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    Property profile & analytics

    63455 Highway 97 Bend, OR 97703

    • Retail properties
    • 367,856 SF
    For Lease
    View listing
    $24 SF/Yr
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Best Buy / Electronics Store / Appliance Store
    • Men's Wearhouse / Work Clothes Store / Men'S Clothing Store
    • Open Range / Furniture Store
    • Visionworks Cascade Village / Optometrist / Contact Lenses Supplier
    • El Rancho Grande Mexican Restaurant / Mexican Restaurant / Restaurant

    Property Details for 63455 Highway 97

    Property size
    367,856 SF
    Property type
    Retail properties
    Property subtype
    Restaurants

    Description

    Cascade Village Shopping Center, located in Bend, Oregon, offers a prime retail opportunity within a thriving 367,856 square foot open-air center. Situated at the intersection of Highways 97 and 20, this high-traffic location boasts an impressive 265,000-person trade area encompassing Bend, Redmond, and Sisters. The center enjoys exceptional visibility and accessibility, benefiting from high daily vehicle counts on both highways (44,981 VPD on Hwy 97 and 21,509 VPD on Hwy 20 in 2021). Annual retail sales in this "Golden Triangle" area reach approximately $275 million, solidifying its position as a major retail hub. The center features a diverse mix of established national anchors including Trader Joe's, Best Buy, Ross Dress for Less, Dick's Sporting Goods, PetSmart, Scandinavian Designs, and Cost-Plus World Market. Multiple spaces are available, ranging from 805 to 10,775 square feet, offering flexibility for various retail concepts. A total of 17,217 square feet is currently vacant. The center's attractive design includes a charming village plaza with a water/fire display, serving as a community gathering space and hosting numerous events throughout the year. This unique setting, combined with its strong tenant mix and strategic location, presents a compelling investment opportunity in a dynamic market. The property is located at 63455 N Hwy 97, Bend, OR 97703, in Deschutes County.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Bend
    County
    Deschutes
    State
    Oregon
    Longitude
    -121.303
    Latitude
    44.0947

    Comparable in this City

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      22,930 SF

      20319 Cooley Rd

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      20,075 SF

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      3,992 SF

      605 Newport Ave

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      3,088 SF

      63830 Clausen Dr

      Distribution properties • 3,088 SF
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    • Value Estimation by Request
      8,895 SF

      967 Brks St

      RESTAURANT • 8,895 SF
      967 Brks St, Bend, OR 97703-2029
      View Details

    Similar Nearby for Sale

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    Similar Nearby for Lease

    • $24 SF/Yr
      367,856 SF

      Cascade Village Shopping Center

      Bend, OR Retail Opportunity
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    • $12 SF/Yr
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      Bend, OR Office/Warehouse Space

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    • $42 SF/Yr
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      Bend, OR Mixed-Use Commercial Space

      Prime Bend location, retail & office space available.
      0 Ochoa Dr, Bend, OR 97703
      View Details
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    63455 Highway 97
    Bend, OR 97703
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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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