Air
Water source
Public
Building Details
Year built
1919
Floors in Building
3
Number of units
14
Flooring type
Carpet, Laminate
Building materials
Brick
Roof type
Membrane
Listing Agency:
John L. Scott Medford
(541) 779-3611
Listed By:
Martin Outdoor Property Group · License #200706071
(541) 660-5111
Added: Feb 2
Changed: Aug 28
Last Checked: Aug 29 at 10:06AM
MLS# 220214643
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.
Built in 1919, this brick mixed-use building contains approximately 7,500 square feet across three stories. The property includes two retail units at street level, two commercial units on the top floor, and 10 apartments distributed across the second and third floors. Interior finishes include laminate and carpet, with central air, electric heating, and wall furnaces. An elevator with accessible installation serves the building.
The property occupies approximately 0.06 acres at the intersection of SW Evergreen Avenue and Sixth Street in downtown Redmond. Public water and sewer serve the site, and parking is available on the street. The building is fully leased and features a membrane roof.
The property occupies approximately 0.06 acres at the intersection of SW Evergreen Avenue and Sixth Street in downtown Redmond. Public water and sewer serve the site, and parking is available on the street. The building is fully leased and features a membrane roof.
Key Highlights
- Approximately 7,500 square feet across three stories
- Built in 1919; brick construction with membrane roof
- Two ground‑floor retail units and two third‑floor commercial units
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
$96,050
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
6.86%
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%
$1,921,000
$1.9M
Cap Rate 7%
$1,372,143
$1.4M
Cap Rate 9%
$1,067,222
$1.1M
Market Conditions
NOI Build-Up for 7,500 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
$189.0K $25.20/SF
− Vacancy
−$14.4K −$1.92/SF
EGI
$174.6K $23.28/SF
− OpEx
−$78.6K −$10.48/SF
NOI
$96.0K $12.81/SF
Area
Deschutes County, OR
Vacancy
7.60%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
45.00%
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%
$1,921,000
Cap Rate 7%
$1,372,143
Cap Rate 9%
$1,067,222
Alternative Uses
Best Use
Retail
$2.58M
$2.26M – $3.01M
NOI $180,684 @ 7.0% cap · market cap 12.91%
Second Best
Apartment 5plus
$1.37M
$1.20M – $1.60M
NOI $96,050 @ 7.0% cap · market cap 6.86%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
10
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
945
Businesses Nearby
Explore this area
Business Placement
Demographics for 97756, OR
42,168
Population
18,335
Households
2.3
Avg Household Size
40
Median Age
32%
College-Educated
92%
High-School Grad
126.3 sq mi
ZIP Area
334
Density / Sq Mi
$84,067
Median Household Income
$41,909
Median Earnings
$1,473
Median Rent
$469,000
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use property combines retail, commercial, and apartment space with elevator access.
Where is this mixed-use property located?
The property is located at 615 SW Evergreen Avenue Redmond, OR.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: Approximately 7,500 square feet across three stories; Built in 1919; brick construction with membrane roof; Two ground‑floor retail units and two third‑floor commercial units
