Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Downtown Corner Commercial Building Title is generated by Realmo AI

    103 NW 3rd Street, Prineville, OR 97754

    View on Map
    Claim this Listing
    For Sale
    $650,000

    Prime downtown Prineville corner building with flexible space.

    Type:General Commercial
    Property size:
    2,018 SF
    Price / SF:
    $322/SF
    Added:
    Oct 1, 2024
    Days on Market:
    612
    Last Refresh:
    May 13 at 8:24 pm

    Property Features for 103 NW 3rd Street

    General Information

    Standard status
    Active
    Size
    2,018 SF
    Property subtype
    General Commercial

    Building Details

    Year Built
    1975

    We can help!

    Listing Contact
    Micalene Stafford

    Listing agent Micalene Stafford

    Listing office Engel & Voelkers Bend

    Listing date Oct 1, 2024

    Source Xome

    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 Engel & Voelkers Bend

    HighLights

    • Prime downtown Prineville corner location at Third & Main.
    • Grandfathered drive‑through - a rare downtown advantage.
    • Striking architecture and light‑filled interior.
    • Open, flexible space suitable for office or retail.
    • Excellent visibility.
    • Corner lot with parking (lot, on street, and alley entrance).

    Overview

    Located at the corner of Third and Main in downtown Prineville, this commercial building offers 2,018 square feet of space suitable for storefront, retail, office, or other commercial uses. The property features notable architecture and abundant natural light. The open layout provides flexibility for various business needs. A grandfathered drive-through presents a unique advantage.

    Local Financial Insights For Retail

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $72.6k $36.00
    − Vacancy −$3.2k −$1.58
    EGI $69.5k $34.42
    − OpEx −$20.8k −$10.32
    NOI $48.6k $24.09
    2,018 SF · lease $36.00/SF/yr · vacancy 4.40% · expense 30.00%

    Alternative Uses

    Best Use
    Retail
    $694.5K
    $607.7K – $810.3K (±1% cap)
    NOI $48,616 @ 7.0% cap · market cap 7.48%
    Second Best
    Office B
    $414.0K
    $362.3K – $483.0K (±1% cap)
    NOI $28,980 @ 7.0% cap · market cap 4.46%
    Theoretical Best
    Specialty Retail
    $871.8K
    $762.8K – $1.02M (±1% cap)
    NOI $61,024 @ 7.0% cap · market cap 9.39%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Storefront properties

    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.

    Similar Places Nearby

    • Boots and Blooms Floral — 399 nw 3rd st, prineville, or 97754
    • Bizzy beess Flowers and Gifts — 399 NW 3rd St, Prineville, OR 97754

    Location Insight

    • Map
    • Local Demand
    City
    Prineville
    County
    Crook
    State
    Oregon
    Longitude
    -120.8473572
    Latitude
    44.30312

    Nearby Similar for Sale

    • $1,750,000
      4,200 SF

      Thriving Feed and Supply Store

      Successful feed store with loyal customer base in growing community.
      105 SE Lynn Boulevard, Prineville, OR 97754
      View Details
    • $1,699,000
      3,200 SF

      RV/Boat Storage Investment Opportunity

      Turnkey RV and boat storage business with residence and shop.
      1584 N Gardner Road, Prineville, OR 97754
      View Details
    • $525,000
      2,644 SF

      Prineville Triplex: Investment Opportunity

      Well-maintained triplex in Prineville with strong rental history.
      365 NE Loper Avenue, Prineville, OR 97754
      View Details
    • $385,000
      1,740 SF

      Downtown Prineville Retail/Office Opportunity

      Versatile 1,740 sq ft building in Prineville's vibrant downtown.
      250 NE 3rd Street, Prineville, OR 97754
      View Details
    • $425,000
      1,560 SF

      Downtown Prineville Mixed-Use Property

      Versatile, renovated property in downtown Prineville with live/work potential.
      150 SW Deer Street, Prineville, OR 97754
      View Details
    • $420,000
      2,630 SF

      Versatile Commercial/Residential Property, Prineville

      Mixed-use property in Prineville with office and residential potential.
      296 S Main Street, Prineville, OR 97754
      View Details
    • $2,300,000

      Ranch Acreage with Grazing Allotment

      Large high-desert ranch acreage in EFU zoning with deeded grazing resources for cow/calf operations and recreation.
      33800 Tackman Rd, Prineville, OR 97754
      View Details
    • $1,090,000
      4,595 SF

      Multi-Tenant Office Building For Sale

      Multi-tenant office building in downtown Prineville, fully leased through 2026.
      267 NE 2nd Street, Prineville, OR 97754
      View Details
    • $1,350,000
      1 SF

      Prineville Mobile Home Park Investment

      Income-producing mobile home park on 4.89 acres in Prineville.
      1900 NW Madras Highway, Prineville, OR 97754
      View Details
    • $270,000
      2,304 SF

      Shop on 5 Acres

      48x48 shop on 5 acres with utilities in place.
      6318 SE Goble Road, Prineville, OR 97754
      View Details
    • $6,700,000
      2,720 SF

      Oregon Ranch with Grazing Leases

      Central Oregon cattle ranch with extensive grazing and water rights.
      41225 Van Lake Road, Prineville, OR 97754
      View Details
    • $990,000

      Mixed-Use Property in Prineville, Oregon

      Three buildings on two tax lots, formerly Central Oregonian office.
      574-558 N Main St, Prineville, OR 97754
      View Details

    FAQs

    What type of property is this?
    Storefront property - Prime downtown Prineville corner building with flexible space.
    Where is this storefront property 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: Prime downtown Prineville corner location at Third & Main.; Grandfathered drive‑through - a rare downtown advantage.; Striking architecture and light‑filled interior.
    (541) 350-8256
    We can help!
    Listing Contact
    Micalene Stafford
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    103 NW 3rd Street, Prineville, OR 97754
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!