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    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:
    25
    Last Refresh:
    Jun 8 at 9:06 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

    • Commercial corner building on Third & Main in downtown Prineville
    • Grandfathered drive‑through feature
    • Built in 1975
    • Central air conditioning with electric forced‑air heating
    • Roof includes membrane and metal materials
    • Parking available with on‑street parking and a parking lot

    Overview

    Located at 103 NW 3rd Street in Prineville, this solid commercial building presents a light-filled interior with open, flexible space that can support office or retail use. The property features striking architecture and a layout designed for adaptable tenant setups.

    The building occupies a downtown corner at Third & Main, providing convenient presence within the business core. A grandfathered drive-through is also included, which can support functions that benefit from customer vehicle access.

    For buyers seeking a versatile storefront-to-office option in a central downtown position, the combination of open flexible space and drive-through capability broadens potential operating models. The property is offered for sale as a standalone commercial building, making it a practical fit for an owner-operator or an investor looking for an asset with multiple viable uses.
    Property Profile Location Intelligence

    Current Use by Public Records

    Office buildings

    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?
    Office building - Light-filled building offering flexible office or retail space and a grandfathered drive-through.
    Where is this office building 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: Commercial corner building on Third & Main in downtown Prineville; Grandfathered drive‑through feature; Built in 1975
    (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.

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    103 NW 3rd Street, Prineville, OR 97754
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