Multi-Tenant Retail
For Sale
$1,800,000
Pending
407 3rd Street, Bend, OR 97702
4,310 sq ft retail building anchored by a laundromat and Dr. Jolly's Dispensary, with additional development room.
Property Size4,310 SF
Days on Market165
Property Features for 407 3rd Street
General Information
Standard status
Pending
Size
4,310 SF
Property subtype
General Commercial
Taxes and HOA fees
Annual Taxes
$6,190
Amenities
Central Air
Vinyl
3
Membrane
Parking. Corner Lot.
Asphalt, Lot.
City
Level
0.19
Corner, Ground Level Unit, Paved Road, Level.
Building Details
Year Built
1950
Stories
1
Tenancy
Multi
Listing Agency:
Keller Williams Realty Central Oregon
(541) 350-9020
Listed By:
Wendolyn Cooper · License #200508361
(541) 350-9020
Source:
Xome
Added: Mar 8
Changed: Aug 12
Last Checked: Aug 20 at 4:47AM
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 Keller Williams Realty Central Oregon
Investment Insights
Based on property information with market context.
This 4,310 sq ft commercial retail building offers diversified tenancy with two established anchors: a laundromat on one side and Dr. Jolly's Dispensary on the other. The property includes additional space for development, providing flexibility for expansion or repositioning.
The site is described as being in a high-visibility area with consistent exposure and accessibility. It also notes availability of additional properties within the same portfolio.
Overall, the building combines existing, income-generating anchors with an opportunity to add future development scope on-site.
The site is described as being in a high-visibility area with consistent exposure and accessibility. It also notes availability of additional properties within the same portfolio.
Overall, the building combines existing, income-generating anchors with an opportunity to add future development scope on-site.
Key Highlights
- 4,310 sq ft commercial building anchored by a laundromat and Dr. Jolly's Dispensary
- Corner lot with ground level unit and access on a paved road
- Asphalt lot parking included
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
$103,833
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
5.77%
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%
$2,076,660
$2.1M
Cap Rate 7%
$1,483,329
$1.5M
Cap Rate 9%
$1,153,700
$1.2M
Market Conditions
NOI Build-Up for 4,310 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
$155.2K $36.00/SF
− Vacancy
−$6.8K −$1.58/SF
EGI
$148.3K $34.42/SF
− OpEx
−$44.5K −$10.32/SF
NOI
$103.8K $24.09/SF
Area
Bend, 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%
$2,076,660
Cap Rate 7%
$1,483,329
Cap Rate 9%
$1,153,700
Alternative Uses
Best Use
Retail
$1.48M
$1.30M – $1.73M
NOI $103,833 @ 7.0% cap · market cap 5.77%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.86M
$1.63M – $2.17M
NOI $130,334 @ 7.0% cap · market cap 7.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,503
Businesses Nearby
104k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 40%
Shops & Services 37%
Groceries 13%
Electronics 7%
Grocery Outlet Bargain Market
Groceries
13,639 visits/mo
0.1 miles
Chevron
Shops & Services
13,135 visits/mo
0.5 miles
Dutch Bros. Coffee
Dining
13,070 visits/mo
0.1 miles
El Rodeo
Dining
11,357 visits/mo
0.2 miles
Del Taco
Dining
8,243 visits/mo
0.1 miles
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 Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - 4,310 sq ft retail building anchored by a laundromat and Dr. Jolly's Dispensary, with additional development room.
Where is this retail space located?
The property is located at 407 3rd Street Bend, OR.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: 4,310 sq ft commercial building anchored by a laundromat and Dr. Jolly's Dispensary; Corner lot with ground level unit and access on a paved road; Asphalt lot parking included
