Two-Unit Duplex with
New
For Sale
$595,000
Pending
1023 NE Watt Way, Bend, OR 97701
Residential Income, Bend, OR
Property Size1,784 SF
Lot Size0.14 Acres
Days on Market5
Property Features for 1023 NE Watt Way
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
RM
Parking features
On Street, Driveway
Window features
Vinyl Frames
Interior features
Breakfast Bar, Ceiling Fan(s), Laminate Counters, Primary Downstairs, Shower/Tub Combo, Vaulted Ceiling(s)
Fireplace
1
Appliances
Dishwasher, Disposal, Dryer, Oven, Range, Refrigerator, Washer, Water Heater
Subdivision
Rose Terrace
Lot features
Landscaped, Sprinkler Timer(s), Sprinklers In Front
View
Territorial
Elementary school
Juniper Elem
Middle school
Pilot Butte Middle
High school
Mountain View Sr High
Directions
North of old costco location. Hwy 20 east, north on purcell, right on Paula Drive, right on Donegan Rd. Left on Watt Way, duplexes on the left (west).
Standard status
Pending
APN
242204
Size
1,784 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
4128
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Water source
Public
Building Details
Year built
2004
Floors in Building
1
Number of units
2
Flooring type
Laminate, Carpet
Building materials
Frame
Roof type
Composition
Architectural style
Ranch
Listing Agency:
RE/MAX Key Properties · RE/MAX International
(541) 728-0033
Listed By:
Brian Meece · License #811000092
(541) 480-1630
Added: Sep 30
Changed: Oct 1
Last Checked: Oct 4 at 6:06PM
MLS# 220229346
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 1,784-square-foot duplex contains two ranch-style residences, each arranged on one level. Both units have two bedrooms, one full bathroom, vaulted ceilings, and a single-car garage. Interior features include breakfast bars, laminate counters, ceiling fans, and shower/tub combinations. The property also has a fireplace, forced-air natural gas heat, and a mix of laminate and carpet flooring.
Built in 2004 on a 0.14-acre lot, the building is served by public water and public sewer. The property is on NE Watt Way in Bend, with shopping, dining, and everyday amenities nearby. A neighboring duplex at 1015 NW Watt Way is also available for purchase.
Built in 2004 on a 0.14-acre lot, the building is served by public water and public sewer. The property is on NE Watt Way in Bend, with shopping, dining, and everyday amenities nearby. A neighboring duplex at 1015 NW Watt Way is also available for purchase.
Key Highlights
- Two residences, each with 2 bedrooms and 1 full bathroom
- 1,784 square feet on a 0.14‑acre lot
- Each unit includes a single‑car garage and 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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Open Analytics
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
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Both residences are single-level layouts with two bedrooms and full baths.
Where is this duplex located?
The property is located at 1023 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 residences, each with 2 bedrooms and 1 full bathroom; 1,784 square feet on a 0.14‑acre lot; Each unit includes a single‑car garage and vaulted ceilings
