Historic Mixed-Use
For Sale
Contact for pricing
115 NW Oregon Ave, Bend, OR 97701
Two-story property combines ground-floor retail and restaurants with professional offices above in a fully leased commercial setting.
Property Size24,473 SF
Lot Size0.32 Acres
Price / SF$371.84
Days on Market11
Property Features for 115 NW Oregon Ave
General Information
Standard status
Active
Size
24,473 SF
Lot size
0.32 Acres
Property subtype
Mixed Use
Zoning
CB, Central Business District
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$545,881
Site & Location
Corner Location
Yes
Road Access
Yes
Building Details
Year Built
1916
Buildings
1
Stories
2
Tenancy
Multi
Building Size
24,473 SF
Construction
Commercial-style
Listing Agency:
Colliers - Portland, Oregon
(503) 223-3123
Listed By:
Scott Logan · License #OR 201206413
Source:
Crexi
Added: Jul 28
Changed: Aug 3
Last Checked: Aug 6 at 2:38PM
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 Colliers - Portland, Oregon
Investment Insights
Based on property information with market context.
The O'Kane Building is a two-story mixed-use commercial property containing approximately 24,473 square feet. Ground-floor space is occupied by retail shops and restaurants, while the second floor contains professional offices. The building was constructed in 1916 and retains historic architectural details, including Chicago School windows, leaded multi-paned transoms, and classical ornamentation. It is listed on the National Register of Historic Places.
Located at the corner of NW Oregon Avenue and Bond Street in downtown Bend, the property is zoned CB, Central Business District. Its setting places retail, dining, shopping, and tourism activity in the surrounding downtown environment. The property is fully leased and includes a tenant mix of established businesses and newer arrivals, including Bamboo Sushi.
Located at the corner of NW Oregon Avenue and Bond Street in downtown Bend, the property is zoned CB, Central Business District. Its setting places retail, dining, shopping, and tourism activity in the surrounding downtown environment. The property is fully leased and includes a tenant mix of established businesses and newer arrivals, including Bamboo Sushi.
Key Highlights
- Approximately 24,473 square feet across a two‑story commercial building
- 100' x 140' corner lot at NW Oregon Avenue and Bond Street
- Ground‑floor retail shops and restaurants with second‑floor professional offices
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
$740,064
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
8.13%
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%
$14,801,280
$14.8M
Cap Rate 7%
$10,572,343
$10.6M
Cap Rate 9%
$8,222,933
$8.2M
Market Conditions
NOI Build-Up for 24,473 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
$1.03M $42.00/SF
− Vacancy
−$41.1K −$1.68/SF
EGI
$986.8K $40.32/SF
− OpEx
−$246.7K −$10.08/SF
NOI
$740.1K $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%
$14,801,280
Cap Rate 7%
$10,572,343
Cap Rate 9%
$8,222,933
Alternative Uses
Best Use
Specialty Retail
$10.57M
$9.25M – $12.33M
NOI $740,064 @ 7.0% cap · market cap 8.13%
Second Best
Retail
$8.42M
$7.37M – $9.83M
NOI $589,584 @ 7.0% cap · market cap 6.48%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
3,416
Businesses Nearby
Explore this area
Business Placement
Demographics for 97701, OR
42,159
Population
19,020
Households
2.2
Avg Household Size
38
Median Age
42%
College-Educated
94%
High-School Grad
311.8 sq mi
ZIP Area
135
Density / Sq Mi
$77,969
Median Household Income
$47,431
Median Earnings
$1,700
Median Rent
$567,800
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two-story property combines ground-floor retail and restaurants with professional offices above in a fully leased commercial setting.
Where is this mixed-use property located?
The property is located at 115 NW Oregon Ave Bend, OR.
What is the asking price?
The asking price for this property is $9,100,000.
What are key features of this property?
This property features: Approximately 24,473 square feet across a two‑story commercial building; 100' x 140' corner lot at NW Oregon Avenue and Bond Street; Ground‑floor retail shops and restaurants with second‑floor professional offices
