Office Suite with Massage Therapy
For Sale
$360,000
654 NW 4th Street, Redmond, OR 97756
COMMERCIAL - Redmond, OR
Property Size816 SF
Lot Size0.15 Acres
Price / SF$441.18
Days on Market114
Property Features for 654 NW 4th Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
R5 w/ CUP
Parking features
Driveway
Patio and Porch features
Deck
Lot features
Corner Lot, Landscaped, Level, Sprinklers In Front, Sprinklers In Rear
Standard status
Active
APN
122621
Size
816 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
1748
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Baseboard
Cooling system
Window Unit(s), Wall/Window Unit(s)
Water source
Public
Building Details
Year built
1940
Floors in Building
1
Number of units
1
Flooring type
Tile, Laminate
Building materials
Frame
Roof type
Composition
Listing Agency:
RE/MAX Key Properties · RE/MAX International
(541) 728-0033
Listed By:
Jenelle K Brewer
(541) 350-4187
Added: Apr 23
Changed: Aug 4
Last Checked: Aug 14 at 11:06PM
MLS# 220219893
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.
This office suite is located in a frame building built in 1940 and converted to offices in the early 2000s. The current massage therapy business layout opens to a waiting room and includes three separate offices, a half bath, a break room/kitchenette, and a storage area. Interior finishes include laminate and tile flooring. The property is served by public water and public sewer, with electric baseboard heat and wall/window unit cooling. Roof is composition.
Set on a 0.15-acre corner lot, the building is positioned at the corner of NW 4th Street and NW Greenwood Avenue, shared by a medical office complex, the new Midtown Place apartment complex, and a single-family residence. Outside features include a deck and driveway parking, with a newer asphalt parking lot.
Zoned R5 with a Conditional Use Permit granted by the City, the property supports many allowed uses typical of an R5 corner lot and additional possibilities through the CUP. Buyer due diligence with the City regarding permitted uses is encouraged, and the location within Redmond’s Urban Renewal District may offer grant and loan opportunities.
Set on a 0.15-acre corner lot, the building is positioned at the corner of NW 4th Street and NW Greenwood Avenue, shared by a medical office complex, the new Midtown Place apartment complex, and a single-family residence. Outside features include a deck and driveway parking, with a newer asphalt parking lot.
Zoned R5 with a Conditional Use Permit granted by the City, the property supports many allowed uses typical of an R5 corner lot and additional possibilities through the CUP. Buyer due diligence with the City regarding permitted uses is encouraged, and the location within Redmond’s Urban Renewal District may offer grant and loan opportunities.
Key Highlights
- 816 SF office suite with waiting room, three offices, half bath, break room/kitchenette, and storage
- 0.15‑acre R5 zoned corner lot with Conditional Use Permit granted by the City
- Corner location at NW 4th Street and NW Greenwood Avenue shared with medical offices and Midtown Place apartments
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
$11,718
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
3.26%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
846
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 Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - R5 zoned corner office suite with 816 SF, deck, and electric baseboard heat.
Where is this office units 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 SF office suite with waiting room, three offices, half bath, break room/kitchenette, and storage; 0.15‑acre R5 zoned corner lot with Conditional Use Permit granted by the City; Corner location at NW 4th Street and NW Greenwood Avenue shared with medical offices and Midtown Place apartments
