Historic Mixed-Use Hospitality
For Sale
Contact for pricing
1033 NW Bond Street, Bend, OR 97703
Restored historic building with leased dining space and three apartments, plus permits for European-style hotel conversion.
Property Size8,766 SF
Price / SF$570.39
Days on Market51
Property Features for 1033 NW Bond Street
General Information
Standard status
Active
Size
8,766 SF
Total Parking Spaces
11
Property subtype
Retail, Multifamily
Zoning
CBD
Occupancy
100%
Lease Type
NNN
Net Operating Income
$324,954
Warehouse & Industrial
Clear Height
17 ft
Sprinkler System
Yes
Additional Details
Business Included
Yes
Multifamily Units
3
Building Details
Year Built
1920
Year Renovated
2025
Buildings
1
Stories
2
Units
3
Tenancy
Multi
Listing Agency:
NAI Cascade Commercial Real Estate Services, Worldwide
(541) 706-9370
Listed By:
Walt Ramage · License #OR 20062408
Source:
Crexi
Added: Jun 22
Changed: Aug 8
Last Checked: Aug 10 at 2:05PM
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 restored historic landmark at 1033 NW Bond combines hospitality and residential income in one property. The building features original 17-foot ceilings, a building elevator, and a fire suppression system. The second floor is currently configured as three high-end apartments, creating in-place residential occupancy for an investor.
The property is described as being anchored by two of downtown Bend’s dining destinations: Ken’s Artisan Pizza and Americana. A building elevator supports access to upper levels. The site also includes ample onsite and offsite parking to accommodate guests, residents, and visitors.
In addition to the current apartment use, permits are in place for conversion to a niche, high-end European-style albergo. The conversion is noted as having a tenant in place, and the property includes excess land at the rear that may support future expansion. This mix of preserved architectural character, practical amenities, and an approved hospitality conversion path may appeal to buyers looking for a stabilized asset with the option to pivot toward lodging.
The property is described as being anchored by two of downtown Bend’s dining destinations: Ken’s Artisan Pizza and Americana. A building elevator supports access to upper levels. The site also includes ample onsite and offsite parking to accommodate guests, residents, and visitors.
In addition to the current apartment use, permits are in place for conversion to a niche, high-end European-style albergo. The conversion is noted as having a tenant in place, and the property includes excess land at the rear that may support future expansion. This mix of preserved architectural character, practical amenities, and an approved hospitality conversion path may appeal to buyers looking for a stabilized asset with the option to pivot toward lodging.
Key Highlights
- Restored historic property built in 1920 in downtown Bend, featuring original 17‑foot ceilings and a building elevator
- Second floor includes three high‑end apartments currently operating as in‑place units
- Permits are in place for conversion to a niche, high‑end European‑style albergo with tenant in place
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
5.30%
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 5.30%
Second Best
Multifamily LT 5
$1.76M
$1.54M – $2.05M
NOI $122,972 @ 7.0% cap · market cap 2.46%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
17 ft
Clear height
3
Residential units
Turnkey business
Opportunity
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
4,024
Businesses Nearby
Explore this area
Business Placement
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 Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Hotel - Restored historic building with leased dining space and three apartments, plus permits for European-style hotel conversion.
Where is this hotel located?
The property is located at 1033 NW Bond Street Bend, OR.
What is the asking price?
The asking price for this property is $5,000,000.
What are key features of this property?
This property features: Restored historic property built in 1920 in downtown Bend, featuring original 17‑foot ceilings and a building elevator; Second floor includes three high‑end apartments currently operating as in‑place units; Permits are in place for conversion to a niche, high‑end European‑style albergo with tenant in place
