Mixed-Use Retail Building with Two
For Sale
$1,800,000
Pending
407 SE 3rd Street, Bend, OR 97702
Commercial Sale, Bend, OR
Property Size4,310 SF
Lot Size0.19 Acres
Days on Market148
Property Features for 407 SE 3rd Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
CL
Parking features
Parking Lot
Security features
Security System
Window features
Vinyl Frames
Interior features
Laminate Counters
Subdivision
Bend Park
Lot features
Corner Lot, Level
View
City
Standard status
Pending
APN
106258
Size
4,310 SF
Lot size
0.19 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
6190
Utilities
Sewer type
Public Sewer
Heating system
Ductless (Heating)
Cooling system
Central Air
Water source
Public
Building Details
Year built
1950
Floors in Building
1
Number of units
2
Flooring type
Vinyl
Building materials
Frame
Roof type
Membrane
Listing Agency:
Keller Williams Realty Central Oregon
(541) 585-3760
Listed By:
Wendolyn Cooper · License #200508361
(541) 585-3760
Added: Mar 30
Changed: Aug 19
Last Checked: Aug 24 at 1:06AM
MLS# 220218565
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 for-sale retail property is a 4,310-square-foot commercial building situated on a 0.19-acre lot. The layout supports two distinct street-facing retail tenants, with a laundromat on one side and Dr. Jolly's Dispensary on the other, creating a built-in, diversified tenancy structure. The offering also includes flexibility for additional development or repositioning as part of the property’s overall configuration.
The building is located at 407 SE 3rd Street in Bend, Oregon (Deschutes County). The property benefits from established occupancy by two active retail businesses at the same location.
For buyers, this asset may fit well for those seeking a mixed retail setup with two existing tenants in place. It also presents a path to consider future site planning and potential expansion, based on the property’s indicated flexibility. Please note that additional properties are available in the same portfolio, if you are evaluating the broader group of holdings.
The building is located at 407 SE 3rd Street in Bend, Oregon (Deschutes County). The property benefits from established occupancy by two active retail businesses at the same location.
For buyers, this asset may fit well for those seeking a mixed retail setup with two existing tenants in place. It also presents a path to consider future site planning and potential expansion, based on the property’s indicated flexibility. Please note that additional properties are available in the same portfolio, if you are evaluating the broader group of holdings.
Key Highlights
- 4,310 sq ft commercial building with a laundromat and Dr. Jolly's Dispensary as tenant anchors
- Frame construction with membrane roof
- Central air cooling and ductless heating
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 - Two-sided retail building in Bend, OR with an operating laundromat and dispensary tenant.
Where is this retail space located?
The property is located at 407 SE 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 with a laundromat and Dr. Jolly's Dispensary as tenant anchors; Frame construction with membrane roof; Central air cooling and ductless heating
