Multi-Tenant Industrial
For Sale
$6,600,000
217 SW Pumice Avenue, Redmond, OR 97756
Fully leased industrial property with NNN occupancy, roll-up doors, and convenient access near Redmond Airport.
Property Size42,000 SF
Lot Size2.47 Acres
Price / SF$157.14
Days on Market13
Property Features for 217 SW Pumice Avenue
General Information
Standard status
Active
Size
42,000 SF
Total Parking Spaces
70
Lot size
2.47 Acres
Property subtype
Commercial
Zoning
Light Industrial (M1)
Occupancy
100%
Warehouse & Industrial
Three-Phase Power
Yes
Sprinkler System
Yes
Building Details
Year Built
1996
Tenancy
Multi
Listing Agency:
Compass Commercial Real Estate
Listed By:
Robert A Raimondi
(541) 548-2131
Source:
Century21northhomes
Added: Sep 5
Changed: Sep 15
Last Checked: Sep 16 at 8:23PM
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
Investment Insights
Based on property information with market context.
This 42,000-square-foot warehouse property contains 14 industrial units ranging from 2,100 to 6,300 square feet. The buildings date to 1996 and include 12-foot and 14-foot roll-up doors, 3-phase power, fire sprinkler protection, and perimeter circulation for loading and vehicle movement. Approximately 70 parking spaces serve the site.
The ±2.47-acre property is located at 217 SW Pumice Avenue in Redmond, less than one mile from Redmond Airport. Zoned Light Industrial (M1), the asset is 100% leased on a NNN basis and accommodates a multi-tenant industrial configuration.
The ±2.47-acre property is located at 217 SW Pumice Avenue in Redmond, less than one mile from Redmond Airport. Zoned Light Industrial (M1), the asset is 100% leased on a NNN basis and accommodates a multi-tenant industrial configuration.
Key Highlights
- 42,000 SF multi‑tenant warehouse property
- 14 units ranging from 2,100 to 6,300 SF
- 100% leased on a NNN basis
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
$470,973
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
7.14%
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%
$9,419,460
$9.4M
Cap Rate 7%
$6,728,186
$6.7M
Cap Rate 9%
$5,233,033
$5.2M
Market Conditions
NOI Build-Up for 42,000 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
$569.5K $13.56/SF
− Vacancy
−$15.4K −$0.37/SF
EGI
$554.1K $13.19/SF
− OpEx
−$83.1K −$1.98/SF
NOI
$471.0K $11.21/SF
Area
Deschutes County, OR
Vacancy
2.71%
Lease Rate
$13.56 /SF/Yr
Expense Ratio
15.00%
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%
$9,419,460
Cap Rate 7%
$6,728,186
Cap Rate 9%
$5,233,033
Alternative Uses
Best Use
Warehouse
$6.73M
$5.89M – $7.85M
NOI $470,973 @ 7.0% cap · market cap 7.14%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$14.45M
$12.65M – $16.86M
NOI $1,011,830 @ 7.0% cap · market cap 15.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
533
Businesses Nearby
Well-served
Demand for This Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in West region
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- BlueBox Storage LLC — 1789 SW Veterans Way, Redmond, OR 97756
Frequently Asked Questions
What type of property is this?
Warehouse - Fully leased industrial property with NNN occupancy, roll-up doors, and convenient access near Redmond Airport.
Where is this warehouse located?
The property is located at 217 SW Pumice Avenue Redmond, OR.
What is the asking price?
The asking price for this property is $6,600,000.
What are key features of this property?
This property features: 42,000 SF multi‑tenant warehouse property; 14 units ranging from 2,100 to 6,300 SF; 100% leased on a NNN basis
