Upgraded Flex Space on Corner
For Sale
$1,510,000
778 NE 11th Street, Redmond, OR 97756
Commercial Sale, Redmond, OR
Property Size3,000 SF
Lot Size1.46 Acres
Price / SF$503.33
Days on Market54
Property Features for 778 NE 11th Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
M2
Parking features
On Street, Gated, Driveway, Parking Lot
Interior features
Built-in Features, Dual Flush Toilet(s), Vaulted Ceiling(s), Wired for Data
Fireplace
1
Lot features
Corner Lot, Fenced, Landscaped, Level, Sprinkler Timer(s)
View
Mountains, Territorial, City
Standard status
Active
APN
192268
Size
3,000 SF
Lot size
1.46 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
5405
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Fireplace(s), Zoned, Electric (Heating), Ductless (Heating)
Cooling system
Ductless, Zoned
Water source
Public
Building Details
Floors in Building
1
Number of units
1
Flooring type
Vinyl, Hardwood
Building materials
Frame
Roof type
Composition
Listing Agency:
Jeff Larkin Realty
Listed By:
Jeffrey A Larkin · License #200807086
(541) 480-5606
Added: Jul 13
Changed: Aug 30
Last Checked: Sep 4 at 11:06PM
MLS# 220225564
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 3,000-square-foot flex property occupies a level 1.46-acre corner parcel and combines office functionality with light manufacturing capability. The frame building was relocated in 2005 and received a comprehensive modernization. Interior features include vaulted ceilings, built-in features, data wiring, hardwood and vinyl flooring, zoned heating and cooling, ductless systems, and a fireplace. Public water and public sewer serve the property.
Parking is provided through an on-site lot, driveway, gated areas, and on-street options. The site offers room for expansion and supports employee parking as well as heavy-vehicle access. Regional connections include U.S. Highway 97 and Oregon Route 126, providing direct routes from the property to broader transportation corridors.
Parking is provided through an on-site lot, driveway, gated areas, and on-street options. The site offers room for expansion and supports employee parking as well as heavy-vehicle access. Regional connections include U.S. Highway 97 and Oregon Route 126, providing direct routes from the property to broader transportation corridors.
Key Highlights
- 3,000‑square‑foot flex building on a 1.46‑acre level corner parcel
- Relocated in 2005 and comprehensively modernized
- Suitable for office or light manufacturing use
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
$43,082
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
2.85%
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%
$861,640
$861.6K
Cap Rate 7%
$615,457
$615.5K
Cap Rate 9%
$478,689
$478.7K
Market Conditions
NOI Build-Up for 3,000 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
$61.2K $20.40/SF
− Vacancy
−$3.8K −$1.25/SF
EGI
$57.4K $19.15/SF
− OpEx
−$14.4K −$4.79/SF
NOI
$43.1K $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%
$861,640
Cap Rate 7%
$615,457
Cap Rate 9%
$478,689
Alternative Uses
Best Use
Office B
$615.5K
$538.5K – $718.0K
NOI $43,082 @ 7.0% cap · market cap 2.85%
Second Best
Flex RnD
$481.9K
$421.7K – $562.3K
NOI $33,735 @ 7.0% cap · market cap 2.23%
Theoretical Best
Retail
$1.03M
$903.4K – $1.20M
NOI $72,274 @ 7.0% cap · market cap 4.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
199
Businesses Nearby
Well-served
Demand for This Use
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Flexible office and light manufacturing space with public utilities, gated parking, and room for future expansion.
Where is this flex space located?
The property is located at 778 NE 11th Street Redmond, OR.
What is the asking price?
The asking price for this property is $1,510,000.
What are key features of this property?
This property features: 3,000‑square‑foot flex building on a 1.46‑acre level corner parcel; Relocated in 2005 and comprehensively modernized; Suitable for office or light manufacturing use
