Mixed-Use Property with
For Sale
$749,000
727 NW 3rd Street, Prineville, OR 97754
Commercial Sale, Prineville, OR
Property Size2,646 SF
Lot Size0.21 Acres
Price / SF$283.07
Days on Market13
Property Features for 727 NW 3rd Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
C2; General Commercial
Parking features
Alley
Window features
Double Pane Windows, Vinyl Frames, Aluminum Frames
Patio and Porch features
Patio
Interior features
Tile Counters
Basement
Unfinished
Lot features
Fenced, Landscaped, Sprinklers In Front
Directions
Heading East on NW 3rd St take a left on NW hardwood and enter the alleyway. Park behind the building in marked Country Financial spaces.
Standard status
Active
APN
8751
Size
2,646 SF
Lot size
0.21 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
3309
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Electric (Heating), Forced Air
Cooling system
Wall/Window Unit(s), Central Air, Window Unit(s)
Water source
Public
Building Details
Year built
1955
Floors in Building
2
Number of units
6
Flooring type
Tile, Carpet, Vinyl, Laminate
Building materials
Frame
Roof type
Composition
Additional Structures
Storage
Listing Agency:
Keller Williams Realty Central Oregon
Listed By:
Nicole Hoff
(541) 585-3760
Added: Aug 28
Changed: Sep 8
Last Checked: Sep 9 at 11:06PM
MLS# 220227887
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 mixed-use property encompasses 2,646 square feet on a 0.21-acre parcel and combines several distinct components. The layout includes a five-bedroom bunkhouse with communal kitchen, dining, laundry, and courtyard areas, plus a separate two-room office and a standalone studio ADU apartment. The office is occupied by a long-term tenant, and the property is described as fully leased with established rental income.
Built in 1955, the frame structure has laminate, carpet, vinyl, and tile flooring, along with tile countertops. Heating is provided by forced air with electric and natural gas service; cooling includes central air and wall or window units. The property has public water and public sewer, a composition roof, an alley parking feature, and a patio. It is located at 727 NW 3rd Street in Prineville, Oregon.
Built in 1955, the frame structure has laminate, carpet, vinyl, and tile flooring, along with tile countertops. Heating is provided by forced air with electric and natural gas service; cooling includes central air and wall or window units. The property has public water and public sewer, a composition roof, an alley parking feature, and a patio. It is located at 727 NW 3rd Street in Prineville, Oregon.
Key Highlights
- 2,646‑square‑foot mixed‑use property on a 0.21‑acre parcel
- Five‑bedroom bunkhouse with shared kitchen, dining, laundry, and courtyard areas
- Separate two‑room office occupied by a long‑term tenant
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
$37,998
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
5.07%
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%
$759,960
$760.0K
Cap Rate 7%
$542,829
$542.8K
Cap Rate 9%
$422,200
$422.2K
Market Conditions
NOI Build-Up for 2,646 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
$54.0K $20.40/SF
− Vacancy
−$3.3K −$1.25/SF
EGI
$50.7K $19.15/SF
− OpEx
−$12.7K −$4.79/SF
NOI
$38.0K $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%
$759,960
Cap Rate 7%
$542,829
Cap Rate 9%
$422,200
Alternative Uses
Best Use
Office B
$542.8K
$475.0K – $633.3K
NOI $37,998 @ 7.0% cap · market cap 5.07%
Second Best
Mixed Use
$533.0K
$466.4K – $621.8K
NOI $37,309 @ 7.0% cap · market cap 4.98%
Theoretical Best
Specialty Retail
$1.14M
$1.00M – $1.33M
NOI $80,015 @ 7.0% cap · market cap 10.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
744
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
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Market
Vacancy Rate% for Office in West region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Income-producing property combines shared residential facilities, office space, and a detached studio apartment.
Where is this mixed-use property located?
The property is located at 727 NW 3rd Street Prineville, OR.
What is the asking price?
The asking price for this property is $749,000.
What are key features of this property?
This property features: 2,646‑square‑foot mixed‑use property on a 0.21‑acre parcel; Five‑bedroom bunkhouse with shared kitchen, dining, laundry, and courtyard areas; Separate two‑room office occupied by a long‑term tenant
