Two-Unit Duplex with
New
For Sale
$595,000
Pending
1015 NE Watt Way, Bend, OR 97701
Both residences offer a two-bedroom, one-bath layout with vaulted ceilings and private garages.
Property Size1,784 SF
Days on Market4
Property Features for 1015 NE Watt Way
General Information
Standard status
Pending
Size
1,784 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Parking per Unit
1
Amenities
vaulted ceilings
Building Details
Year Built
2004
Buildings
1
Listing Agency:
Sunriver Realty
(541) 480-8565
Listed By:
Strategic Realty, LLC
(541) 595-8444
Source:
Movetobend
Added: Oct 1
Changed: Oct 4
Last Checked: Oct 4 at 8:47AM
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 Sunriver Realty
Investment Insights
Based on property information with market context.
Built in 2004, this updated duplex contains 1,784 square feet across two single-level residences. Each unit has two bedrooms, one full bathroom, vaulted ceilings, and a single-car garage.
A separate property at 1023 NW Watt Way sits directly adjacent and is also available for purchase. The duplex is near shopping, dining, and everyday amenities in Bend.
A separate property at 1023 NW Watt Way sits directly adjacent and is also available for purchase. The duplex is near shopping, dining, and everyday amenities in Bend.
Key Highlights
- Two units, each with 2 bedrooms and 1 full bathroom
- 1,784 square feet total
- Single‑level layouts with vaulted ceilings
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
$25,027
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
4.21%
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%
$500,540
$500.5K
Cap Rate 7%
$357,529
$357.5K
Cap Rate 9%
$278,078
$278.1K
Market Conditions
NOI Build-Up for 1,784 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
$38.5K $21.60/SF
− Vacancy
−$2.8K −$1.56/SF
EGI
$35.8K $20.04/SF
− OpEx
−$10.7K −$6.01/SF
NOI
$25.0K $14.03/SF
Area
Bend, OR
Vacancy
7.22%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
30.00%
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%
$500,540
Cap Rate 7%
$357,529
Cap Rate 9%
$278,078
Alternative Uses
Best Use
Multifamily LT 5
$357.5K
$312.8K – $417.1K
NOI $25,027 @ 7.0% cap · market cap 4.21%
Second Best
Apartment 5plus
$326.4K
$285.6K – $380.8K
NOI $22,847 @ 7.0% cap · market cap 3.84%
Theoretical Best
Specialty Retail
$770.7K
$674.4K – $899.1K
NOI $53,948 @ 7.0% cap · market cap 9.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,789
Businesses Nearby
Explore this area
Business Placement
Demographics for 97701, OR
42,159
Population
19,020
Households
2.2
Avg Household Size
38
Median Age
42%
College-Educated
94%
High-School Grad
311.8 sq mi
ZIP Area
135
Density / Sq Mi
$77,969
Median Household Income
$47,431
Median Earnings
$1,700
Median Rent
$567,800
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 Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Duplex - Both residences offer a two-bedroom, one-bath layout with vaulted ceilings and private garages.
Where is this duplex located?
The property is located at 1015 NE Watt Way Bend, OR.
What is the asking price?
The asking price for this property is $595,000.
What are key features of this property?
This property features: Two units, each with 2 bedrooms and 1 full bathroom; 1,784 square feet total; Single‑level layouts with vaulted ceilings
