Two-Suite Flex
New
For Sale
Contact for pricing
1004 Southwest Emkay Drive, Bend, OR 97702
Office, warehouse, and manufacturing areas support varied commercial operations.
Property Size18,430 SF
Lot Size0.99 Acres
Price / SF$300
Days on Market7
Property Features for 1004 Southwest Emkay Drive
General Information
Standard status
Active
Size
18,430 SF
Total Parking Spaces
41
Lot size
0.99 Acres
Property subtype
Mixed Use, Industrial, Office
Zoning
Mixed Use Urban
Warehouse & Industrial
Drive-In Doors
3
Power
1,200 amps
Voltage
240 V
Three-Phase Power
Yes
Additional Details
Asking Price
$5,529,000
Utilities to Site
Yes
Building Details
Buildings
1
Building Size
18,430 SF
Construction
tilt-up concrete
Listing Agency:
Fratzke Commercial Real Estate
Listed By:
Brian Fratzke · License #OR 200402169
(541) 306-4948
Source:
Crexi
Added: Sep 8
Changed: Sep 11
Last Checked: Sep 13 at 5:45AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Fratzke Commercial Real Estate
Investment Insights
Based on property information with market context.
This 18,430 RSF flex and industrial building is arranged as two suites with office, warehouse, and manufacturing areas. Concrete tilt-up walls, a poured slab foundation, and a truss roof system support the improvements. Each suite has separate male and female restrooms, while the warehouse bays include Reznor and radiant heating. Rooftop HVAC serves the office areas, and the building offers three 14' grade-level roll-up doors, six man doors, and 240-volt three-phase electrical service with 1,200 amps.
The property occupies approximately 0.99 acres with 41 parking stalls and a 2-inch water line. Mixed Use Urban zoning allows a range of commercial and residential uses. The site is two blocks from Oregon State University-Cascades and provides access to nearby restaurants, retail, housing, and major transportation routes. It is also within Bend’s Enterprise Zone.
The property occupies approximately 0.99 acres with 41 parking stalls and a 2-inch water line. Mixed Use Urban zoning allows a range of commercial and residential uses. The site is two blocks from Oregon State University-Cascades and provides access to nearby restaurants, retail, housing, and major transportation routes. It is also within Bend’s Enterprise Zone.
Key Highlights
- 18,430 RSF flex and industrial building on approximately 0.99 acres
- Two suites with office, warehouse, and manufacturing areas
- Three 14' grade‑level roll‑up doors and six man doors
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
$259,863
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
4.70%
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%
$5,197,260
$5.2M
Cap Rate 7%
$3,712,329
$3.7M
Cap Rate 9%
$2,887,367
$2.9M
Market Conditions
NOI Build-Up for 18,430 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
$442.3K $24.00/SF
− Vacancy
−$26.5K −$1.44/SF
EGI
$415.8K $22.56/SF
− OpEx
−$155.9K −$8.46/SF
NOI
$259.9K $14.10/SF
Area
Bend, OR
Vacancy
6.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
37.50%
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%
$5,197,260
Cap Rate 7%
$3,712,329
Cap Rate 9%
$2,887,367
Alternative Uses
Best Use
Mixed Use
$3.71M
$3.25M – $4.33M
NOI $259,863 @ 7.0% cap · market cap 4.70%
Second Best
Flex RnD
$3.59M
$3.14M – $4.18M
NOI $250,994 @ 7.0% cap · market cap 4.54%
Theoretical Best
Specialty Retail
$7.96M
$6.97M – $9.29M
NOI $557,323 @ 7.0% cap · market cap 10.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
3
Drive-in doors
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,812
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 97702, OR
51,161
Population
23,318
Households
2.2
Avg Household Size
42
Median Age
46%
College-Educated
96%
High-School Grad
103.5 sq mi
ZIP Area
494
Density / Sq Mi
$89,094
Median Household Income
$47,743
Median Earnings
$1,825
Median Rent
$620,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in West region
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Frequently Asked Questions
What type of property is this?
Flex space - Office, warehouse, and manufacturing areas support varied commercial operations.
Where is this flex space located?
The property is located at 1004 Southwest Emkay Drive Bend, OR.
What is the asking price?
The asking price for this property is $5,529,000.
What are key features of this property?
This property features: 18,430 RSF flex and industrial building on approximately 0.99 acres; Two suites with office, warehouse, and manufacturing areas; Three 14' grade‑level roll‑up doors and six man doors
