Two-Building Industrial
For Sale
Contact for pricing
2185 NE 2nd Street, Bend, OR 97701
Stabilized industrial property with two fully leased buildings and multiple roll-up doors for flexible warehouse and fitness use.
Property Size11,168 SF
Lot Size0.66 Acres
Price / SF$237.29
Days on Market138
Property Features for 2185 NE 2nd Street
General Information
Standard status
Active
Size
11,168 SF
Total Parking Spaces
27
Lot size
0.66 Acres
Property subtype
Industrial
Zoning
Mixed Employment (ME)
Occupancy
100%
Lease Type
NNN
Investment Type
Stabilized
Net Operating Income
$151,871
Warehouse & Industrial
Dock-High Doors
1
Drive-In Doors
1
Heavy Power
Yes
Additional Details
Cap Rate
5.73%
Amenities
basketball court
open training areas
Building Details
Year Built
2000
Buildings
2
Tenancy
Multi
Listing Agency:
Compass Commercial Real Estate Services
Listed By:
Peter May · License #OR 200606373
(541) 383-2444
Source:
Crexi
Added: Apr 24
Changed: Sep 4
Last Checked: Sep 8 at 8:42AM
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.
2185 NE 2nd Street is a stabilized, two-building industrial investment totaling 11,168 square feet on 0.66 acres in Bend’s Mixed Employment (ME) zone. The property is fully leased to two tenants, with Building 1 devoted to a fitness facility and Building 2 primarily configured as warehouse space.
Building 1 consists of 5,000 square feet across Suites A/B and is occupied by Gym X. It includes a basketball court and open training areas, along with two 12' roll-up doors, one dock-high loading platform, 3-phase 200-amp power, two Reznor heaters, two offices, and two restrooms. Building 2 includes 6,168 square feet in Suite C and is occupied by German Transaxle, featuring a 14' grade-level roll-up door and 3-phase 200-amp power. The layout includes two upstairs offices, one downstairs office, and two restrooms.
The leases expire in October 2027 and April 2030, respectively, and each tenant has one five-year renewal option, supporting a staggered income schedule.
Building 1 consists of 5,000 square feet across Suites A/B and is occupied by Gym X. It includes a basketball court and open training areas, along with two 12' roll-up doors, one dock-high loading platform, 3-phase 200-amp power, two Reznor heaters, two offices, and two restrooms. Building 2 includes 6,168 square feet in Suite C and is occupied by German Transaxle, featuring a 14' grade-level roll-up door and 3-phase 200-amp power. The layout includes two upstairs offices, one downstairs office, and two restrooms.
The leases expire in October 2027 and April 2030, respectively, and each tenant has one five-year renewal option, supporting a staggered income schedule.
Key Highlights
- Stabilized two‑building industrial investment totaling 11,168 SF on 0.66 acres in Bend’s Mixed Employment (ME) zone.
- Fully leased to two tenants (Gym X and German Transaxle) with in‑place annual NOI of $151,871 and a 5.73% cap rate.
- Building 1: 5,000 SF fitness facility with basketball court and open training areas; includes two 12' roll‑up doors and 3‑phase 200‑amp power.
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
$125,234
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
4.73%
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%
$2,504,680
$2.5M
Cap Rate 7%
$1,789,057
$1.8M
Cap Rate 9%
$1,391,489
$1.4M
Market Conditions
NOI Build-Up for 11,168 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
$151.4K $13.56/SF
− Vacancy
−$4.1K −$0.37/SF
EGI
$147.3K $13.19/SF
− OpEx
−$22.1K −$1.98/SF
NOI
$125.2K $11.21/SF
Area
Bend, 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%
$2,504,680
Cap Rate 7%
$1,789,057
Cap Rate 9%
$1,391,489
Alternative Uses
Best Use
Warehouse
$1.79M
$1.57M – $2.09M
NOI $125,234 @ 7.0% cap · market cap 4.73%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.82M
$4.22M – $5.63M
NOI $337,720 @ 7.0% cap · market cap 12.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Dock-high doors
1
Drive-in doors
Yes
Heavy power
Location Intelligence
Trade Area within ½ mile
1,219
Businesses Nearby
Well-served
Demand for This Use
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 Industrial in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Outside Movement Physical Therapy — 345 SW Cyber Dr Suite 104, Bend, OR 97702
- Bend Life Acupuncture and Integrated Medicine — 1291 NW Wall St, Bend, OR 97701
- NPJ Sports Zone — 1307 NE 1st St, Bend, OR 97701
- Bend Hoops — 1307 NE 1st St, Bend, OR 97701
- Bootcamp Bend — 1279 NE 2nd St, Bend, OR 97701
Frequently Asked Questions
What type of property is this?
Fitness center & gym - Stabilized industrial property with two fully leased buildings and multiple roll-up doors for flexible warehouse and fitness use.
Where is this fitness center & gym located?
The property is located at 2185 NE 2nd Street Bend, OR.
What is the asking price?
The asking price for this property is $2,650,000.
What are key features of this property?
This property features: Stabilized two‑building industrial investment totaling 11,168 SF on 0.66 acres in Bend’s Mixed Employment (ME) zone.; Fully leased to two tenants (Gym X and German Transaxle) with in‑place annual NOI of $151,871 and a 5.73% cap rate.; Building 1: 5,000 SF fitness facility with basketball court and open training areas; includes two 12' roll‑up doors and 3‑phase 200‑amp power.
