Four-Unit Office
For Sale
$1,150,000
909 SE 2nd Street, Bend, OR 97702
Commercial Sale, Bend, OR
Property Size3,836 SF
Lot Size0.38 Acres
Price / SF$299.79
Days on Market418
Property Features for 909 SE 2nd Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
CL
Parking features
Parking Lot
Standard status
Active
APN
106667 & 106674
Size
3,836 SF
Lot size
0.38 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
11061
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
1995
Floors in Building
1
Number of units
4
Flooring type
Carpet
Roof type
Composition
Listing Agency:
RE/MAX Key Properties · RE/MAX International
(541) 728-0033
Listed By:
Ryan Amerongen · License #OR 201209792
(541) 213-8967
Added: Jul 10, 2025
Changed: Aug 21
Last Checked: Aug 31 at 11:06AM
MLS# 220205605
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 property comprises two buildings with four units and a combined property size reported as 3,836 square feet. Two units are leased, while the remaining two suites are available for occupancy. The buildings were constructed in 1995 and feature carpet flooring, forced-air heating, central air, composition roofing, and a dedicated parking lot.
Located at 909 SE 2nd Street in Bend, Oregon, the property occupies 0.38 acres and is served by public water and public sewer. The four-unit configuration provides a combination of existing tenancy and vacant office suites within a compact commercial property.
Located at 909 SE 2nd Street in Bend, Oregon, the property occupies 0.38 acres and is served by public water and public sewer. The four-unit configuration provides a combination of existing tenancy and vacant office suites within a compact commercial property.
Key Highlights
- Four office units across two buildings
- Two leased units and two suites available for occupancy
- Property size reported as 3,836 square feet
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office units - Two office buildings offer a mix of leased space and suites available for occupancy.
Where is this office units located?
The property is located at 909 SE 2nd Street 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: Four office units across two buildings; Two leased units and two suites available for occupancy; Property size reported as 3,836 square feet
