Historic Three-Story Mixed-Use
For Sale
$1,400,000
615 Evergreen Avenue, Redmond, OR 97756
Fully leased three-story building with ground-floor retail, third-floor commercial space, and 10 apartment units.
Property Size7,500 SF
Price / SF$186.67
Days on Market191
Property Features for 615 Evergreen Avenue
General Information
Standard status
Active
Size
7,500 SF
Property subtype
General Commercial
Occupancy
100%
Additional Details
Multifamily Units
10
Taxes and HOA fees
Annual Taxes
$9,552
Amenities
Central Air
3
Laminate, Carpet
Membrane
Parking. Corner Lot.
On Street.
City
Level
0.06
Corner, Ground Level Unit, Paved Road, Level.
Building Details
Year Built
1919
Year Renovated
1932
Stories
3
Tenancy
Multi
Listing Agency:
John L. Scott Medford
(541) 660-5111
Listed By:
Martin Outdoor Property Group · License #200706071
(541) 660-5111
Source:
Xome
Added: Jan 31
Changed: Aug 7
Last Checked: Aug 10 at 2:25AM
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 John L. Scott Medford
Investment Insights
Based on property information with market context.
The Landaker Building is a three-story mixed-use property originally built in 1919 and renovated in 1932. Approximately 7,500 square feet in total, the building was updated to add two additional floors for office and apartment uses. It is currently fully leased and includes two ground-floor retail units, two commercial units on the third floor, and 10 apartment units across the second and third floors.
Located at the prominent intersection of SW Evergreen Avenue and Sixth Street in downtown Redmond, Oregon, the property combines street-level commercial space with upper-floor residential and office components within a single, long-standing structure.
Located at the prominent intersection of SW Evergreen Avenue and Sixth Street in downtown Redmond, Oregon, the property combines street-level commercial space with upper-floor residential and office components within a single, long-standing structure.
Key Highlights
- Landaker Building built in 1919, with approximately 7,500 SF across three stories
- Located at the prominent intersection of Evergreen Avenue and Sixth Street in Downtown Redmond
- Fully leased building with 2 ground‑floor retail units, 2 third‑floor commercial units, and 10 apartment units
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
$107,704
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
7.69%
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%
$2,154,080
$2.2M
Cap Rate 7%
$1,538,629
$1.5M
Cap Rate 9%
$1,196,711
$1.2M
Market Conditions
NOI Build-Up for 7,500 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
$153.0K $20.40/SF
− Vacancy
−$9.4K −$1.25/SF
EGI
$143.6K $19.15/SF
− OpEx
−$35.9K −$4.79/SF
NOI
$107.7K $14.36/SF
Area
Deschutes County, OR
Vacancy
6.14%
Lease Rate
$20.40 /SF/Yr
Expense Ratio
25.00%
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%
$2,154,080
Cap Rate 7%
$1,538,629
Cap Rate 9%
$1,196,711
Alternative Uses
Best Use
Retail
$2.58M
$2.26M – $3.01M
NOI $180,684 @ 7.0% cap · market cap 12.91%
Second Best
Office B
$1.54M
$1.35M – $1.80M
NOI $107,704 @ 7.0% cap · market cap 7.69%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
10
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
131
Businesses Nearby
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 Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Fully leased three-story building with ground-floor retail, third-floor commercial space, and 10 apartment units.
Where is this apartment building located?
The property is located at 615 Evergreen Avenue Redmond, OR.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: Landaker Building built in 1919, with approximately 7,500 SF across three stories; Located at the prominent intersection of Evergreen Avenue and Sixth Street in Downtown Redmond; Fully leased building with 2 ground‑floor retail units, 2 third‑floor commercial units, and 10 apartment units
