Mixed-Use Property with
For Sale
$385,000
615 SW Court Ave, Pendleton, OR 97801
Two-level configuration pairs commercial workspace with a remodeled residential unit.
Property Size2,960 SF
Price / SF$130.07
Days on Market22
Property Features for 615 SW Court Ave
General Information
Standard status
Active
Size
2,960 SF
Additional Details
Floor
Upstairs
Office Units
1
Building Details
Year Built
1920
Buildings
1
Stories
2
Listing Agency:
Clark Jennings & Asso. OR, LLC
(541) 278-9275
Listed By:
Milne Purchase McLaughlin
Source:
Christiesrealestateevg
Added: Aug 8
Changed: Aug 28
Last Checked: Aug 28 at 3:03PM
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 Clark Jennings & Asso. OR, LLC
Investment Insights
Based on property information with market context.
This 1920 mixed-use property combines an upstairs office with a remodeled apartment on the lower level. The office contains 1,518 square feet, while the apartment provides 1,742 square feet with three bedrooms and one bathroom. Total property size is 2,960 square feet.
Located at 615 SW Court Ave in Pendleton, the property is within walking distance of the Pendleton Roundup and downtown. The arrangement supports a commercial workspace alongside on-site residential accommodation.
Located at 615 SW Court Ave in Pendleton, the property is within walking distance of the Pendleton Roundup and downtown. The arrangement supports a commercial workspace alongside on-site residential accommodation.
Key Highlights
- 1,518‑square‑foot upstairs office
- 1,742‑square‑foot remodeled downstairs apartment
- Apartment includes 3 bedrooms and 1 bathroom
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
$32,128
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
8.34%
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%
$642,560
$642.6K
Cap Rate 7%
$458,971
$459.0K
Cap Rate 9%
$356,978
$357.0K
Market Conditions
NOI Build-Up for 2,960 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
$53.3K $18.00/SF
− Vacancy
−$10.4K −$3.53/SF
EGI
$42.8K $14.47/SF
− OpEx
−$10.7K −$3.62/SF
NOI
$32.1K $10.85/SF
Area
Umatilla County, OR
Vacancy
19.60%
Lease Rate
$18.00 /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%
$642,560
Cap Rate 7%
$458,971
Cap Rate 9%
$356,978
Alternative Uses
Best Use
Office B
$459.0K
$401.6K – $535.5K
NOI $32,128 @ 7.0% cap · market cap 8.34%
Second Best
Mixed Use
$437.7K
$383.0K – $510.6K
NOI $30,636 @ 7.0% cap · market cap 7.96%
Theoretical Best
Office A
$619.6K
$542.2K – $722.9K
NOI $43,374 @ 7.0% cap · market cap 11.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
Location Intelligence
Trade Area within ½ mile
1,043
Businesses Nearby
Explore this area
Business Placement
Demographics for 97801, OR
21,882
Population
9,033
Households
2.4
Avg Household Size
39
Median Age
26%
College-Educated
92%
High-School Grad
496.2 sq mi
ZIP Area
44
Density / Sq Mi
$73,308
Median Household Income
$38,719
Median Earnings
$924
Median Rent
$277,600
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?
Mixed-use property - Two-level configuration pairs commercial workspace with a remodeled residential unit.
Where is this mixed-use property located?
The property is located at 615 SW Court Ave Pendleton, OR.
What is the asking price?
The asking price for this property is $385,000.
What are key features of this property?
This property features: 1,518‑square‑foot upstairs office; 1,742‑square‑foot remodeled downstairs apartment; Apartment includes 3 bedrooms and 1 bathroom
