Office Building with Three
For Sale
$360,000
654 NW 4th Street, Redmond, OR 97756
Commercial Sale, Redmond, OR
Property Size816 SF
Lot Size0.15 Acres
Price / SF$441.18
Days on Market175
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
Baseboard, Electric (Heating)
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
Laminate, Tile
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: Oct 13
Last Checked: Oct 14 at 3:06PM
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.
Built in 1940 and converted to office use in the early 2000s, this 816-square-foot property contains a reception area, three offices, a half bath, kitchenette, and storage. The 0.15-acre site includes driveway parking, a newer asphalt parking area, and a covered front porch. Frame construction, laminate and tile flooring, electric baseboard heat, and window cooling are noted.
The property occupies the corner of NW 4th Street and NW Greenwood Avenue in Redmond, alongside a medical office complex, an apartment complex, and a single-family residence. It is in the R5 zone, with a Conditional Use Permit granted by the City. The source identifies potential uses including childcare, tutoring, counseling, accounting, and mortgage offices; buyers should verify use requirements with the City.
The property occupies the corner of NW 4th Street and NW Greenwood Avenue in Redmond, alongside a medical office complex, an apartment complex, and a single-family residence. It is in the R5 zone, with a Conditional Use Permit granted by the City. The source identifies potential uses including childcare, tutoring, counseling, accounting, and mortgage offices; buyers should verify use requirements with the City.
Key Highlights
- 816‑square‑foot office building with three offices
- 0.15‑acre corner lot at NW 4th Street and NW Greenwood Avenue
- 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.
How Realmo checks its estimates
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,300
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in West region
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Frequently Asked Questions
What type of property is this?
Office building - A compact professional layout includes a client reception area, kitchenette, and dedicated storage.
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 building with three offices; 0.15‑acre corner lot at NW 4th Street and NW Greenwood Avenue; R5 zoning with a City‑granted Conditional Use Permit
