Two-Building Apartment
For Sale
Contact for pricing
308 NW Bond St, Bend, OR 97703
RH-zoned property near downtown Bend with on-site laundry and off-street parking.
Property Size7,210 SF
Price / SF$256.59
Days on Market12
Property Features for 308 NW Bond St
General Information
Standard status
Active
Size
7,210 SF
Total Parking Spaces
10
Property subtype
Multifamily
Zoning
RH
Occupancy
87%
Investment Type
Value Add
Net Operating Income
$82,101
Additional Details
Road Access
Yes
Multifamily Units
8
Amenities
laundry facility
Building Details
Year Built
1965
Buildings
2
Units
8
Tenancy
Multi
Construction
wood frame
Listing Agency:
NAI Cascade Commercial Real Estate Services, Worldwide
Listed By:
Chuck Brazer · License #200301175
Source:
Crexi
Added: Aug 20
Changed: Aug 31
Last Checked: Aug 31 at 8:29AM
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 NAI Cascade Commercial Real Estate Services, Worldwide
Investment Insights
Based on property information with market context.
This apartment property contains eight units across two separate buildings at 308 NW Bond Street and 315 NW Bond Street. Each two-story wood-frame building was constructed in 1965 and includes four units, a dedicated laundry room, crawlspace construction, pitched composition-shingle roofing, and wood-lap siding. The combined building area is 7,210 SF, with each lot measuring .21 acres.
Unit heating includes radiant floor or ceiling systems and cadet-style wall heaters. Each structure has two wood-burning fireplaces, although only two of the four fireplaces are functional. Kitchens and bathrooms have vinyl flooring, while carpet is used elsewhere; appliances are electric. Five off-street parking spaces serve each building, with additional on-street parking available.
The property is three blocks from downtown Bend and three blocks from the Box Factory and Old Mill District. All units are occupied except one 2bd/1ba unit at 315 NW Bond Street. Professional management is in place, and all but two tenants are on the remainder of 12-month leases.
Unit heating includes radiant floor or ceiling systems and cadet-style wall heaters. Each structure has two wood-burning fireplaces, although only two of the four fireplaces are functional. Kitchens and bathrooms have vinyl flooring, while carpet is used elsewhere; appliances are electric. Five off-street parking spaces serve each building, with additional on-street parking available.
The property is three blocks from downtown Bend and three blocks from the Box Factory and Old Mill District. All units are occupied except one 2bd/1ba unit at 315 NW Bond Street. Professional management is in place, and all but two tenants are on the remainder of 12-month leases.
Key Highlights
- Eight units across two four‑unit apartment buildings
- 7,210 SF total building area on two .21‑acre lots
- Both buildings constructed in 1965 with two‑story wood‑frame construction
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
$92,336
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
4.99%
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%
$1,846,720
$1.8M
Cap Rate 7%
$1,319,086
$1.3M
Cap Rate 9%
$1,025,956
$1.0M
Market Conditions
NOI Build-Up for 7,210 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
$181.7K $25.20/SF
− Vacancy
−$13.8K −$1.92/SF
EGI
$167.9K $23.28/SF
− OpEx
−$75.5K −$10.48/SF
NOI
$92.3K $12.81/SF
Area
Bend, OR
Vacancy
7.60%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
45.00%
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%
$1,846,720
Cap Rate 7%
$1,319,086
Cap Rate 9%
$1,025,956
Alternative Uses
Best Use
Apartment 5plus
$1.32M
$1.15M – $1.54M
NOI $92,336 @ 7.0% cap · market cap 4.99%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.11M
$2.73M – $3.63M
NOI $218,030 @ 7.0% cap · market cap 11.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
3,772
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - RH-zoned property near downtown Bend with on-site laundry and off-street parking.
Where is this apartment building located?
The property is located at 308 NW Bond St Bend, OR.
What is the asking price?
The asking price for this property is $1,850,000.
What are key features of this property?
This property features: Eight units across two four‑unit apartment buildings; 7,210 SF total building area on two .21‑acre lots; Both buildings constructed in 1965 with two‑story wood‑frame construction
