Building Details

Building Size 2,018 SF

Year Built 1975

Stories 1

Units 1

Listing Agency: Engel & Voelkers Bend r***@gmail.com Show Phone

Listed By: Micalene Lea Stafford Show Phone

Source: Desertskyrealestate

Added: Oct 2, 2024 Changed: Oct 23 Last Checked: Oct 23 at 5:03PM

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Review the available facts, identify missing information and prepare questions for the agent.

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Investment Insights

Based on property information with market context.

This 2,018-square-foot mixed-use building was constructed in 1975 and offers open interior space suited to office or retail use. Its drive-through is grandfathered, and the property carries C1; Central Commercial zoning.

The building occupies the corner of Third and Main in downtown Prineville, at 103 NW 3rd Street.

Key Highlights

• Grandfathered drive‑through
• 2,018 square feet of open interior space
• C1; Central Commercial zoning

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$48,616

Cap Rate

7.48%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$972,320 $972.3K

Cap Rate 7%

$694,514 $694.5K

Cap Rate 9%

$540,178 $540.2K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,018 SF

Gross rent

$72.6K $36.00/SF

− Vacancy

−$3.2K −$1.58/SF

EGI

$69.5K $34.42/SF

− OpEx

−$20.8K −$10.32/SF

NOI

$48.6K $24.09/SF

Area

Crook County, 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%

$972,320

Cap Rate 7%

$694,514

Cap Rate 9%

$540,178

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

Mixed Use

$406.5K

$355.7K – $474.2K (±1% cap)

NOI $28,454 @ 7.0% cap · market cap 4.38%

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 authorities. How Realmo checks its estimates

Property Analytics

Contact the owner directly Get the owner's phone numbers and email

Open Analytics

Current Use

Retail space

Suggested Use

Top Pick Parking Lot & Garage Kitchen & Bath Showroom (Bike/Boat/Book/etc) Store Computer & Electronic Repair Butcher Skin Care Clinic

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

796

Businesses Nearby

85k

Monthly Visits Nearby

Explore this area Business Placement

Foot Traffic Nearby

Shops & Services 55% Dining 27% Groceries 14% Home Improvements & Furnishings 3%

McDonald's Dining

18,860 visits/mo 0.2 miles

Wagner's IGA Groceries

11,895 visits/mo 0.4 miles

7-Eleven Shops & Services

8,446 visits/mo 0.3 miles

Sinclair Shops & Services

7,409 visits/mo 0.2 miles

Shell Shops & Services

4,596 visits/mo 0.5 miles

Demographics for 97754, OR

21,627

Population

9,985

Households

2.2

Avg Household Size

46

Median Age

21%

College-Educated

90%

High-School Grad

1,370.6 sq mi

ZIP Area

16

Density / Sq Mi

$76,698

Median Household Income

$42,395

Median Earnings

$1,224

Median Rent

$397,700

Median Home Value

Market

Vacancy Rate% for Retail in West region

7% 2020

6.3% 2021

5.5% 2022

5.3% 2023

5.5% 2024

5.8% 2025

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Central Commercial zoning and an adaptable interior support office or retail occupancy.

Where is this mixed-use 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: Grandfathered drive‑through; 2,018 square feet of open interior space; C1; Central Commercial zoning