Mixed-Use Property with
New
For Sale
$749,000
727 NW 3rd Street, Prineville, OR 97754
Commercial Sale, Prineville, OR
Property Size2,646 SF
Lot Size0.21 Acres
Price / SF$283.07
Days on Market2
Property Features for 727 NW 3rd Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
C2; General Commercial
Parking features
Alley
Window features
Double Pane Windows, Vinyl Frames, Aluminum Frames
Patio and Porch features
Patio
Interior features
Tile Counters
Basement
Unfinished
Lot features
Fenced, Landscaped, Sprinklers In Front
Directions
Heading East on NW 3rd St take a left on NW hardwood and enter the alleyway. Park behind the building in marked Country Financial spaces.
Standard status
Active
APN
8751
Size
2,646 SF
Lot size
0.21 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
3309
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Electric (Heating), Natural Gas
Cooling system
Wall/Window Unit(s), Window Unit(s), Central Air
Water source
Public
Building Details
Year built
1955
Floors in Building
2
Number of units
6
Flooring type
Carpet, Tile, Vinyl, Laminate
Building materials
Frame
Roof type
Composition
Additional Structures
Storage
Listing Agency:
Keller Williams Realty Central Oregon
(541) 585-3760
Listed By:
Nicole Hoff
(541) 585-3760
Added: Aug 28
Last Checked: Aug 29 at 11:06AM
MLS# 220227887
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 2,646-square-foot mixed-use property is fully leased and configured with several distinct components. The improvements include a five-bedroom bunkhouse with shared kitchen, dining, laundry, and courtyard areas, plus a separate two-room office and a standalone studio ADU apartment. The office is occupied by a long-term tenant.
Built in 1955 on a 0.21-acre lot at 727 NW 3rd Street in Prineville, the property has frame construction, a composition roof, public water, and public sewer. Interior finishes include tile counters with carpet, tile, vinyl, and laminate flooring. Heating is provided by forced air with electric and natural gas service, while cooling includes central air and wall or window units. The site also includes an alley parking feature and patio space.
Built in 1955 on a 0.21-acre lot at 727 NW 3rd Street in Prineville, the property has frame construction, a composition roof, public water, and public sewer. Interior finishes include tile counters with carpet, tile, vinyl, and laminate flooring. Heating is provided by forced air with electric and natural gas service, while cooling includes central air and wall or window units. The site also includes an alley parking feature and patio space.
Key Highlights
- Fully leased 2,646‑square‑foot mixed‑use property
- Five‑bedroom bunkhouse with shared kitchen, dining, laundry, and courtyard areas
- Separate two‑room office occupied by a long‑term tenant
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
$37,998
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
5.07%
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%
$759,960
$760.0K
Cap Rate 7%
$542,829
$542.8K
Cap Rate 9%
$422,200
$422.2K
Market Conditions
NOI Build-Up for 2,646 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
$54.0K $20.40/SF
− Vacancy
−$3.3K −$1.25/SF
EGI
$50.7K $19.15/SF
− OpEx
−$12.7K −$4.79/SF
NOI
$38.0K $14.36/SF
Area
Crook 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%
$759,960
Cap Rate 7%
$542,829
Cap Rate 9%
$422,200
Alternative Uses
Best Use
Office B
$542.8K
$475.0K – $633.3K
NOI $37,998 @ 7.0% cap · market cap 5.07%
Second Best
Mixed Use
$533.0K
$466.4K – $621.8K
NOI $37,309 @ 7.0% cap · market cap 4.98%
Theoretical Best
Specialty Retail
$1.14M
$1.00M – $1.33M
NOI $80,015 @ 7.0% cap · market cap 10.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
744
Businesses Nearby
Explore this area
Business Placement
Demographics for 97754, OR
21,627
Population
9,985
Households
2.2
Avg Household Size
46
Median Age
21%
College-Educated
90%
High-School Grad
1,370.6 sq mi
ZIP Area
16
Density / Sq Mi
$76,698
Median Household Income
$42,395
Median Earnings
$1,224
Median Rent
$397,700
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?
Mixed-use property - Fully leased property combines lodging, office, and residential components with shared amenities and a separate studio ADU.
Where is this mixed-use property located?
The property is located at 727 NW 3rd Street Prineville, OR.
What is the asking price?
The asking price for this property is $749,000.
What are key features of this property?
This property features: Fully leased 2,646‑square‑foot mixed‑use property; Five‑bedroom bunkhouse with shared kitchen, dining, laundry, and courtyard areas; Separate two‑room office occupied by a long‑term tenant
