Live-Work Property with
For Sale
$385,000
615 SW COURT Ave, Pendleton, OR 97801
CommercialSale, Pendleton, OR
Property Size2,960 SF
Lot Size0.16 Acres
Price / SF$130.07
Days on Market393
Property Features for 615 SW COURT Ave
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
C3
View
City, River
Directions
On right side of SW Court Avenue
Subdivision
_435
Standard status
Active
APN
108900
Size
2,960 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Description
see file
Tax Annual Amount
3115
Legal Description
see file
Utilities
Heating system
Forced Air
Cooling system
Central Air
Water front features
River Front
Water front
1
Building Details
Year built
1920
Floors in Building
2
Building materials
Stucco, WoodSiding
Roof type
Composition
Listing Agency:
Clark Jennings & Asso. OR, LLC
(541) 278-9275
Listed By:
Milne Purchase McLaughlin
(541) 377-7787
Added: Jul 30, 2025
Changed: Aug 25
Last Checked: Aug 26 at 1:06AM
MLS# 237326210
Copyright © 2026 Regional Multiple Listing Services. 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 live-work property combines an upper-level office with a remodeled apartment below. The office component contains 1,518 square feet, while the lower apartment provides 1,742 square feet across three bedrooms and one bathroom. Forced-air heating, central air, stucco and wood siding, and a composition roof are part of the existing improvements.
The property is identified as C3 zoning and includes river frontage. Its location at 615 SW COURT Ave places it within walking distance of Pendleton Roundup and downtown Pendleton. Built in 1920, the building offers a flexible arrangement for office and residential occupancy within the same structure.
The property is identified as C3 zoning and includes river frontage. Its location at 615 SW COURT Ave places it within walking distance of Pendleton Roundup and downtown Pendleton. Built in 1920, the building offers a flexible arrangement for office and residential occupancy within the same structure.
Key Highlights
- Upper‑level office component measures 1,518 square feet
- Remodeled lower apartment totals 1,742 square feet
- 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?
Live-work space - Two-level property combines office space with a remodeled apartment and three-bedroom residential layout.
Where is this live-work space 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: Upper‑level office component measures 1,518 square feet; Remodeled lower apartment totals 1,742 square feet; Apartment includes 3 bedrooms and 1 bathroom
