Flex Space with Live-Work
For Sale
$900,000
3625 N Hwy 97, Redmond, OR 97756
COMMERCIAL - Redmond, OR
Property Size3,168 SF
Lot Size1.68 Acres
Price / SF$284.09
Days on Market305
Property Features for 3625 N Hwy 97
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
UH10
Parking features
Driveway, Parking Lot
Window features
Vinyl Frames
Interior features
Laminate Counters
Lot features
Level
View
Territorial, Mountains
Directions
1/2 blockSouth of Pershall/Oneil hwy . West side of Hwy.97
Standard status
Active
APN
128646
Size
3,168 SF
Lot size
1.68 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
2233
Utilities
Sewer type
Septic Tank
Heating system
Heat Pump (Heating), Forced Air
Cooling system
Heat Pump, Evaporative Cooling
Water source
Well, Private
Building Details
Year built
2004
Floors in Building
1
Number of units
3
Flooring type
Laminate, Carpet, Concrete
Building materials
Block, Frame
Roof type
Asphalt
Listing Agency:
Desert Sky Real Estate LLC
(541) 504-9792
Listed By:
Jeffrey Casserly · License #200606059
(541) 550-6656
Added: Oct 14, 2025
Changed: Aug 4
Last Checked: Aug 14 at 11:06PM
MLS# 220210649
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.
This flex space property is configured as an existing block warehouse presently set up as a live-work unit. Interior features include laminate counters. Construction is block and frame, with concrete, laminate, and carpet flooring. The property includes forced air and heat pump (heating) with evaporative cooling and heat pump cooling. Parking is provided via a parking lot and driveway.
The site sits on Hwy 97 frontage directly south of Pershall/Oneil Hwy, with the new Hayden residential community and Redmond city limits abutting the south property line. Water is provided by well (private), and sewer is a septic tank. The septic system was pumped and inspected 7/25 and reported in good condition.
Additional improvements include a vacant 768 sq.ft. 2B.1Ba residence and a 600 sq.ft. private well pump house. New Redmond wastewater treatment expansion lines to the wetlands project are in process directly west of the site.
The site sits on Hwy 97 frontage directly south of Pershall/Oneil Hwy, with the new Hayden residential community and Redmond city limits abutting the south property line. Water is provided by well (private), and sewer is a septic tank. The septic system was pumped and inspected 7/25 and reported in good condition.
Additional improvements include a vacant 768 sq.ft. 2B.1Ba residence and a 600 sq.ft. private well pump house. New Redmond wastewater treatment expansion lines to the wetlands project are in process directly west of the site.
Key Highlights
- 1.68‑acre parcel with Hwy 97 frontage directly south of Pershall/Oneil Hwy
- Warehouse configured as a live‑work unit
- Vacant 768 sq.ft. 2B.1Ba residence on site
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
$45,494
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
5.05%
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%
$909,880
$909.9K
Cap Rate 7%
$649,914
$649.9K
Cap Rate 9%
$505,489
$505.5K
Market Conditions
NOI Build-Up for 3,168 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
$64.6K $20.40/SF
− Vacancy
−$4.0K −$1.25/SF
EGI
$60.7K $19.15/SF
− OpEx
−$15.2K −$4.79/SF
NOI
$45.5K $14.36/SF
Area
Deschutes 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%
$909,880
Cap Rate 7%
$649,914
Cap Rate 9%
$505,489
Alternative Uses
Best Use
Office B
$649.9K
$568.7K – $758.2K
NOI $45,494 @ 7.0% cap · market cap 5.05%
Second Best
Mixed Use
$574.3K
$502.5K – $670.0K
NOI $40,202 @ 7.0% cap · market cap 4.47%
Theoretical Best
Retail
$1.09M
$954.0K – $1.27M
NOI $76,321 @ 7.0% cap · market cap 8.48%
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
69
Businesses Nearby
Well-served
Demand for This Use
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 Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Flex space on a 1.68-acre parcel with Hwy 97 frontage and a warehouse configured as a live-work unit.
Where is this flex space located?
The property is located at 3625 N Hwy 97 Redmond, OR.
What is the asking price?
The asking price for this property is $900,000.
What are key features of this property?
This property features: 1.68‑acre parcel with Hwy 97 frontage directly south of Pershall/Oneil Hwy; Warehouse configured as a live‑work unit; Vacant 768 sq.ft. 2B.1Ba residence on site
