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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1221 NE Medical Center Dr Bend, OR 97701

    • Medical space
    • 1.08 lot acres
    For Sale
    View listing
    $1,646,568
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US71-1091619
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Medical space

    Property Details for 1221 NE Medical Center Dr

    Lot size
    1.08 lot acres
    Property type
    Medical space

    Description

    This exceptional 1.08-acre commercial land parcel is located at 1221 NE Medical Center Dr, Bend, Oregon, 97701, in the desirable Deschutes County. Zoned RH (Medical Overlay), this flat, build-ready lot boasts utilities already stubbed to the site, making development seamless. It represents one of only four remaining developable parcels within the thriving Bend medical district, offering a rare opportunity for immediate construction. The property enjoys a high-traffic location at the lighted corner of 27th Street and Medical Center Drive, with impressive daily traffic counts of 17,974 vehicles on 27th Street. Its strategic position provides excellent visibility and accessibility. The site benefits from proximity to major medical facilities, including St. Charles Medical Center, Summit Health, and CORA, ensuring a strong patient base and potential for high demand. Furthermore, the property is conveniently located near a wealth of retail amenities, including Costco, Safeway, Barnes & Noble, Whole Foods, Old Navy, and Walgreens, providing convenience for both patients and staff. The asking price for this exceptional opportunity is $1,646,568. Don't miss this chance to secure a prime location in Bend's burgeoning medical corridor.

    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
    -121.26389575172
    Latitude
    44.062732917575

    Comparable in this City

    • $2,012,472
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      Bend Medical District Land - 1.32 Acres

      Prime Medical Land, Ready to Build
      0 Watt Way, Bend, OR 97701
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    • $2,400,000

      Land for Sale in Bend

      Land available for sale at 445 NE Penn Ave, Bend, OR.
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    • $45,000
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      Bend, Oregon Recreational Land

      10 acres of recreational land near Bend, Oregon.
      58700 George Millican Rd, Bend, OR 97701
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    • $119,000
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      Residential Lot with Resort Access

      Residential lot near resort amenities with mountain and golf course views.
      22957 Ghost Tree Ln, Bend, OR 97701
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    • $2,750,000
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      Residential Development Land in Bend

      Approved residential development land near upcoming Pahlisch development.
      21620 NE Butler Market Rd, Bend, OR 97701
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      Residential Lot in Juniper Preserve

      Golf course view lot with approved building plans included.
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    Similar Nearby for Sale

    • $2,012,472
      1.32 Acres

      Bend Medical District Land - 1.32 Acres

      Prime Medical Land, Ready to Build
      0 Watt Way, Bend, OR 97701
      View Details
    • $2,400,000

      Land for Sale in Bend

      Land available for sale at 445 NE Penn Ave, Bend, OR.
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    • $45,000
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      Bend, Oregon Recreational Land

      10 acres of recreational land near Bend, Oregon.
      58700 George Millican Rd, Bend, OR 97701
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    • $119,000
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      Residential Lot with Resort Access

      Residential lot near resort amenities with mountain and golf course views.
      22957 Ghost Tree Ln, Bend, OR 97701
      View Details
    • $2,750,000
      Pending

      Residential Development Land in Bend

      Approved residential development land near upcoming Pahlisch development.
      21620 NE Butler Market Rd, Bend, OR 97701
      View Details
    • $199,900
      0.64 Acres

      Residential Lot in Juniper Preserve

      Golf course view lot with approved building plans included.
      65765 Pronghorn Estates Dr, Bend, OR 97701
      View Details

    Similar Nearby for Lease

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      Bend Retail Land Opportunity

      Prime Bend location, two spaces available.
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      Bend Retail Space For Lease

      Prime Bend location, multiple suites available.
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    • Contact for pricing
      2,940 SF

      Bend Office Space For Rent

      Office space available for rent in Bend, Oregon.
      2400 NE Neff Rd, Bend, OR 97701
      View Details
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    Bend, OR 97701
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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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