Two-Story Flex
For Sale
$985,000
1037 NW 6th Street, Redmond, OR 97756
Two-level commercial building with offices, restrooms, open work space, and rear roll-up access.
Property Size4,040 SF
Lot Size0.61 Acres
Price / SF$243.81
Days on Market8
Property Features for 1037 NW 6th Street
General Information
Standard status
Active
Size
4,040 SF
Lot size
0.61 Acres
Building Details
Stories
2
Building Size
4,040 SF
Listing Agency:
Century 21 North Homes Realty
(541) 410-3484
Listed By:
Bruce Barrett · License #860600301
(541) 410-3484
Source:
Goashland
Added: Aug 21
Changed: Aug 28
Last Checked: Aug 28 at 1:01PM
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 Century 21 North Homes Realty
Investment Insights
Based on property information with market context.
The property includes a 4040sf, two-floor flex building on .25 acres. Interior features include restrooms, office areas, and open work space, while a roll-up door provides rear access. The configuration supports a range of commercial functions, including retail, distribution, and professional services.
The sale also includes a separate .36 ac lot west of the building, with outbuildings and access from NW 7th Street. Located at 1037 NW 6th Street in Redmond, Oregon, the property offers additional land alongside the primary building. The seller’s veterinary clinic is expected to remain in the building for up to 24 months while a new facility is constructed.
The sale also includes a separate .36 ac lot west of the building, with outbuildings and access from NW 7th Street. Located at 1037 NW 6th Street in Redmond, Oregon, the property offers additional land alongside the primary building. The seller’s veterinary clinic is expected to remain in the building for up to 24 months while a new facility is constructed.
Key Highlights
- 4040sf two‑floor flex building on .25 acres
- Separate .36 ac lot included west of the building
- Rear roll‑up door, office areas, restrooms, and open work space
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
$45,429
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
4.61%
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%
$908,580
$908.6K
Cap Rate 7%
$648,986
$649.0K
Cap Rate 9%
$504,767
$504.8K
Market Conditions
NOI Build-Up for 4,040 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
$72.7K $18.00/SF
− Vacancy
−$2.8K −$0.70/SF
EGI
$69.9K $17.30/SF
− OpEx
−$24.5K −$6.05/SF
NOI
$45.4K $11.24/SF
Area
Deschutes County, OR
Vacancy
3.89%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
35.00%
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%
$908,580
Cap Rate 7%
$648,986
Cap Rate 9%
$504,767
Alternative Uses
Best Use
Retail
$1.39M
$1.22M – $1.62M
NOI $97,328 @ 7.0% cap · market cap 9.88%
Second Best
Flex RnD
$649.0K
$567.9K – $757.2K
NOI $45,429 @ 7.0% cap · market cap 4.61%
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
976
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 97756, OR
42,168
Population
18,335
Households
2.3
Avg Household Size
40
Median Age
32%
College-Educated
92%
High-School Grad
126.3 sq mi
ZIP Area
334
Density / Sq Mi
$84,067
Median Household Income
$41,909
Median Earnings
$1,473
Median Rent
$469,000
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Two-level commercial building with offices, restrooms, open work space, and rear roll-up access.
Where is this flex space located?
The property is located at 1037 NW 6th Street Redmond, OR.
What is the asking price?
The asking price for this property is $985,000.
What are key features of this property?
This property features: 4040sf two‑floor flex building on .25 acres; Separate .36 ac lot included west of the building; Rear roll‑up door, office areas, restrooms, and open work space
