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    Property profile & analytics

    115 Hermiston Ave Hermiston, OR 97838

    • Office Properties & Spaces
    • 11,234 SF
    For Lease
    View listing
    $12 SF/Yr
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Riverpoint Farms / Farm
    • Pinnacle Natural Health Center / Alternative Medicine Practitioner
    • Hinton D Alan / Attorney
    • Meza Logistics / Transportation Service
    • The Axys Group / Property Management Company

    Property Details for 115 Hermiston Ave

    Year built
    1975
    Property size
    11,234 SF
    Property type
    Office Properties & Spaces

    Description

    This exceptional 1,304 square foot office space is located in the Grainary Square building at 115 W Hermiston Ave, Hermiston, OR 97838. Situated on the first floor, this corner suite boasts excellent street frontage visibility. The building, a Class C property, was constructed in 1975 and underwent a comprehensive renovation in 2019. The suite is immediately available within a larger multi-tenant building totaling 11,234 square feet. The building features two stories and provides ample parking with 36 spaces available. The property is zoned C-1 and has an APN of 123195. Utilities include 240-volt power. This is an ideal opportunity for a business seeking a well-maintained, conveniently located office space in a vibrant Hermiston location. The minimum divisible space is 1,304 square feet, matching the currently vacant space. The cross street is First Place. This location offers excellent visibility and accessibility for clients and employees. Don't miss this chance to secure this desirable office space.

    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
    Hermiston
    County
    Umatilla
    State
    Oregon
    Longitude
    -119.293
    Latitude
    45.8414

    Comparable in this City

    • Value Estimation
      $530,000
      4,678 SF

      215 3rd St

      OFFICE (GENERAL) • 4,678 SF
      215 3rd St, Hermiston, OR 97838-1701
      View Details
    • Value Estimation
      $935,000
      8,264 SF

      110 4th St

      OFFICE (GENERAL) • 8,264 SF
      110 4th St, Hermiston, OR 97838-1861
      View Details
    • Value Estimation
      $1,045,000
      9,210 SF

      215 Gladys Ave

      OFFICE (GENERAL) • 9,210 SF
      215 Gladys Ave, Hermiston, OR 97838-1827
      View Details
    • Value Estimation by Request
      1.12 Acres

      324 Hurlburt Ave

      OFFICE (GENERAL) • 1.12 Acres
      324 Hurlburt Ave, Hermiston, OR 97838-2445
      View Details
    • Value Estimation by Request
      1,120 SF

      125 7th St

      OFFICE (GENERAL) • 1,120 SF
      125 7th St, Hermiston, OR 97838-2502
      View Details
    • Value Estimation
      $550,000
      3,276 SF

      389 Hermiston Ave

      OFFICE (GENERAL) • 3,276 SF
      389 Hermiston Ave, Hermiston, OR 97838-1715
      View Details

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    Similar Nearby for Lease

    • $12 SF/Yr
      11,234 SF

      Hermiston Office Space: 1,304 SF Available

      Prime Hermiston office suite, 1,304 sq ft, recently renovated.
      115 Hermiston Ave, Hermiston, OR 97838
      View Details
    • $16 SF/Yr
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      Updated Office Space in Hermiston

      Updated 1,200 SF office space with ample parking.
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      View Details
    • $8,500 /Mo
      6,773 SF

      Hermiston Retail Space For Lease

      Prime retail location in Hermiston, Oregon with street frontage.
      1619 N 1 Ave, Hermiston, OR 97838
      View Details
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    115 Hermiston Ave
    Hermiston, OR 97838
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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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