Retail Space with
For Sale
Contact for pricing
1701 NE 3rd Street, Bend, OR 97701
Retail space with drive-thru available for sale or lease.
Property Size3,100 SF
Price / SF$806.45
Days on Market723
Property Features for 1701 NE 3rd Street
General Information
Standard status
Active
Size
3,100 SF
Total Parking Spaces
22
Property subtype
Retail
Zoning
RS - Residential Urban Standard Density
Lease Type
NNN
Building Details
Stories
2
Tenancy
Single
Listing Agency:
Commercial Realty Advisors Northwest LLC
Listed By:
Kelli Maks · License #OR 201012083
(503) 680-3765
Source:
Crexi
Added: Sep 12, 2024
Changed: Aug 31
Last Checked: Sep 3 at 10:57AM
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 Commercial Realty Advisors Northwest LLC
Investment Insights
Based on property information with market context.
This retail space, which includes a drive-thru, is available for sale or lease. The space is divisible to 3,100 square feet.
Key Highlights
- Retail Space with Drive‑Thru
- Divisible to 3,100 SF
- For Lease or Sale
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
$93,744
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
3.75%
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%
$1,874,880
$1.9M
Cap Rate 7%
$1,339,200
$1.3M
Cap Rate 9%
$1,041,600
$1.0M
Market Conditions
NOI Build-Up for 3,100 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
$130.2K $42.00/SF
− Vacancy
−$5.2K −$1.68/SF
EGI
$125.0K $40.32/SF
− OpEx
−$31.2K −$10.08/SF
NOI
$93.7K $30.24/SF
Area
Bend, OR
Vacancy
4.00%
Lease Rate
$42.00 /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%
$1,874,880
Cap Rate 7%
$1,339,200
Cap Rate 9%
$1,041,600
Alternative Uses
Best Use
Specialty Retail
$1.34M
$1.17M – $1.56M
NOI $93,744 @ 7.0% cap · market cap 3.75%
Second Best
Retail
$1.07M
$933.5K – $1.24M
NOI $74,683 @ 7.0% cap · market cap 2.99%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,557
Businesses Nearby
222k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 48%
Shops & Services 31%
Groceries 14%
Apparel 5%
Albertsons
Groceries
31,965 visits/mo
0.1 miles
McDonald's
Dining
23,739 visits/mo
0.2 miles
Taco Bell
Dining
21,365 visits/mo
0.4 miles
ARCO
Shops & Services
20,630 visits/mo
0.5 miles
Wendy's
Dining
13,951 visits/mo
0.1 miles
Demographics for 97701, OR
42,159
Population
19,020
Households
2.2
Avg Household Size
38
Median Age
42%
College-Educated
94%
High-School Grad
311.8 sq mi
ZIP Area
135
Density / Sq Mi
$77,969
Median Household Income
$47,431
Median Earnings
$1,700
Median Rent
$567,800
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Retail space with drive-thru available for sale or lease.
Where is this retail space located?
The property is located at 1701 NE 3rd Street Bend, OR.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: Retail Space with Drive‑Thru; Divisible to 3,100 SF; For Lease or Sale
