Single-Story Office
For Sale
Contact for pricing
23 NW GREENWOOD AVE, Bend, OR 97701
Flexible office layout with multiple entrances and rear parking on a high-traffic Bend corridor.
Property Size4,100 SF
Price / SF$414.63
Days on Market65
Property Features for 23 NW GREENWOOD AVE
General Information
Standard status
Active
Size
4,100 SF
Property subtype
Retail, Office
Additional Details
Traffic Count
53,000 vehicles/day
Office Units
12
Building Details
Year Built
1941
Year Renovated
2005
Stories
1
Listing Agency:
Berkshire Hathaway HomeServices NW Real Estate
(971) 300-9272
Listed By:
Lauren Musco · License #201207198
Source:
Crexi
Added: Jun 8
Changed: Jul 10
Last Checked: Aug 10 at 6:30AM
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 Berkshire Hathaway HomeServices NW Real Estate
Investment Insights
Based on property information with market context.
This single-story office building offers approximately 4,100 square feet of adaptable workspace configured for professional and service-oriented use. The interior includes 12 private offices, a reception and waiting area, and three bathrooms, including one full bath. The property also features four separate entrances, supporting either multi-tenant operation or conversion scenarios. Updates include renovations completed in 2005, with newer HVAC and ongoing maintenance noted in the property remarks.
Located on one of Bend’s busiest corridors along Bend Parkway, the building benefits from substantial daily vehicle traffic, stated as more than 53,000 vehicles passing daily. Rear parking and easy accessibility are designed for convenient client and employee access.
For tenants, the combination of private offices, a reception/waiting area, and multiple entrances can support a range of office and medical office conversions, depending on operational needs. For an owner-user or investor, the building’s layout provides room for growth while also offering straightforward pathways to leasing to multiple occupants, based on the presence of four separate entrances.
Located on one of Bend’s busiest corridors along Bend Parkway, the building benefits from substantial daily vehicle traffic, stated as more than 53,000 vehicles passing daily. Rear parking and easy accessibility are designed for convenient client and employee access.
For tenants, the combination of private offices, a reception/waiting area, and multiple entrances can support a range of office and medical office conversions, depending on operational needs. For an owner-user or investor, the building’s layout provides room for growth while also offering straightforward pathways to leasing to multiple occupants, based on the presence of four separate entrances.
Key Highlights
- Approximately 4,100 SF single‑story office building built in 1941 on a high‑traffic Bend corridor (more than 53,000 vehicles passing daily on Bend Parkway).
- Office layout includes 12 private offices plus reception and waiting area.
- Three bathrooms total, including one full bath.
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
$61,697
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
3.63%
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%
$1,233,940
$1.2M
Cap Rate 7%
$881,386
$881.4K
Cap Rate 9%
$685,522
$685.5K
Market Conditions
NOI Build-Up for 4,100 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
$108.2K $26.40/SF
− Vacancy
−$5.4K −$1.32/SF
EGI
$102.8K $25.08/SF
− OpEx
−$41.1K −$10.03/SF
NOI
$61.7K $15.05/SF
Area
Bend, OR
Vacancy
5.00%
Lease Rate
$26.40 /SF/Yr
Expense Ratio
40.00%
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%
$1,233,940
Cap Rate 7%
$881,386
Cap Rate 9%
$685,522
Alternative Uses
Best Use
Healthcare Medical
$881.4K
$771.2K – $1.03M
NOI $61,697 @ 7.0% cap · market cap 3.63%
Second Best
Office B
$841.1K
$736.0K – $981.3K
NOI $58,878 @ 7.0% cap · market cap 3.46%
Theoretical Best
Specialty Retail
$1.77M
$1.55M – $2.07M
NOI $123,984 @ 7.0% cap · market cap 7.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12
Office units
53,000 VPD
Traffic count
Location Intelligence
Trade Area within ½ mile
4,016
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?
Office units - Flexible office layout with multiple entrances and rear parking on a high-traffic Bend corridor.
Where is this office units located?
The property is located at 23 NW GREENWOOD AVE Bend, OR.
What is the asking price?
The asking price for this property is $1,700,000.
What are key features of this property?
This property features: Approximately 4,100 SF single‑story office building built in 1941 on a high‑traffic Bend corridor (more than 53,000 vehicles passing daily on Bend Parkway).; Office layout includes 12 private offices plus reception and waiting area.; Three bathrooms total, including one full bath.
