Waterfront Resort
For Sale
$4,000,000
137930 WHITECHRIST Dr, Gilchrist, OR 97737
CommercialSale, Gilchrist, OR
Property Size30,751 SF
Lot Size14.97 Acres
Price / SF$130.08
Days on Market27
Property Features for 137930 WHITECHRIST Dr
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
SPLIT
View
Lake
Directions
Hwy 97 15 Miles South of LaPine.
Subdivision
_300
Standard status
Active
APN
872773
Size
30,751 SF
Lot size
14.97 Acres
Taxes and HOA fees
Tax Description
See Exhibit A
Tax Annual Amount
4100
Legal Description
See Exhibit A
Utilities
Heating system
Forced Air
Cooling system
Central Air
Water front features
Lake
Water front
1
Building Details
Year built
1939
Floors in Building
1
Building materials
WoodFrame
Roof type
Composition, Metal
Listing Agency:
Hoag Real Estate
(503) 906-1370
Listed By:
Peggy Hoag · License #910600149
(503) 906-1370
Added: Jul 31
Changed: Aug 4
Last Checked: Aug 26 at 7:06AM
MLS# 468949981
Copyright © 2026 Regional Multiple Listing Services. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This resort property spans 14.97 acres and includes 21 buildings totaling 30,751 square feet. The operation accommodates up to 50 overnight guests, with event facilities for 100 people, two pools, three hot tubs, multiple outdoor lounge patios, and access to the lake. The property and business sale includes furnishings, event supplies, tables, chairs, linens, tableware, and yard-maintenance equipment. Improvements date to 1939 and include wood-frame construction, forced-air heating, central air, and composition and metal roofing.
The property is located on Hwy 97 in Gilchrist, between Bend and Crater Lake. LaPine dining is approximately 15 minutes away, while Bend dining establishments are approximately 45 minutes away. On-site parking accommodates 50 cars, supporting lodging and event operations.
The property is located on Hwy 97 in Gilchrist, between Bend and Crater Lake. LaPine dining is approximately 15 minutes away, while Bend dining establishments are approximately 45 minutes away. On-site parking accommodates 50 cars, supporting lodging and event operations.
Key Highlights
- 14.97‑acre resort property with 21 buildings and 30,751 square feet
- Lodging capacity for 50 guests and event space for 100 people
- Two pools, three hot tubs, multiple lounge patios, and lake access
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
$186,236
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
4.66%
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%
$3,724,720
$3.7M
Cap Rate 7%
$2,660,514
$2.7M
Cap Rate 9%
$2,069,289
$2.1M
Market Conditions
NOI Build-Up for 30,751 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
$461.3K $15.00/SF
− Vacancy
−$69.2K −$2.25/SF
EGI
$392.1K $12.75/SF
− OpEx
−$205.8K −$6.69/SF
NOI
$186.2K $6.06/SF
Area
Klamath County, OR
Vacancy
15.00%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
52.50%
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%
$3,724,720
Cap Rate 7%
$2,660,514
Cap Rate 9%
$2,069,289
Alternative Uses
Best Use
Hotel Hospitality
$2.66M
$2.33M – $3.10M
NOI $186,236 @ 7.0% cap · market cap 4.66%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.29M
$5.50M – $7.33M
NOI $439,980 @ 7.0% cap · market cap 11.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
21
Businesses Nearby
Explore this area
Business Placement
Demographics for 97737, OR
501
Population
296
Households
1.7
Avg Household Size
61
Median Age
22%
College-Educated
98%
High-School Grad
22.8 sq mi
ZIP Area
22
Density / Sq Mi
$86,083
Median Household Income
$106,071
Median Earnings
$269,400
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Resort - Historic hospitality campus with lodging, event space, pools, and lake access.
Where is this resort located?
The property is located at 137930 WHITECHRIST Dr Gilchrist, OR.
What is the asking price?
The asking price for this property is $4,000,000.
What are key features of this property?
This property features: 14.97‑acre resort property with 21 buildings and 30,751 square feet; Lodging capacity for 50 guests and event space for 100 people; Two pools, three hot tubs, multiple lounge patios, and lake access
