Office Building with Rear Storage
For Sale
$385,000
250 NE 3rd Street, Prineville, OR 97754
COMMERCIAL - Prineville, OR
Property Size1,740 SF
Lot Size0.07 Acres
Price / SF$221.26
Days on Market335
Property Features for 250 NE 3rd Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
C1
Parking features
On Street, Assigned, RV, Alley
Window features
Double Pane Windows
Subdivision
Prineville
Lot features
Level
View
City
Standard status
Active
APN
8262
Size
1,740 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
1656
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Wall/Window Unit(s), Window Unit(s)
Water source
Public
Amenities
updated carpeting and lighting
private office
restroom
large rear storage/prep area
parking
Building Details
Year built
1950
Floors in Building
1
Number of units
1
Flooring type
Vinyl, Carpet
Building materials
Block, Brick, Concrete
Roof type
Membrane
Listing Agency:
Coldwell Banker Bain · Coldwell Banker Real Estate
(541) 382-4123
Listed By:
Mary Gillen Doyle · License #200408269
(541) 280-4372
Added: Sep 19, 2025
Changed: Aug 4
Last Checked: Aug 19 at 12:06PM
MLS# 220209527
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.
Office- or retail-ready 1,740 SF building on a 0.07-acre lot, configured with a spacious open area, a private office, a restroom, and a large rear storage/prep area. Interior finishes include updated carpeting and lighting. The building is constructed with block, brick, and concrete, and features a membrane roof. Heating is provided by natural gas, with window and wall/window unit cooling.
Located on 3rd Street (Hwy 26) in downtown Prineville, the property offers convenient parking behind the building, with ample street parking out front. Parking features include RV access, alley access, on-street parking, and assigned parking, supporting a variety of customer or employee needs.
The layout supports both office functions and storefront-style use, with dedicated interior space for work and a separate rear area for storage or prep.
Located on 3rd Street (Hwy 26) in downtown Prineville, the property offers convenient parking behind the building, with ample street parking out front. Parking features include RV access, alley access, on-street parking, and assigned parking, supporting a variety of customer or employee needs.
The layout supports both office functions and storefront-style use, with dedicated interior space for work and a separate rear area for storage or prep.
Key Highlights
- 1,740 SF office/retail building on 0.07‑acre lot
- Open area plus private office, restroom, and large rear storage/prep area
- Built with block, brick, and concrete; membrane roof
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
$24,987
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
6.49%
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%
$499,740
$499.7K
Cap Rate 7%
$356,957
$357.0K
Cap Rate 9%
$277,633
$277.6K
Market Conditions
NOI Build-Up for 1,740 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
$35.5K $20.40/SF
− Vacancy
−$2.2K −$1.25/SF
EGI
$33.3K $19.15/SF
− OpEx
−$8.3K −$4.79/SF
NOI
$25.0K $14.36/SF
Area
Crook County, 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%
$499,740
Cap Rate 7%
$356,957
Cap Rate 9%
$277,633
Alternative Uses
Best Use
Retail
$598.8K
$524.0K – $698.7K
NOI $41,919 @ 7.0% cap · market cap 10.89%
Second Best
Office B
$357.0K
$312.3K – $416.5K
NOI $24,987 @ 7.0% cap · market cap 6.49%
Theoretical Best
Specialty Retail
$751.7K
$657.7K – $877.0K
NOI $52,618 @ 7.0% cap · market cap 13.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
425
Businesses Nearby
Explore this area
Business Placement
Demographics for 97754, OR
21,627
Population
9,985
Households
2.2
Avg Household Size
46
Median Age
21%
College-Educated
90%
High-School Grad
1,370.6 sq mi
ZIP Area
16
Density / Sq Mi
$76,698
Median Household Income
$42,395
Median Earnings
$1,224
Median Rent
$397,700
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 - 1,740 SF office-ready building with a private office, restroom, and large rear storage/prep area plus convenient parking behind.
Where is this office units located?
The property is located at 250 NE 3rd Street Prineville, OR.
What is the asking price?
The asking price for this property is $385,000.
What are key features of this property?
This property features: 1,740 SF office/retail building on 0.07‑acre lot; Open area plus private office, restroom, and large rear storage/prep area; Built with block, brick, and concrete; membrane roof
