Three-Story Mixed-Use
For Sale
$1,400,000
615 SW Evergreen Avenue, Redmond, OR 97756
The property combines ground-level retail with upper-floor commercial suites and 10 apartments.
Property Size7,500 SF
Price / SF$186.67
Days on Market264
Property Features for 615 SW Evergreen Avenue
General Information
Standard status
Active
Size
7,500 SF
Property subtype
Commercial
Zoning
C-2
Occupancy
100%
Site & Location
Corner Location
Yes
Road Access
Yes
Mixed-Use Components
retail, commercial, residential
Additional Details
Multifamily Units
10
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$9,552
Amenities
Elevator
Building Details
Building Size
7,500 SF
Year Built
1919
Year Renovated
1932
Buildings
1
Stories
3
Units
14
Tenancy
Multi
Listing Agency:
Land Leader
(541) 779-3611
Listed By:
Martin Outdoor Property Group · License #200706071
(541) 660-5111
Source:
Desertskyrealestate
Added: Feb 2
Changed: Oct 23
Last Checked: Oct 23 at 5:32PM
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 Land Leader
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Investment Insights
Based on property information with market context.
Built in 1919, this mixed-use property contains approximately 7,500 square feet across three stories. Its layout includes two retail units on the ground floor, two commercial units on the third floor, and 10 apartments distributed across the second and third floors. The building was renovated in 1932, when two floors were added. All units are leased.
At 615 SW Evergreen Avenue, the property sits at the intersection of Evergreen Avenue and Sixth Street in downtown Redmond, Oregon. The combination of retail, commercial space and apartments brings several property uses together within a single historic building.
At 615 SW Evergreen Avenue, the property sits at the intersection of Evergreen Avenue and Sixth Street in downtown Redmond, Oregon. The combination of retail, commercial space and apartments brings several property uses together within a single historic building.
Key Highlights
- Approximately 7,500 square feet across three stories
- Built in 1919; renovated in 1932, when two floors were added
- Two ground‑floor retail units
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$96,050
Cap Rate
6.86%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,921,000
$1.9M
Cap Rate 7%
$1,372,143
$1.4M
Cap Rate 9%
$1,067,222
$1.1M
Market Conditions
NOI Build-Up for 7,500 SF
Gross rent
$189.0K $25.20/SF
− Vacancy
−$14.4K −$1.92/SF
EGI
$174.6K $23.28/SF
− OpEx
−$78.6K −$10.48/SF
NOI
$96.0K $12.81/SF
Area
Deschutes County, OR
Vacancy
7.60%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,921,000
Cap Rate 7%
$1,372,143
Cap Rate 9%
$1,067,222
Alternative Uses
Best Use
Retail
$2.58M
$2.26M – $3.01M
NOI $180,684 @ 7.0% cap · market cap 12.91%
Second Best
Apartment 5plus
$1.37M
$1.20M – $1.60M
NOI $96,050 @ 7.0% cap · market cap 6.86%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
10
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
945
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Mixed-use property - The property combines ground-level retail with upper-floor commercial suites and 10 apartments.
Where is this mixed-use property located?
The property is located at 615 SW 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: Approximately 7,500 square feet across three stories; Built in 1919; renovated in 1932, when two floors were added; Two ground‑floor retail units
