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    Downtown Corner Retail/Office Building Title is generated by Realmo AI

    103 NW 3rd Street, Prineville, OR 97754

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    For Sale
    $650,000

    Commercial Sale, Other - Prineville, OR

    Lot size:
    0.16 Acres
    Added:
    May 15, 2026
    Days on Market:
    20
    Last Refresh:
    Jun 3 at 1:06 am

    Property Features for 103 NW 3rd Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    C1; Central Commercial
    Parking features
    On Street, Parking Lot
    Interior features
    Built-in Features
    Standard status
    Active
    APN
    8599
    Lot size
    0.16 Acres

    Utilities

    Heating system
    Electric (Heating), Forced Air
    Cooling system
    Central Air

    Building Details

    Year built
    1975
    Floors in Building
    1
    Flooring type
    Carpet, Tile, Vinyl
    Roof type
    Membrane, Metal
    Architectural style
    Other

    We can help!

    Listing Contact
    Micalene Lea Stafford

    Listing agent Micalene Lea Stafford

    Listing office Engel & Völkers Bend 828 NW Wall Street, Bend, OR

    Listing date May 15, 2026

    MLS# 220193606 Listing URL

    Copyright © 2026 Engel & Völkers. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Corner commercial building in downtown Prineville at Third & Main
    • Grandfathered drive‑through feature included
    • Open, flexible interior space for office or retail use
    • Central air cooling and forced‑air electric heat
    • Roof systems include membrane and metal
    • On‑site parking lot plus on‑street parking; flooring includes carpet, tile, and vinyl

    Overview

    Located on a prime downtown Prineville corner at Third & Main, this solid commercial building offers striking architecture and abundant natural light. The interior is designed with open, flexible space that can support either office or retail applications, giving occupants room to adapt their layout to day-to-day needs. Visibility is a standout feature, reinforced by the building’s corner presence and strong streetscape presence.

    The property is zoned C1; Central Commercial, aligning well with a wide range of traditional downtown business uses. Access and circulation are enhanced by a grandfathered drive-through, a meaningful operational advantage for concepts that benefit from quick service or convenient vehicle access.

    For buyers and tenants seeking a downtown location with adaptability, this is a practical choice. The combination of open space, high visibility, and drive-through capability can support a single-tenant office, service-oriented retail, or other retail uses that require both walk-in exposure and straightforward vehicle service. Given its character and flexible footprint, the building is well-suited for an operator who wants to take advantage of the corner setting while tailoring the space to their business model.
    Property Profile Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Prineville
    County
    Crook
    State
    Oregon
    Longitude
    -120.847383
    Latitude
    44.303084

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    FAQs

    What type of property is this?
    Retail space - Light-filled, flexible space with exceptional visibility and a grandfathered drive-through for versatile downtown use.
    Where is this retail space located?
    The property is located at 103 NW 3rd Street Prineville, OR.
    What is the asking price?
    The asking price for this property is $650,000.
    What are key features of this property?
    This property features: Corner commercial building in downtown Prineville at Third & Main; Grandfathered drive‑through feature included; Open, flexible interior space for office or retail use
    (541) 350-8256
    We can help!
    Listing Contact
    Micalene Lea Stafford
    Request Owner's contact information
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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    103 NW 3rd Street, Prineville, OR 97754
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