Listing Agency: Compass Commercial Real Estate j***@compasscommercial.com Show Phone

Listed By: Grant W Schultz · License #201217020 Show Phone

Source: Exprealty

Added: Oct 30, 2025 Changed: Oct 2 Last Checked: Oct 10 at 12:31AM

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Investment Insights

Based on property information with market context.

This 2,700 SF light industrial building is positioned near the Redmond Airport within the Redmond Enterprise Zone. It offers a mix of office, warehouse, and covered storage areas, presenting an owner/user opportunity. The structure includes two roll-up doors for access, suitable for shipping, receiving, or light manufacturing. Situated on a 0.88-acre lot, the property provides ample yard space for outdoor storage or future expansion. The Light Industrial (M1) zoning accommodates a range of business uses. The property has connectivity to Highway 97 and access to Central Oregon's industrial and commercial hubs. It is suitable for small manufacturers, service contractors, or local distribution users seeking a flexible and accessible industrial facility in a Redmond submarket.

Key Highlights

• Strategic location within the Redmond Enterprise Zone near the airport.
• Versatile 2,700 SF building with a mix of office, warehouse, and covered storage.
• Large 0.88‑acre lot with ample yard space for outdoor storage or expansion.

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$30,361

Cap Rate

5.77%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$607,220 $607.2K

Cap Rate 7%

$433,729 $433.7K

Cap Rate 9%

$337,344 $337.3K

Market Conditions

NOI Build-Up for 2,700 SF

Gross rent

$48.6K $18.00/SF

− Vacancy

−$1.9K −$0.70/SF

EGI

$46.7K $17.30/SF

− OpEx

−$16.3K −$6.05/SF

NOI

$30.4K $11.24/SF

Area

Deschutes County, OR

Vacancy

3.89%

Lease Rate

$18.00 /SF/Yr

Expense Ratio

35.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$607,220

Cap Rate 7%

$433,729

Cap Rate 9%

$337,344

Alternative Uses

Best Use

Flex RnD

$433.7K

$379.5K – $506.0K (±1% cap)

NOI $30,361 @ 7.0% cap · market cap 5.77%

Second Best

Industrial

$356.2K

$311.7K – $415.6K (±1% cap)

NOI $24,934 @ 7.0% cap · market cap 4.74%

Theoretical Best

Retail

$929.2K

$813.1K – $1.08M (±1% cap)

NOI $65,046 @ 7.0% cap · market cap 12.35%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Flex space

Suggested Use

Top Pick (Bike/Boat/Book/etc) Store Parking Lot & Garage Locksmith Travel Agency Tech Support Center Veterinary Clinic

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

109

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 Industrial in West region

3.7% 2019

4.3% 2020

2.6% 2021

2.5% 2022

4.8% 2023

6.9% 2024

7.9% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this flex space located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Flex space - 2,700 SF light industrial building near Redmond Airport.

Where is this flex space located?

The property is located at 498 Sw Veterans Way Redmond, OR.

What is the asking price?

The asking price for this property is $526,500.

What are key features of this property?

This property features: Strategic location within the Redmond Enterprise Zone near the airport.; Versatile 2,700 SF building with a mix of office, warehouse, and covered storage.; Large 0.88‑acre lot with ample yard space for outdoor storage or expansion.