Dual-Building Office
For Sale
$749,000
1427 Sw Highland Avenue, Redmond, OR 97756
Two separate office structures offer flexible professional, satellite, or creative workspace configurations with off-street parking.
Property Size2,055 SF
Lot Size0.24 Acres
Price / SF$364.48
Days on Market39
Property Features for 1427 Sw Highland Avenue
General Information
Standard status
Active
Size
2,055 SF
Lot size
0.24 Acres
Additional Details
Asking Price
$749,000
Taxes and HOA fees
Annual Taxes
$3,593
Building Details
Buildings
2
Listing Agency:
Century 21 North Homes Realty
(541) 410-3484
Listed By:
Bruce Barrett · License #860600301
(541) 410-3484
Source:
Exprealty
Added: Jun 30
Changed: Aug 5
Last Checked: Aug 5 at 3:16AM
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 Century 21 North Homes Realty
Investment Insights
Based on property information with market context.
This office property includes two freestanding buildings on a 0.24-acre parcel. The primary structure contains 1,479 square feet across two floors, while the secondary building provides 576 square feet of office space. The separate layout can support an owner-user with additional workspace or a distinct office arrangement. Triple-pane windows provide noise-control and security benefits, and both buildings include off-street parking. A security system is also installed.
The property occupies the signalized corner of Highland Avenue and 15th Street in Redmond, Oregon, giving the site a prominent position within the surrounding commercial area. The business is not included in the sale.
The property occupies the signalized corner of Highland Avenue and 15th Street in Redmond, Oregon, giving the site a prominent position within the surrounding commercial area. The business is not included in the sale.
Key Highlights
- Two standalone office buildings on a 0.24‑acre parcel
- Main building contains 1,479 SF across two floors
- Secondary building offers 576 SF of office space
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
$29,511
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
3.94%
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%
$590,220
$590.2K
Cap Rate 7%
$421,586
$421.6K
Cap Rate 9%
$327,900
$327.9K
Market Conditions
NOI Build-Up for 2,055 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
$41.9K $20.40/SF
− Vacancy
−$2.6K −$1.25/SF
EGI
$39.3K $19.15/SF
− OpEx
−$9.8K −$4.79/SF
NOI
$29.5K $14.36/SF
Area
Deschutes County, OR
Vacancy
6.14%
Lease Rate
$20.40 /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%
$590,220
Cap Rate 7%
$421,586
Cap Rate 9%
$327,900
Alternative Uses
Best Use
Office B
$421.6K
$368.9K – $491.9K
NOI $29,511 @ 7.0% cap · market cap 3.94%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$707.2K
$618.8K – $825.1K
NOI $49,507 @ 7.0% cap · market cap 6.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,584
Businesses Nearby
Explore this area
Business Placement
Demographics for 97756, OR
42,168
Population
18,335
Households
2.3
Avg Household Size
40
Median Age
32%
College-Educated
92%
High-School Grad
126.3 sq mi
ZIP Area
334
Density / Sq Mi
$84,067
Median Household Income
$41,909
Median Earnings
$1,473
Median Rent
$469,000
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?
Office units - Two separate office structures offer flexible professional, satellite, or creative workspace configurations with off-street parking.
Where is this office units located?
The property is located at 1427 Sw Highland Avenue Redmond, OR.
What is the asking price?
The asking price for this property is $749,000.
What are key features of this property?
This property features: Two standalone office buildings on a 0.24‑acre parcel; Main building contains 1,479 SF across two floors; Secondary building offers 576 SF of office space
