Three-Story Apartment Building with
For Sale
$1,400,000
615 SW Evergreen Avenue, Redmond, OR 97756
COMMERCIAL - Redmond, OR
Property Size7,500 SF
Lot Size0.06 Acres
Price / SF$186.67
Days on Market193
Property Features for 615 SW Evergreen Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
C-2
Parking features
On Street
Interior features
Elevator
Accessibility
Accessible Elevator Installed
Lot features
Corner Lot, Level
View
City
Standard status
Active
APN
123427
Size
7,500 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
9552
Utilities
Sewer type
Public Sewer
Heating system
Wall Furnace, Electric (Heating)
Cooling system
Central Air
Water source
Public
Building Details
Year built
1919
Floors in Building
3
Number of units
14
Flooring type
Laminate, Carpet
Building materials
Brick
Roof type
Membrane
Listing Agency:
John L. Scott Medford
(541) 779-3611
Listed By:
Martin Outdoor Property Group · License #200706071
(541) 660-5111
Added: Feb 2
Changed: Aug 4
Last Checked: Aug 14 at 11:06PM
MLS# 220214643
Copyright © 2026 Oregon Data Share. 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.
The Landaker Building is a three-story, brick apartment building built in 1919, totaling approximately 7,500 square feet on a 0.06-acre site. The building features an elevator and includes carpet and laminate flooring. Heating is provided by wall furnace and electric (heating), with central air cooling, and a membrane roof.
The property is located in Downtown Redmond at the prominent intersection of Evergreen Avenue and Sixth Street. It is fully leased and includes two ground-floor retail units, two commercial units on the third floor, and 10 apartment units on the second and third floors. Parking is available on-street.
Utilities include public water and public sewer. An accessible elevator is installed, supporting accessibility throughout the building.
The property is located in Downtown Redmond at the prominent intersection of Evergreen Avenue and Sixth Street. It is fully leased and includes two ground-floor retail units, two commercial units on the third floor, and 10 apartment units on the second and third floors. Parking is available on-street.
Utilities include public water and public sewer. An accessible elevator is installed, supporting accessibility throughout the building.
Key Highlights
- Three‑story brick Landaker Building built in 1919
- Approximately 7,500 SF total across three stories
- 0.06‑acre site with elevator and accessible elevator installed
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
$96,050
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
6.86%
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%
$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
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
$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 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%
$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.
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 Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Built in 1919, the Landaker Building offers fully leased apartment and retail space with central air and an elevator.
Where is this apartment building 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: Three‑story brick Landaker Building built in 1919; Approximately 7,500 SF total across three stories; 0.06‑acre site with elevator and accessible elevator installed
