Two-Building Office
For Sale
$1,150,000
909 Se 2nd St, Bend, OR 97702
Professional office asset combining leased occupancy with suites available for new tenants.
Property Size3,836 SF
Price / SF$299.79
Days on Market150
Property Features for 909 Se 2nd St
General Information
Standard status
Active
Size
3,836 SF
Property subtype
Commercial
Additional Details
Office Units
4
Building Details
Year Built
1995
Buildings
2
Listing Agency:
RE/MAX Key Properties
(541) 728-0033
Listed By:
Ryan Amerongen (541)213-8967 · License #OR 201209792
Source:
Portlandoregonhomelistings
Added: Apr 3
Changed: Aug 29
Last Checked: Aug 25 at 7:33AM
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
Investment Insights
Based on property information with market context.
This office property comprises two professional buildings with a combined 3,686 square feet of space arranged across four units. Built in 1995, the asset includes a mix of occupied and available office space, providing both existing tenancy and suites ready for occupancy.
Located at 909 & 925 SE 2nd St. in Bend, Oregon, the property offers a multi-building office configuration within an established commercial setting. Two units are leased, while the remaining two suites are available for occupancy.
Located at 909 & 925 SE 2nd St. in Bend, Oregon, the property offers a multi-building office configuration within an established commercial setting. Two units are leased, while the remaining two suites are available for occupancy.
Key Highlights
- Two professional office buildings at 909 & 925 SE 2nd St., Bend, OR 97702
- 3,686 square feet across four office units
- Two units currently leased
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
$55,087
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
4.79%
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%
$1,101,740
$1.1M
Cap Rate 7%
$786,957
$787.0K
Cap Rate 9%
$612,078
$612.1K
Market Conditions
NOI Build-Up for 3,836 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
$78.3K $20.40/SF
− Vacancy
−$4.8K −$1.25/SF
EGI
$73.4K $19.15/SF
− OpEx
−$18.4K −$4.79/SF
NOI
$55.1K $14.36/SF
Area
Bend, 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%
$1,101,740
Cap Rate 7%
$786,957
Cap Rate 9%
$612,078
Alternative Uses
Best Use
Office B
$787.0K
$688.6K – $918.1K
NOI $55,087 @ 7.0% cap · market cap 4.79%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.66M
$1.45M – $1.93M
NOI $116,001 @ 7.0% cap · market cap 10.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Office units
Location Intelligence
Trade Area within ½ mile
1,442
Businesses Nearby
Explore this area
Business Placement
Demographics for 97702, OR
51,161
Population
23,318
Households
2.2
Avg Household Size
42
Median Age
46%
College-Educated
96%
High-School Grad
103.5 sq mi
ZIP Area
494
Density / Sq Mi
$89,094
Median Household Income
$47,743
Median Earnings
$1,825
Median Rent
$620,600
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 building - Professional office asset combining leased occupancy with suites available for new tenants.
Where is this office building located?
The property is located at 909 Se 2nd St Bend, OR.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: Two professional office buildings at 909 & 925 SE 2nd St., Bend, OR 97702; 3,686 square feet across four office units; Two units currently leased
