Remodeled Mixed-Use
For Sale
$599,000
323 NW 6th Street, Redmond, OR 97756
The property combines a commercial storefront with a two-bedroom cottage and fenced outdoor space.
Property Size1,556 SF
Days on Market172
Property Features for 323 NW 6th Street
General Information
Standard status
Active
Size
1,556 SF
Property subtype
Commercial
Zoning
C2
Taxes and HOA fees
Annual Taxes
$122,830
Building Details
Building Size
1,556 SF
Year Built
1930
Year Renovated
2022
Buildings
2
Stories
1
Units
2
Listing Agency:
Simply Sold Realty LLC
(541) 527-5278
Listed By:
Brandi Jo Klann
(541) 527-5278
Source:
Allprofessionalsre
Added: Mar 12
Changed: Aug 28
Last Checked: Aug 29 at 10:19AM
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 Simply Sold Realty LLC
Investment Insights
Based on property information with market context.
Located at 323 NW 6th Street in Redmond, this mixed-use property includes a commercial retail building positioned toward the street and a separate two-bedroom cottage behind it. The cottage has a fenced yard and is used as a short-term rental.
The front building currently operates as a retail meat business and previously served as a restaurant, providing a commercial structure with an established retail-oriented configuration. Both components were extensively remodeled in 2022. The site also includes additional land described as suitable for future development or expansion.
The front building currently operates as a retail meat business and previously served as a restaurant, providing a commercial structure with an established retail-oriented configuration. Both components were extensively remodeled in 2022. The site also includes additional land described as suitable for future development or expansion.
Key Highlights
- Extensively remodeled in 2022
- Commercial retail building at 323 NW 6th Street
- Front building currently operates as a retail meat business
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
$37,486
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
6.26%
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%
$749,720
$749.7K
Cap Rate 7%
$535,514
$535.5K
Cap Rate 9%
$416,511
$416.5K
Market Conditions
NOI Build-Up for 1,556 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
$56.0K $36.00/SF
− Vacancy
−$2.5K −$1.58/SF
EGI
$53.6K $34.42/SF
− OpEx
−$16.1K −$10.32/SF
NOI
$37.5K $24.09/SF
Area
Deschutes County, OR
Vacancy
4.40%
Lease Rate
$36.00 /SF/Yr
Expense Ratio
30.00%
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%
$749,720
Cap Rate 7%
$535,514
Cap Rate 9%
$416,511
Alternative Uses
Best Use
Retail
$535.5K
$468.6K – $624.8K
NOI $37,486 @ 7.0% cap · market cap 6.26%
Second Best
Apartment 5plus
$284.7K
$249.1K – $332.1K
NOI $19,927 @ 7.0% cap · market cap 3.33%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,379
Businesses Nearby
Explore this area
Business Placement
Demographics for 97756, OR
42,168
Population
18,335
Households
2.3
Avg Household Size
40
Median Age
32%
College-Educated
92%
High-School Grad
126.3 sq mi
ZIP Area
334
Density / Sq Mi
$84,067
Median Household Income
$41,909
Median Earnings
$1,473
Median Rent
$469,000
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - The property combines a commercial storefront with a two-bedroom cottage and fenced outdoor space.
Where is this mixed-use property located?
The property is located at 323 NW 6th Street Redmond, OR.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: Extensively remodeled in 2022; Commercial retail building at 323 NW 6th Street; Front building currently operates as a retail meat business
