Two-Unit Mixed-Use
For Sale
$625,000
15 NW Franklin Avenue, Bend, OR 97703
Flexible two-unit layout with original woodwork, updated finishes, and unfinished basement storage.
Property Size1,506 SF
Days on Market220
Property Features for 15 NW Franklin Avenue
General Information
Standard status
Active
Size
1,506 SF
Property subtype
Commercial
Zoning
CG
Taxes and HOA fees
Annual Taxes
$3,433
Building Details
Building Size
1,506 SF
Year Built
1942
Stories
1
Units
2
Listing Agency:
Windermere Realty Trust
(206) 919-2831
Listed By:
Jenna Malia Conrad · License #201212044
(206) 919-2831
Source:
Allprofessionalsre
Added: Jan 22
Changed: Aug 28
Last Checked: Aug 29 at 10:19AM
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 Windermere Realty Trust
Investment Insights
Based on property information with market context.
Franklin Foundry is a two-unit mixed-use property with a flexible interior arrangement and unfinished basement storage. The building retains custom wood windows along with fir and bamboo flooring throughout, while the interior has been freshly painted. Exterior paint was completed in 2020, providing a refreshed foundation for future improvements.
Located at 15 NW Franklin Avenue, the property is positioned just blocks from Downtown Bend and near dining, shopping, and events. Commercial General zoning adds a defined commercial framework to the site. The building was formerly used as a guitar builder’s workshop, giving the space a documented creative-work history and a distinctive set of existing finishes.
Located at 15 NW Franklin Avenue, the property is positioned just blocks from Downtown Bend and near dining, shopping, and events. Commercial General zoning adds a defined commercial framework to the site. The building was formerly used as a guitar builder’s workshop, giving the space a documented creative-work history and a distinctive set of existing finishes.
Key Highlights
- Two‑unit mixed‑use property with flexible interior arrangement
- Commercial General zoning
- Custom wood windows with fir and bamboo flooring throughout
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
$21,627
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
3.46%
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%
$432,540
$432.5K
Cap Rate 7%
$308,957
$309.0K
Cap Rate 9%
$240,300
$240.3K
Market Conditions
NOI Build-Up for 1,506 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
$30.7K $20.40/SF
− Vacancy
−$1.9K −$1.25/SF
EGI
$28.8K $19.15/SF
− OpEx
−$7.2K −$4.79/SF
NOI
$21.6K $14.36/SF
Area
Bend, 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%
$432,540
Cap Rate 7%
$308,957
Cap Rate 9%
$240,300
Alternative Uses
Best Use
Office B
$309.0K
$270.3K – $360.5K
NOI $21,627 @ 7.0% cap · market cap 3.46%
Second Best
Mixed Use
$303.4K
$265.4K – $353.9K
NOI $21,235 @ 7.0% cap · market cap 3.40%
Theoretical Best
Specialty Retail
$650.6K
$569.3K – $759.0K
NOI $45,541 @ 7.0% cap · market cap 7.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,279
Businesses Nearby
Explore this area
Business Placement
Demographics for 97703, OR
32,475
Population
16,032
Households
2
Avg Household Size
45
Median Age
60%
College-Educated
98%
High-School Grad
269.8 sq mi
ZIP Area
120
Density / Sq Mi
$118,160
Median Household Income
$52,182
Median Earnings
$1,831
Median Rent
$915,900
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Flexible two-unit layout with original woodwork, updated finishes, and unfinished basement storage.
Where is this mixed-use property located?
The property is located at 15 NW Franklin Avenue Bend, OR.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: Two‑unit mixed‑use property with flexible interior arrangement; Commercial General zoning; Custom wood windows with fir and bamboo flooring throughout
