Office Building with Covered
For Sale
$360,000
654 NW 4th Street, Redmond, OR 97756
An office layout includes a reception area, three private rooms, and a kitchenette.
Property Size816 SF
Price / SF$441.18
Days on Market187
Property Features for 654 NW 4th Street
General Information
Standard status
Active
Size
816 SF
Property subtype
Commercial
Zoning
R5 w/ CUP
Additional Details
Currently Operating
Yes
Property Use
Office
Taxes and HOA fees
Annual Taxes
$1,747
Building Details
Building Size
816 SF
Year Built
1940
Buildings
1
Stories
1
Units
1
Listing Agency:
RE/MAX Key Properties
(541) 728-0033
Listed By:
Jenelle K Brewer
(541) 350-4187
Source:
Desertskyrealestate
Added: Apr 23
Changed: Oct 25
Last Checked: Oct 26 at 3:47AM
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 RE/MAX Key Properties
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Investment Insights
Based on property information with market context.
Built in 1940 and converted from residential use to offices in the early 2000s, this 816-square-foot property currently houses a massage therapy business. The interior includes a waiting room, three separate offices, a half bath, a break room with kitchenette, and storage. A covered porch, mature shade trees, a picket fence, and an asphalt parking area are among the exterior features.
The property occupies the corner of NW 4th Street and NW Greenwood Avenue in Redmond. A medical office complex and Midtown Place apartment complex are among the properties at the corner, alongside a single-family residence. Zoning is R5 with a Conditional Use Permit granted by the City. Potential uses identified for the zoning and permit include care, childcare, tutoring, counseling, accounting, and mortgage offices; buyers are encouraged to confirm use options with the City.
The property occupies the corner of NW 4th Street and NW Greenwood Avenue in Redmond. A medical office complex and Midtown Place apartment complex are among the properties at the corner, alongside a single-family residence. Zoning is R5 with a Conditional Use Permit granted by the City. Potential uses identified for the zoning and permit include care, childcare, tutoring, counseling, accounting, and mortgage offices; buyers are encouraged to confirm use options with the City.
Key Highlights
- 816‑square‑foot office property built in 1940
- Interior has a waiting room, 3 offices, a half bath, kitchenette, and storage
- R5 zoning with a City‑granted Conditional Use Permit
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$11,718
Cap Rate
3.26%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$234,360
$234.4K
Cap Rate 7%
$167,400
$167.4K
Cap Rate 9%
$130,200
$130.2K
Market Conditions
NOI Build-Up for 816 SF
Gross rent
$16.6K $20.40/SF
− Vacancy
−$1.0K −$1.25/SF
EGI
$15.6K $19.15/SF
− OpEx
−$3.9K −$4.79/SF
NOI
$11.7K $14.36/SF
Area
Deschutes County, OR
Vacancy
6.14%
Lease Rate
$20.40 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$234,360
Cap Rate 7%
$167,400
Cap Rate 9%
$130,200
Alternative Uses
Best Use
Office B
$167.4K
$146.5K – $195.3K
NOI $11,718 @ 7.0% cap · market cap 3.26%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$280.8K
$245.7K – $327.6K
NOI $19,658 @ 7.0% cap · market cap 5.46%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
1,300
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 Office in West region
Frequently Asked Questions
What type of property is this?
Office building - An office layout includes a reception area, three private rooms, and a kitchenette.
Where is this office building located?
The property is located at 654 NW 4th Street Redmond, OR.
What is the asking price?
The asking price for this property is $360,000.
What are key features of this property?
This property features: 816‑square‑foot office property built in 1940; Interior has a waiting room, 3 offices, a half bath, kitchenette, and storage; R5 zoning with a City‑granted Conditional Use Permit
