Bend Medical/Office Building For
For Sale
Contact for pricing
477 NE Greenwood Ave, Bend, OR
Split-level medical/office building with dedicated parking in Bend, Oregon.
Property Size3,068 SF
Lot Size0.16 Acres
Price / SF$318.48
Days on Market409
Property Features for 477 NE Greenwood Ave
General Information
Standard status
Active
Size
3,068 SF
Lot size
0.16 Acres
Property subtype
OFFICE
Listing Agency:
Fratzke Commercial Real Estate
(541) 480-2526
Listed By:
Brian Fratzke · License #200402169
(541) 480-2526
Source:
Moodyscre
Added: Jul 17, 2025
Changed: Aug 23
Last Checked: Aug 28 at 6:20PM
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 Fratzke Commercial Real Estate
Investment Insights
Based on property information with market context.
This split-level light-medical/office building features wood frame and concrete block construction. The roof was replaced in 2023 with a membrane roofing system. The property includes separate HVAC units for the upper and lower levels, with individual thermostats in the upper-level suites. The upper-level suites have dedicated private points of entry and one common area unisex restroom. There is also one unisex restroom on the lower level. CAT 5 data is available. The building has 220 amp/240v electrical service. It is located on a highly visible corner at Greenwood Avenue and NE 5th Street. The property includes eleven dedicated parking stalls, four of which are covered, and parking lot lighting. UIC has completed Rule Authorized and Registration with the State of Oregon DEQ. Water, sewer, electrical, gas, and telecommunications are all connected to the building. The property size is 3068 square feet.
Key Highlights
- Fully compliant with Oregon DEQ regulations (Water, Sewer, Electrical, Gas, Teleco).
- New roof installed in 2023 with membrane roofing system.
- Separate HVAC units for upper and lower levels, with individual thermostats in upper‑level suites.
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
$46,167
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
4.72%
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%
$923,340
$923.3K
Cap Rate 7%
$659,529
$659.5K
Cap Rate 9%
$512,967
$513.0K
Market Conditions
NOI Build-Up for 3,068 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
$81.0K $26.40/SF
− Vacancy
−$4.0K −$1.32/SF
EGI
$76.9K $25.08/SF
− OpEx
−$30.8K −$10.03/SF
NOI
$46.2K $15.05/SF
Area
Bend, OR
Vacancy
5.00%
Lease Rate
$26.40 /SF/Yr
Expense Ratio
40.00%
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%
$923,340
Cap Rate 7%
$659,529
Cap Rate 9%
$512,967
Alternative Uses
Best Use
Healthcare Medical
$659.5K
$577.1K – $769.5K
NOI $46,167 @ 7.0% cap · market cap 4.72%
Second Best
Office B
$629.4K
$550.7K – $734.3K
NOI $44,058 @ 7.0% cap · market cap 4.51%
Theoretical Best
Specialty Retail
$1.33M
$1.16M – $1.55M
NOI $92,776 @ 7.0% cap · market cap 9.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,433
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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- Alpine Veterinary Clinic — 354 NE Dekalb Ave #200, Bend, OR 97701
- J&K Veterinary — 838 NW Bond St, Bend, OR 97703
Frequently Asked Questions
What type of property is this?
Medical Office Space - Split-level medical/office building with dedicated parking in Bend, Oregon.
Where is this medical office space located?
The property is located at 477 NE Greenwood Ave Bend, OR.
What is the asking price?
The asking price for this property is $977,100.
What are key features of this property?
This property features: Fully compliant with Oregon DEQ regulations (Water, Sewer, Electrical, Gas, Teleco).; New roof installed in 2023 with membrane roofing system.; Separate HVAC units for upper and lower levels, with individual thermostats in upper‑level suites.
