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61545 S Hwy 97, Bend, OR 97702
Fully leased retail center with CG zoning, established anchor occupancy, and direct exposure along South Highway 97.
Property Size14,674 SF
Price / SF$350.96
Days on Market534
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Property Features for 61545 S Hwy 97
General Information
Standard status
Active
Size
14,674 SF
Total Parking Spaces
46
Property subtype
Retail
Zoning
Commercial General (CG)
Occupancy
100%
Additional Details
Anchor Co-Tenants
Big 5 Sporting Goods
Building Details
Year Built
1995
Tenancy
Multi
Listing Agency:
Compass Commercial Real Estate Services
Listed By:
Emilio Tiscareno · License #201245391
(541) 848-4061
Source:
Crexi
Added: Apr 30, 2025
Changed: Oct 6
Last Checked: Oct 15 at 12:05AM
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 Compass Commercial Real Estate Services
Investment Insights
Based on property information with market context.
Paulina Square is a 14,674-square-foot shopping center built in 1995 and currently 100% leased. Big 5 Sporting Goods occupies over 76% of the gross leasable area and has been in place since 2008. The property is zoned Commercial General (CG), supporting a broad retail-oriented commercial profile.
The center is located at 61545 S Hwy 97 in Bend, Oregon, along South Highway 97 with reported exposure to over 19,000 vehicles per day. Fred Meyer provides additional shadow-anchor context. Big 5’s lease extends through January 31, 2027; beginning December 1, 2025, either party may terminate with 150 days’ notice, creating a defined timeframe for future occupancy planning.
The center is located at 61545 S Hwy 97 in Bend, Oregon, along South Highway 97 with reported exposure to over 19,000 vehicles per day. Fred Meyer provides additional shadow-anchor context. Big 5’s lease extends through January 31, 2027; beginning December 1, 2025, either party may terminate with 150 days’ notice, creating a defined timeframe for future occupancy planning.
Key Highlights
- 14,674‑square‑foot shopping center built in 1995
- 100% leased retail center
- Big 5 Sporting Goods occupies over 76% of GLA and has been in place since 2008
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$353,514
Cap Rate
6.86%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$7,070,280
$7.1M
Cap Rate 7%
$5,050,200
$5.1M
Cap Rate 9%
$3,927,933
$3.9M
Market Conditions
NOI Build-Up for 14,674 SF
Gross rent
$528.3K $36.00/SF
− Vacancy
−$23.2K −$1.58/SF
EGI
$505.0K $34.42/SF
− OpEx
−$151.5K −$10.32/SF
NOI
$353.5K $24.09/SF
Area
Bend, OR
Vacancy
4.40%
Lease Rate
$36.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$7,070,280
Cap Rate 7%
$5,050,200
Cap Rate 9%
$3,927,933
Alternative Uses
Best Use
Retail
$5.05M
$4.42M – $5.89M
NOI $353,514 @ 7.0% cap · market cap 6.86%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$6.34M
$5.55M – $7.40M
NOI $443,742 @ 7.0% cap · market cap 8.62%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Open Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
914
Businesses Nearby
271k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 39%
Groceries 31%
Dining 24%
Apparel 3%
Fred Meyer
Groceries
83,322 visits/mo
0.2 miles
McDonald's
Dining
25,327 visits/mo
0.2 miles
Fred Meyer Gas Station
Shops & Services
23,386 visits/mo
0.2 miles
Dollar Tree
Shops & Services
21,916 visits/mo
0.2 miles
Starbucks
Dining
17,895 visits/mo
0.3 miles
Demographics for 97702, OR
51,161
Population
23,318
Households
2.2
Avg Household Size
42
Median Age
46%
College-Educated
96%
High-School Grad
103.5 sq mi
ZIP Area
494
Density / Sq Mi
$89,094
Median Household Income
$47,743
Median Earnings
$1,825
Median Rent
$620,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in West region
Similar Off Market Nearby
- Coinstar Kiosk | Bitcoin ATM — Kroger - Fred Meyer Inc, 61535 S Hwy 97, Bend, OR 97702
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Frequently Asked Questions
What type of property is this?
Shopping center - Fully leased retail center with CG zoning, established anchor occupancy, and direct exposure along South Highway 97.
Where is this shopping center located?
The property is located at 61545 S Hwy 97 Bend, OR.
What is the asking price?
The asking price for this property is $5,150,000.
What are key features of this property?
This property features: 14,674‑square‑foot shopping center built in 1995; 100% leased retail center; Big 5 Sporting Goods occupies over 76% of GLA and has been in place since 2008
