Historic Three-Story Mixed-Use
615 SW Evergreen Avenue Redmond, OR 97756
615 SW Evergreen Avenue, Redmond, OR, 97756
$1,449,000
For Sale
$1,449,000
Fully leased three-story building with ground-floor retail, third-floor commercial space, and 10 apartment units.
Property Size7,500 SF
Price / SF$193.20
Days on Market203
Property Features for 615 SW Evergreen Avenue
General Information
- Standard status
- Active
- Size
- 7,500 SF
- Property subtype
- General Commercial
Building Details
- Year Built
- 1919
Listing agency
John L. Scott Medford
(541) 660-5111
Listed by
Martin Outdoor Property Group · License #200706071
(541) 660-5111
Source
Xome
Added: Dec 31, 2025 Updated: Jul 21 at 4:43PM Checked: Jul 21 at 4:43PM
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
Local Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $153.0k | $20.40 |
| − Vacancy | −$9.4k | −$1.25 |
| EGI | $143.6k | $19.15 |
| − OpEx | −$35.9k | −$4.79 |
| NOI | $107.7k | $14.36 |
7,500 SF · lease $20.40/SF/yr · vacancy 6.14% · expense 25.00%
Alternative Uses
Best Use
Retail
$2.58M
$2.26M – $3.01M
NOI $180,684 @ 7.0% cap · market cap 12.47%
Second Best
Office B
$1.54M
$1.35M – $1.80M
NOI $107,704 @ 7.0% cap · market cap 7.43%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Retail space
Similar For Sale Nearby
FAQs
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 SW Evergreen Avenue Redmond, OR.
What is the asking price?
The asking price for this property is $1,449,000.
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
