Downtown Bend Landmark with
For Sale
$6,500,000
1033 NW Bond St, Bend, OR 97703
Historic building with popular restaurants and future albergo expansion.
Property Size8,766 SF
Days on Market166
Property Features for 1033 NW Bond St
General Information
Standard status
Active
Size
8,766 SF
Property subtype
Hospitality
Building Details
Building Size
8,766 SF
Year Built
1917
Listing Agency:
NAI Cascade Commercial Real Estate Services, Worldwide
(541) 771-8260
Listed By:
Walt Ramage · License #OR #200602408
(541) 771-8260
Source:
Naiglobal
Added: Feb 26
Changed: Aug 8
Last Checked: Aug 8 at 2:59PM
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 NAI Cascade Commercial Real Estate Services, Worldwide
Investment Insights
Based on property information with market context.
This premier historical landmark in downtown Bend, located on NW Bond Street, has been thoughtfully restored and is anchored by two popular dining destinations: Ken’s Artisan Pizza and Americana. Ken’s Artisan Pizza is ranked among the top pizza restaurants worldwide, while Americana Burger is known for its menu featuring an elevated take on fast casual with smash burgers and smothered fries. These restaurants drive consistent local and tourist traffic year-round. The second story will be occupied by a newly renovated, niche, high-end, European-styled albergo. Excess land in the rear allows for future albergo expansion. On-site parking is available, along with the Diamond Lot next door, a city parking garage one block away, and a city lot adjacent to the rear of the building. No additional parking is required by the City of Bend. Confirmed historical lodging and restaurant use entitlements are in place, and no additional land use approvals are required. A Phase I Environmental was completed in September 2022. The complete restoration was finalized in 2025 with upgraded HVAC, new plumbing and electrical systems, structural improvements, and commercial kitchens including a Type I hood and fire suppression. Original 17’ ceilings with 24” crown molding remain intact, preserving the building’s historic charm. The site has high visibility and excellent pedestrian traffic, directly across from Deschutes Brewery.
Key Highlights
- Prime downtown location on NW Bond Street, across from Deschutes Brewery, with high visibility and pedestrian traffic.
- Anchored by two popular restaurants: Ken's Artisan Pizza (ranked among the top pizza restaurants worldwide) and Americana Burger.
- Newly renovated, high‑end, European‑styled albergo on the second story with potential for future expansion.**
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
$265,084
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
4.08%
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%
$5,301,680
$5.3M
Cap Rate 7%
$3,786,914
$3.8M
Cap Rate 9%
$2,945,378
$2.9M
Market Conditions
NOI Build-Up for 8,766 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
$368.2K $42.00/SF
− Vacancy
−$14.7K −$1.68/SF
EGI
$353.4K $40.32/SF
− OpEx
−$88.4K −$10.08/SF
NOI
$265.1K $30.24/SF
Area
Bend, OR
Vacancy
4.00%
Lease Rate
$42.00 /SF/Yr
Expense Ratio
25.00%
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%
$5,301,680
Cap Rate 7%
$3,786,914
Cap Rate 9%
$2,945,378
Alternative Uses
Best Use
Specialty Retail
$3.79M
$3.31M – $4.42M
NOI $265,084 @ 7.0% cap · market cap 4.08%
Second Best
Hotel Hospitality
$910.1K
$796.3K – $1.06M
NOI $63,707 @ 7.0% cap · market cap 0.98%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,024
Businesses Nearby
150k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 49%
Shops & Services 45%
Hotels & Casinos 4%
Electronics 1%
Taco Bell
Dining
21,365 visits/mo
0.4 miles
ARCO
Shops & Services
20,630 visits/mo
0.4 miles
Wendy's
Dining
13,951 visits/mo
0.4 miles
Dutch Bros. Coffee
Dining
12,194 visits/mo
0.4 miles
Black Bear Diner
Dining
11,154 visits/mo
0.4 miles
Demographics for 97703, OR
32,475
Population
16,032
Households
2
Avg Household Size
45
Median Age
60%
College-Educated
98%
High-School Grad
269.8 sq mi
ZIP Area
120
Density / Sq Mi
$118,160
Median Household Income
$52,182
Median Earnings
$1,831
Median Rent
$915,900
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Hospitality property - Historic building with popular restaurants and future albergo expansion.
Where is this hospitality property located?
The property is located at 1033 NW Bond St Bend, OR.
What is the asking price?
The asking price for this property is $6,500,000.
What are key features of this property?
This property features: Prime downtown location on NW Bond Street, across from Deschutes Brewery, with high visibility and pedestrian traffic.; Anchored by two popular restaurants: Ken's Artisan Pizza (ranked among the top pizza restaurants worldwide) and Americana Burger.; Newly renovated, high‑end, European‑styled albergo on the second story with potential for future expansion.**
