Single-Story Office
For Sale
$1,555,000
23 NW Greenwood Avenue, Bend, OR 97703
Commercial Sale, Bend, OR
Property Size4,100 SF
Lot Size0.16 Acres
Price / SF$379.27
Days on Market94
Property Features for 23 NW Greenwood Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
CB
Parking features
Parking Lot
Standard status
Active
APN
103412
Size
4,100 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
3827
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Amenities
private offices
reception
waiting area
bathrooms
separate entrances
Building Details
Year built
1941
Floors in Building
1
Number of units
1
Flooring type
Concrete
Building materials
Concrete
Roof type
Membrane
Listing Agency:
Berkshire Hathaway HomeService · Berkshire Hathaway HomeServices
(541) 322-8880
Listed By:
Raechelle A Boddy · License #201219703
(248) 935-4592
Added: Jun 9
Changed: Aug 19
Last Checked: Sep 10 at 8:06PM
MLS# 220223191
Copyright © 2026 Oregon Data Share. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Located at 23 NW Greenwood Avenue in Bend, this single-story office building contains approximately 4,100 square feet on a 0.16-acre parcel. The interior includes 12 private offices, a reception area, a waiting area, and three bathrooms, including one full bath. Four separate entrances provide distinct access points, while rear parking serves the building. Concrete construction, concrete flooring, forced-air heat, central air conditioning, public water and sewer, and a membrane roof are part of the property’s existing improvements.
The property fronts a Bend Parkway corridor with reported daily traffic of more than 53,000 vehicles. Renovations were completed in 2005, and the building has newer HVAC equipment with ongoing maintenance. Its single-level arrangement and multiple entrances accommodate a range of office configurations.
The property fronts a Bend Parkway corridor with reported daily traffic of more than 53,000 vehicles. Renovations were completed in 2005, and the building has newer HVAC equipment with ongoing maintenance. Its single-level arrangement and multiple entrances accommodate a range of office configurations.
Key Highlights
- Approximately 4,100 SF single‑story office building on 0.16 acres
- 12 private offices with reception and waiting areas
- Three bathrooms, 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
$58,878
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
3.79%
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%
$1,177,560
$1.2M
Cap Rate 7%
$841,114
$841.1K
Cap Rate 9%
$654,200
$654.2K
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
$83.6K $20.40/SF
− Vacancy
−$5.1K −$1.25/SF
EGI
$78.5K $19.15/SF
− OpEx
−$19.6K −$4.79/SF
NOI
$58.9K $14.36/SF
Area
Bend, OR
Vacancy
6.14%
Lease Rate
$20.40 /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%
$1,177,560
Cap Rate 7%
$841,114
Cap Rate 9%
$654,200
Alternative Uses
Best Use
Office B
$841.1K
$736.0K – $981.3K
NOI $58,878 @ 7.0% cap · market cap 3.79%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.77M
$1.55M – $2.07M
NOI $123,984 @ 7.0% cap · market cap 7.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
4,016
Businesses Nearby
Explore this area
Business Placement
Demographics for 97703, OR
32,475
Population
16,032
Households
2
Avg Household Size
45
Median Age
60%
College-Educated
98%
High-School Grad
269.8 sq mi
ZIP Area
120
Density / Sq Mi
$118,160
Median Household Income
$52,182
Median Earnings
$1,831
Median Rent
$915,900
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in West region
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Frequently Asked Questions
What type of property is this?
Office building - Four entrances and a multi-room interior support flexible occupancy and professional business use.
Where is this office building located?
The property is located at 23 NW Greenwood Avenue Bend, OR.
What is the asking price?
The asking price for this property is $1,555,000.
What are key features of this property?
This property features: Approximately 4,100 SF single‑story office building on 0.16 acres; 12 private offices with reception and waiting areas; Three bathrooms, including one full bath
