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    Steens Rd Princeton, OR 97721
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    Steens Rd Princeton, OR 97721

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    • Land
    • 10.00 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Land

    Property Details for 0 Steens Rd

    Lot size
    10.00 lot acres
    Property type
    Land

    Description

    This exceptional 10-acre parcel in Harney County, Oregon, near Princeton (zip code 97721), presents a unique opportunity for outdoor enthusiasts. Located on E Steens Rd, the property boasts breathtaking views of the Alvord Desert, Steens Mountains, Sheepshead Mountains, Trout Creek Mountains, and Pueblo Mountains. The Alvord Desert, a mere five miles wide and ten miles long, offers a diverse range of recreational activities, including windsurfing, light aircraft flights, and camping. Nearby hot springs provide relaxation under the clear night sky, a location known for hosting a women's world land speed record. The surrounding Steens Mountains offer challenging terrain perfect for mountain biking, backpacking, fishing, and horseback riding. The area is rich in wildlife, including elk, mule deer, bighorn sheep, and wild horses, with abundant water sources like Mann Lake, Fish Lake, the Blitzen River, and the Donner River. Hunting opportunities abound, with the Steens Mountain Unit and Trout Creek Mountain area known for mule deer, pronghorn, and bighorn sheep, along with various bird hunting possibilities. The property itself includes a stock well, a couple of sheds, and a concrete pad suitable for a camp trailer, making it an ideal recreational escape. Priced at $90,000, this property offers unparalleled access to a stunning and diverse landscape.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Princeton
    County
    Harney
    State
    Oregon
    Longitude
    -118.326
    Latitude
    42.9371

    Comparable in this City

    • Value Estimation by Request
      760.00 Acres

      Narrows Pivots

      Land • 760.00 Acres
      0 Narrows Pivots, Narrows, OR 97721
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    • Value Estimation by Request
      160.00 Acres

      26365 Steens Rd

      Farms • 1,663 SF
      26365 Steens Rd, Princeton, OR 97721
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    • Value Estimation by Request
      2,900 SF

      33468 Sodhouse Ln

      COMMERCIAL (GENERAL) • 2,900 SF
      33468 Sodhouse Ln, Princeton, OR 97721-9530
      View Details
    • Value Estimation by Request
      1,632 SF

      31600 Steens Rd

      RECREATIONAL, ENTERTAINMENT • 1,632 SF
      31600 Steens Rd, Princeton, OR 97721-9504
      View Details
    • Value Estimation by Request
      80.00 Acres

      Princeton, OR 97721

      RECREATIONAL, ENTERTAINMENT • 80.00 Acres
      Princeton, OR 97721
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      33468 Sodhouse Lane, Princeton, OR 97721

      Campgrounds
      33468 Sodhouse Ln, Princeton, OR 97721
      View Details
    • $715,000
      2,930 SF

      RV Park, Bar & Grill

      Destination RV park, bar & grill near Malheur Wildlife Refuge.
      33468 Sodhouse Ln, Princeton, OR 97721
      View Details
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    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
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    Steens Rd, Princeton, OR, 97721
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