Converted Office Building with Roof
For Sale
$1,100,000
1745 SW 24th Street, Pendleton, OR 97801
Updated converted office building in C-3 with a 2023 roof replacement and modified gross leases in place.
Property Size6,356 SF
Price / SF$173.06
Days on Market197
Property Features for 1745 SW 24th Street
General Information
Standard status
Active
Size
6,356 SF
Property subtype
Commercial
Zoning
C-3
Occupancy
100%
Additional Details
Cap Rate
7.51%
Building Details
Year Built
2007
Year Renovated
2023
Listing Agency:
The Whitney Land Company
Listed By:
Ashley Moala
(877) 319-7625
Source:
Century21northhomes
Added: Feb 20
Changed: Sep 4
Last Checked: Sep 4 at 9:51AM
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 The Whitney Land Company
Investment Insights
Based on property information with market context.
This converted commercial office building offers 6,356 SF and is currently 100% leased with a solid in-place tenant mix under modified gross leases. Recent improvements include a roof replacement in 2023, along with updates to interior flooring and paint. The property also includes an expanded bathroom addition, updated appliances, and new furnaces, supporting day-to-day operational continuity.
The building is situated in Pendleton in the C-3 zoning district, positioned between CHI St. Athony Hospital and the Eastern Oregon Cancer Center. That nearby medical-oriented setting can be an appealing fit for office tenants seeking convenient access to these established facilities.
For buyers, this property presents a leased office asset with unit-level occupancy already in place and documented capital updates, including the 2023 roof and recent interior and mechanical improvements. For brokers and tenants, the configuration is suited to commercial office use within a C-3 framework, with existing lease structure under modified gross terms.
The building is situated in Pendleton in the C-3 zoning district, positioned between CHI St. Athony Hospital and the Eastern Oregon Cancer Center. That nearby medical-oriented setting can be an appealing fit for office tenants seeking convenient access to these established facilities.
For buyers, this property presents a leased office asset with unit-level occupancy already in place and documented capital updates, including the 2023 roof and recent interior and mechanical improvements. For brokers and tenants, the configuration is suited to commercial office use within a C-3 framework, with existing lease structure under modified gross terms.
Key Highlights
- 6,356 SF converted commercial office building built in 2007
- 100% leased with a solid tenant mix; both tenants on Modified Gross Leases
- Roof replaced in 2023, with interior updates including flooring, paint, appliances, and a bathroom addition
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
$68,988
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
6.27%
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%
$1,379,760
$1.4M
Cap Rate 7%
$985,543
$985.5K
Cap Rate 9%
$766,533
$766.5K
Market Conditions
NOI Build-Up for 6,356 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
$114.4K $18.00/SF
− Vacancy
−$22.4K −$3.53/SF
EGI
$92.0K $14.47/SF
− OpEx
−$23.0K −$3.62/SF
NOI
$69.0K $10.85/SF
Area
Umatilla County, OR
Vacancy
19.60%
Lease Rate
$18.00 /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%
$1,379,760
Cap Rate 7%
$985,543
Cap Rate 9%
$766,533
Alternative Uses
Best Use
Office B
$985.5K
$862.4K – $1.15M
NOI $68,988 @ 7.0% cap · market cap 6.27%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.33M
$1.16M – $1.55M
NOI $93,137 @ 7.0% cap · market cap 8.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
219
Businesses Nearby
Explore this area
Business Placement
Demographics for 97801, OR
21,882
Population
9,033
Households
2.4
Avg Household Size
39
Median Age
26%
College-Educated
92%
High-School Grad
496.2 sq mi
ZIP Area
44
Density / Sq Mi
$73,308
Median Household Income
$38,719
Median Earnings
$924
Median Rent
$277,600
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 building - Updated converted office building in C-3 with a 2023 roof replacement and modified gross leases in place.
Where is this office building located?
The property is located at 1745 SW 24th Street Pendleton, OR.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: 6,356 SF converted commercial office building built in 2007; 100% leased with a solid tenant mix; both tenants on Modified Gross Leases; Roof replaced in 2023, with interior updates including flooring, paint, appliances, and a bathroom addition
