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

    1840 15th St Redmond, OR 97756-2075

    • Apartment buildings
    • 8,224 SF
    • 1.17 lot acres
    OFF-MARKET
    Last Sale
    Dec 22, 2022
    Value Estimations
    $3,925,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US71-1293975
    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

    • Apartment buildings

    Property Details for 1840 15th St

    Year built
    2021
    Lot size
    1.17 lot acres
    Property size
    8,224 SF
    Zone code
    GI
    Property type
    Apartment buildings
    APN
    151321 BA 02100
    APU
    151321BA02100

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $3,923,000
      Market price range: $670k - $5.70M
      AI Estimate
      $3,923,000
      Market price range: $670k - $5.70M

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $3,140,000
      Current use
      AUTO REPAIR, GARAGE
      $3,145,000
      Change: +0% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $3,080,000
      Change: -2% Conversion: Moderate
      RESTAURANT
      $3,045,000
      Change: -3% Conversion: Difficult
      RETAIL STORES
      $2,685,000
      Change: -14% Conversion: Difficult
      MEDICAL BUILDING
      $2,625,000
      Change: -16% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Redmond
    County
    Deschutes
    State
    Oregon
    Longitude
    -121.183
    Latitude
    44.2589
    CBSA code
    13460
    CBSA name
    BEND, OR METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $50,092
    $0.00
    $0.00
    $2,523,942
    -
    $438,263
    $5,954,300
    $6,392,563

    Comparable in this City

    • Value Estimation
      $3,235,000
      24,399 SF

      3550 Metolius Ave

      APARTMENT HOUSE (5+ UNITS) • 24,399 SF
      3550 Metolius Ave, Redmond, OR 97756-6960
      View Details
    • Value Estimation
      $1,000,000
      4,376 SF

      1140 27th St

      APARTMENT HOUSE (5+ UNITS) • 4,376 SF
      1140 27th St, Redmond, OR 97756-0336
      View Details
    • Value Estimation
      $2,025,000
      17,700 SF

      423 6th St, Unit 1

      APARTMENT HOUSE (5+ UNITS) • 17,700 SF
      423 6th St, Redmond, OR 97756-1684
      View Details
    • Value Estimation by Request
      13,602 SF

      630 Kingwood Ave

      APARTMENT HOUSE (5+ UNITS) • 13,602 SF
      630 Kingwood Ave, Redmond, OR 97756-2089
      View Details
    • Value Estimation
      $2,315,000
      17,684 SF

      1457 Pumice Ave

      APARTMENT HOUSE (5+ UNITS) • 17,684 SF
      1457 Pumice Ave, Redmond, OR 97756-3288
      View Details
    • Value Estimation
      $1,230,000
      1.47 Acres

      3025 7th St

      APARTMENT HOUSE (5+ UNITS) • 1.47 Acres
      3025 7th St, Redmond, OR 97756
      View Details

    Similar Nearby for Sale

    • New
      $1,499,000
      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
    • $109,500
      784 SF

      Remodeled Home in Redmond Park

      Remodeled home or investment property with low space rent.
      526 NW 17Th St, Redmond, OR 97756
      View Details
    • $559,900
      0.19 Acres

      Redmond Duplex with Fenced Yards

      Single-story duplex in NE Redmond with garages and fenced yards.
      569 NE Negus Loop, Redmond, OR 97756
      View Details
    • $850,000
      1.01 Acres

      Redmond Mixed-Use Development

      Shovel-ready, 12-unit potential.
      404 25Th St, 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
    • $516,900
      1,871 SF

      Eagle Crest Townhome with Mountain Views

      1871 sq ft townhome in Eagle Crest Resort.
      10870 Village Loop, Redmond, OR 97756
      View Details

    Similar Nearby for Lease

    • $27 SF/Yr
      834 SF

      Nolan Town Center Retail Space

      Redmond, OR: Prime Retail Opportunity
      885 Rimrock Way, Redmond, OR 97756
      View Details
    • $11 SF/Yr
      33,725 SF

      Redmond Warehouse: Sublease Opportunity

      Prime 33,725 SF Warehouse Sublease
      1266 Lake Rd, Redmond, OR 97756
      View Details
    • $12 SF/Yr
      77,260 SF

      Redmond Executive Office Space

      77,260 SF Office Building, Prime Location
      2999 6Th St, Redmond, OR 97756
      View Details
    • Contact for pricing
      17,000 SF

      Redmond Retail Space For Lease

      Retail space available for lease in high-traffic Redmond corridor.
      1921 NW 6Th St, Redmond, OR 97756
      View Details
    • Contact for pricing

      3 AC Retail Land

      3 AC retail land available for lease or build.
      2375 Highway 97 N, Redmond, OR 97756
      View Details
    • $1.75 SF/Yr
      62,726 SF

      Redmond Flex Commercial Spaces

      Two flex spaces in rapidly expanding NW Redmond. Completion mid-2026.
      2450 NW 7Th St, Redmond, OR 97756
      View Details
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    Redmond, OR 97756-2075
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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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