Mixed-Use Buildings with Warehouse
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For Sale
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180 & 190 NE Irving Avenue, Bend, OR 97701
Two single-story concrete-block buildings combine office, retail, shop, and warehouse areas.
Property Size7,240 SF
Lot Size0.32 Acres
Price / SF$290.06
Days on Market6
Property Features for 180 & 190 NE Irving Avenue
General Information
Standard status
Active
Size
7,240 SF
Total Parking Spaces
12
Lot size
0.32 Acres
Property subtype
Retail, Office, Industrial, Mixed Use
Zoning
ME (Mixed-Use Employment) BCD (Bend Central District)
Investment Type
Owner/User
Warehouse & Industrial
Warehouse Space
1,000 SF
Office Build-Out
3,300 SF
Additional Details
Highway Access
Yes
Building Details
Year Built
1972
Year Renovated
2000
Buildings
2
Stories
1
Construction
concrete block
Listing Agency:
Compass Commercial Real Estate Services
(541) 410-6519
Listed By:
Jay Lyons · License #OR 5414106519
Source:
Crexi
Added: Aug 5
Changed: Aug 9
Last Checked: Aug 9 at 1:13PM
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 Compass Commercial Real Estate Services
Investment Insights
Based on property information with market context.
This mixed-use property consists of two single-story concrete-block buildings totaling approximately 7,240 square feet across two tax lots on 0.32 acres. The 180 building contains approximately 1,000 square feet of warehouse area and 840 square feet of shop space, with concrete floors, grade-level roll-up doors, gas heat, and skylights. The 190 building offers approximately 3,300 square feet of office space plus 2,100 square feet of retail and warehouse area. Office improvements include open workspace, two large private offices, a conference room, and a restroom, with exposed ceilings, glulam beams, and spiral ductwork in portions of the interior.
The property is zoned ME (Mixed-Use Employment) and BCD (Bend Central District). At 180 & 190 NE Irving Avenue in Bend, the site is east of downtown with access to Greenwood Avenue, Highway 97, and the Old Mill District. Shared building connections and a party wall may accommodate single-user or multiple-occupancy configurations, subject to verification and applicable approvals.
The property is zoned ME (Mixed-Use Employment) and BCD (Bend Central District). At 180 & 190 NE Irving Avenue in Bend, the site is east of downtown with access to Greenwood Avenue, Highway 97, and the Old Mill District. Shared building connections and a party wall may accommodate single-user or multiple-occupancy configurations, subject to verification and applicable approvals.
Key Highlights
- Two buildings total approximately 7,240 square feet on 0.32 acres and two tax lots
- 180 building includes approximately 1,000 SF of warehouse and 840 SF of shop space
- 190 building includes approximately 3,300 SF of office and 2,100 SF of retail/warehouse 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
$174,420
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
8.31%
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%
$3,488,400
$3.5M
Cap Rate 7%
$2,491,714
$2.5M
Cap Rate 9%
$1,938,000
$1.9M
Market Conditions
NOI Build-Up for 7,240 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
$260.6K $36.00/SF
− Vacancy
−$11.5K −$1.58/SF
EGI
$249.2K $34.42/SF
− OpEx
−$74.8K −$10.32/SF
NOI
$174.4K $24.09/SF
Area
Bend, OR
Vacancy
4.40%
Lease Rate
$36.00 /SF/Yr
Expense Ratio
30.00%
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%
$3,488,400
Cap Rate 7%
$2,491,714
Cap Rate 9%
$1,938,000
Alternative Uses
Best Use
Retail
$2.49M
$2.18M – $2.91M
NOI $174,420 @ 7.0% cap · market cap 8.31%
Second Best
Office B
$1.49M
$1.30M – $1.73M
NOI $103,971 @ 7.0% cap · market cap 4.95%
Theoretical Best
Specialty Retail
$3.13M
$2.74M – $3.65M
NOI $218,938 @ 7.0% cap · market cap 10.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
3,296
Businesses Nearby
Explore this area
Business Placement
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 Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two single-story concrete-block buildings combine office, retail, shop, and warehouse areas.
Where is this mixed-use property located?
The property is located at 180 & 190 NE Irving Avenue Bend, OR.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: Two buildings total approximately 7,240 square feet on 0.32 acres and two tax lots; 180 building includes approximately 1,000 SF of warehouse and 840 SF of shop space; 190 building includes approximately 3,300 SF of office and 2,100 SF of retail/warehouse space
