Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    948 Veterans Way Redmond, OR 97756

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    Prime Redmond location, vacant creative office space.

    Property size:
    3,328 SF

    Property Features for 948 Veterans Way

    General Information

    Property type
    Office Units
    Square Feet
    3,328 SF
    Class
    B

    Building Details

    Year Built
    2000

    We can help!

    Listing Contact
    Sean Brennecke
    Sean Brennecke

    Listing Agency: Cresa - Portland Listing Agent: Sean Brennecke

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    This 3,328 square foot Class B creative office building, built in 2000, presents a unique owner-user or investment opportunity in Redmond, Oregon. Located at 948 SW Veterans Way, 97756, this vacant property offers exceptional visibility and accessibility. The building boasts 18 parking spaces (a ratio of 5.4 per 1,000 square feet) and a convenient two-lane drive-thru, making it ideal for a variety of businesses. Its strategic location within a high-traffic retail and service area, adjacent to major retailers like Fred Meyer and Lowe's, ensures high visibility and foot traffic. The property is easily visible from Veterans Way, Indian Avenue, and Kalama Avenue, and is even visible from the Fred Meyer parking lot. Excellent access to major roadways including Highway 126 (via Highland and Glacier Avenues), Highway 97, and SW 6th Street further enhances its appeal. With an asking price of $2,750,000 and a price per square foot of $826.32, this property offers a compelling investment opportunity in a thriving Deschutes County market. The high volume of vehicular traffic on Veterans Way (approximately 5,000 vehicles per day from Highland Avenue) underscores the significant potential for business success. This is a rare chance to acquire a well-situated, adaptable space in a prime commercial area.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Office Units

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Redmond
    County
    Deschutes
    State
    Oregon
    Longitude
    -121.1786015
    Latitude
    44.2677305

    Nearby Similar for Sale

    • $850,000
      1,606 SF

      Modern Redmond Office Building For Sale

      Turnkey 2019 office building with functional layout and professional setting.
      544 SW 4Th St, Redmond, OR 97756
      View Details
    • New
      $605,000
      1,638 SF

      Upgraded Duplex with Development Potential

      Redmond duplex with upgrades, tenants, and development potential.
      2412 SW Wickiup Ave, Redmond, OR 97756
      View Details
    • New
      $559,900
      2,580 SF

      Redmond Duplex with Rental Income

      Duplex in Redmond with potential rental income and spacious yards.
      569 NE Negus Loop, Redmond, OR 97756
      View Details
    • New
      $1,449,000
      7,500 SF

      Iconic Mixed-Use Building in Redmond

      Historic Redmond building with retail, office, and apartment units.
      615 SW Evergreen Ave, Redmond, OR 97756
      View Details
    • $900,000
      3,168 SF

      Redmond Live-Work Unit on Highway

      Live-work property with highway frontage in Redmond, Oregon.
      3625 Highway 97 N, Redmond, OR 97756
      View Details
    • Contact for pricing
      2,934 SF

      Summit ONP Medical Building

      Medical office building with clinical treatment rooms and ample parking.
      111 NW Larch Ave, Redmond, OR 97756
      View Details
    • $4,590,000

      Redmond Airport Business District Office

      Office building in Redmond Airport Business District with abundant parking.
      525 SW Umatilla Ave, Redmond, OR 97756
      View Details
    • $1,920,000

      NNN Leased Investment Opportunity

      High-visibility office building with a stable, hands-off NNN lease.
      2464 SW Glacier Pl, Redmond, OR 97756
      View Details
    • $2,750,000
      3,328 SF

      Former Bank Branch with Drive-Thru

      Redmond retail property with drive-thru, ideal for owner-user.
      948 SW Veterans Way, Redmond, OR 97756
      View Details
    • $385,000
      1,266 SF

      Eagle Crest Townhome on Fairway

      Furnished 2-bedroom townhome on Eagle Crest Resort's Ridge Course.
      987 Golden Pheasant Dr, Redmond, OR 97756
      View Details
    • $799,900
      4,800 SF

      Redmond Industrial Duo - Prime Location

      Two industrial units, 4,800 sq ft, 0.44 acres.
      246 Franklin St, Redmond, OR 97756
      View Details
    • $2,100,000
      4.01 Acres

      Redmond Commercial Land - $2.1M

      High-visibility retail site, Hwy 97 access.
      1950 2Nd St, Redmond, OR 97756
      View Details

    FAQs

    What type of property is this?
    Office units - Prime Redmond location, vacant creative office space.
    Where is this office units located?
    The property is located at 948 Veterans Way Redmond, OR.
    What is the asking price?
    The asking price for this property is $2,750,000.
    What are key features of this property?
    This property features: $2,750,000 asking price for this 3,328 SF creative office building.; Located at 948 SW Veterans Way, Redmond, OR 97756.; Class B building, built in 2000, currently vacant.
    (971) 350-7741 Call to check price and availability
    Request Owner's contact information
    948 Veterans Way Redmond, OR 97756
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    948 Veterans Way
    Redmond, OR 97756
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    948 Veterans Way Redmond, OR 97756
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Sean Brennecke
    Sean Brennecke
    Real Estate License ID: 201224601
    (971) 350-7741 (503) 351-7788 (503) 455-8655
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!