Corner Brick Office
For Sale
$620,000
297 NW 3rd Street, Prineville, OR 97754
Flexible office layout with separate entrances, private rooms, and on-site parking supports multiple business configurations.
Property Size3,015 SF
Price / SF$205.64
Days on Market10
Property Features for 297 NW 3rd Street
General Information
Standard status
Active
Size
3,015 SF
Site & Location
Highway Access
Yes
Road Access
Yes
Amenities
kitchenette/breakroom
copy room
Building Details
Buildings
1
Building Size
3,015 SF
Construction
brick
Listing Agency:
Cascade Hasson SIR
(541) 903-0111
Listed By:
Perry A Cross
(541) 903-0111
Source:
Goashland
Added: Aug 20
Changed: Aug 28
Last Checked: Aug 28 at 12:57PM
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 Cascade Hasson SIR
Investment Insights
Based on property information with market context.
This brick office building provides 3,015 square feet of adaptable workspace on a corner property. The interior includes multiple offices, private offices, glass-front rooms, a kitchenette and breakroom, a copy room, and three bathrooms. Five exterior entrances create separate access points, while the existing interior walls could support three different suites or a divided occupancy arrangement.
The property sits on 3rd Street/Hwy 126 with access to downtown Prineville. On-site parking is supplemented by street parking, giving employees, customers, and visitors additional parking options. The combination of distinct entrances, varied office layouts, and existing support areas allows the full space to function as one office or be configured into separate suites.
The property sits on 3rd Street/Hwy 126 with access to downtown Prineville. On-site parking is supplemented by street parking, giving employees, customers, and visitors additional parking options. The combination of distinct entrances, varied office layouts, and existing support areas allows the full space to function as one office or be configured into separate suites.
Key Highlights
- 3,015‑square‑foot brick office building on a corner property
- Five exterior entrances provide separate access points
- Interior walls could support three different suites
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
$43,297
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
6.98%
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%
$865,940
$865.9K
Cap Rate 7%
$618,529
$618.5K
Cap Rate 9%
$481,078
$481.1K
Market Conditions
NOI Build-Up for 3,015 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
$61.5K $20.40/SF
− Vacancy
−$3.8K −$1.25/SF
EGI
$57.7K $19.15/SF
− OpEx
−$14.4K −$4.79/SF
NOI
$43.3K $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%
$865,940
Cap Rate 7%
$618,529
Cap Rate 9%
$481,078
Alternative Uses
Best Use
Office B
$618.5K
$541.2K – $721.6K
NOI $43,297 @ 7.0% cap · market cap 6.98%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.30M
$1.14M – $1.52M
NOI $91,174 @ 7.0% cap · market cap 14.71%
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
796
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 building - Flexible office layout with separate entrances, private rooms, and on-site parking supports multiple business configurations.
Where is this office building located?
The property is located at 297 NW 3rd Street Prineville, OR.
What is the asking price?
The asking price for this property is $620,000.
What are key features of this property?
This property features: 3,015‑square‑foot brick office building on a corner property; Five exterior entrances provide separate access points; Interior walls could support three different suites
