Six-Unit Multifamily
For Sale
$1,650,000
404-414 SE Railroad St, Bend, OR 97702
Two adjoining parcels combine a remodeled fourplex with a newly constructed duplex and a six-unit configuration.
Property Size3,920 SF
Days on Market48
Property Features for 404-414 SE Railroad St
General Information
Standard status
Active
Size
3,920 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
5 x 1bd/1ba, 1 x 2bd/2ba
Multifamily Units
6
Additional Details
Highway Access
Yes
Building Details
Building Size
3,920 SF
Year Built
1971
Year Renovated
2026
Units
6
Listing Agency:
NAI Cascade
Listed By:
Chuck Brazer
(503) 734-7175
Source:
Commercialcafe
Added: Aug 2
Changed: Sep 18
Last Checked: Sep 18 at 4:00AM
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
Investment Insights
Based on property information with market context.
This multifamily property comprises six units across two adjoining parcels. The existing fourplex was built in 1971 and underwent extensive interior and exterior remodeling during 2022 and 2023. A separate duplex was newly constructed in 2026 and received its certificate of occupancy in May 2026.
The unit mix includes five one-bedroom, one-bath residences and one two-bedroom, two-bath residence. All six units are currently occupied. The property is located near 3rd Street and Highway 97 in Bend, Oregon, with the fourplex and duplex offered together as one six-unit asset.
The unit mix includes five one-bedroom, one-bath residences and one two-bedroom, two-bath residence. All six units are currently occupied. The property is located near 3rd Street and Highway 97 in Bend, Oregon, with the fourplex and duplex offered together as one six-unit asset.
Key Highlights
- Six units across two adjoining parcels
- Fourplex built in 1971 and extensively remodeled in 2022/23
- New duplex completed in 2026
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
$54,991
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
3.33%
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%
$1,099,820
$1.1M
Cap Rate 7%
$785,586
$785.6K
Cap Rate 9%
$611,011
$611.0K
Market Conditions
NOI Build-Up for 3,920 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
$84.7K $21.60/SF
− Vacancy
−$6.1K −$1.56/SF
EGI
$78.6K $20.04/SF
− OpEx
−$23.6K −$6.01/SF
NOI
$55.0K $14.03/SF
Area
Bend, OR
Vacancy
7.22%
Lease Rate
$21.60 /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%
$1,099,820
Cap Rate 7%
$785,586
Cap Rate 9%
$611,011
Alternative Uses
Best Use
Multifamily LT 5
$785.6K
$687.4K – $916.5K
NOI $54,991 @ 7.0% cap · market cap 3.33%
Second Best
Apartment 5plus
$717.2K
$627.5K – $836.7K
NOI $50,202 @ 7.0% cap · market cap 3.04%
Theoretical Best
Specialty Retail
$1.69M
$1.48M – $1.98M
NOI $118,541 @ 7.0% cap · market cap 7.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
6
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,824
Businesses Nearby
Explore this area
Business Placement
Demographics for 97702, OR
51,161
Population
23,318
Households
2.2
Avg Household Size
42
Median Age
46%
College-Educated
96%
High-School Grad
103.5 sq mi
ZIP Area
494
Density / Sq Mi
$89,094
Median Household Income
$47,743
Median Earnings
$1,825
Median Rent
$620,600
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?
Multifamily property - Two adjoining parcels combine a remodeled fourplex with a newly constructed duplex and a six-unit configuration.
Where is this multifamily property located?
The property is located at 404-414 SE Railroad St Bend, OR.
What is the asking price?
The asking price for this property is $1,650,000.
What are key features of this property?
This property features: Six units across two adjoining parcels; Fourplex built in 1971 and extensively remodeled in 2022/23; New duplex completed in 2026
