Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    215 3rd St Hermiston, OR 97838-1701

    • Office Properties & Spaces
    • 4,678 SF
    • 0.13 lot acres
    OFF-MARKET
    Last Sale
    Jun 25, 2020
    Value Estimations
    $530,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US71-0896793
    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

    • Balance Chiropractic & Massage / Chiropractor
    • My Hearing Centers / Hearing Aid Store
    • Bianka Nydia Munoz / Chiropractor
    • Deeply Kneaded Therapeutics LLC / Massage Therapist

    Property Details for 215 3rd St

    Year built
    1975
    Lot size
    0.13 lot acres
    Property size
    4,678 SF
    Zone code
    C-2
    Property type
    Office Properties & Spaces
    APN
    4N2810DA10800
    APU
    4N2810DA10800

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $584,000
      Market price range: $305k - $842k
      AI Estimate
      $475,000
      Market price range: $172k - $820k

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

    Location Insight

    • Map
    • Local Demand
    City
    Hermiston
    County
    Umatilla
    State
    Oregon
    Longitude
    -119.293
    Latitude
    45.8397
    CBSA code
    25840
    CBSA name
    HERMISTON-PENDLETON, OR MICROPOLITAN 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
    $0.00
    $0.00
    $0.00
    $0.00
    -
    $21,970
    $493,340
    $515,310

    Comparable in this City

    • Value Estimation
      $3,945,000
      23,372 SF

      950 Columbia Dr

      OFFICE (GENERAL) • 23,372 SF
      950 Columbia Dr, Hermiston, OR 97838-9556
      View Details
    • Value Estimation
      $680,000
      6,000 SF

      1475 1st St

      OFFICE (GENERAL) • 6,000 SF
      1475 1st St, Hermiston, OR 97838-1103
      View Details
    • Value Estimation by Request
      3,960 SF

      456 Gladys Ave

      OFFICE (GENERAL) • 3,960 SF
      456 Gladys Ave, Hermiston, OR 97838-1912
      View Details
    • Value Estimation by Request
      2,370 SF

      120 Hurlburt Ave

      OFFICE (GENERAL) • 2,370 SF
      120 Hurlburt Ave, Hermiston, OR 97838-2441
      View Details
    • Value Estimation
      $595,000
      4,460 SF

      2372 1st St

      OFFICE (GENERAL) • 4,460 SF
      2372 1st St, Hermiston, OR 97838-1182
      View Details
    • Value Estimation by Request
      2,176 SF

      1055 1st St

      OFFICE (GENERAL) • 2,176 SF
      1055 1st St, Hermiston, OR 97838-1338
      View Details

    Similar Nearby for Sale

    • $595,000
      3,940 SF

      Hermiston Office Building For Sale

      Office building with 3,940 square feet of space.
      333 E Main St, Hermiston, OR 97838
      View Details
    • $2,434,500
      9,540 SF

      Highway 395 Industrial Flex Property

      11-acre industrial flex property with shop and retail showroom.
      81143 Highway 395 N, Hermiston, OR 97838
      View Details
    • $99,900
      0.21 Acres

      Buildable Lot in Hermiston

      0.21 acre lot in Desert Sky Estates!
      583 SW Desert Sky Dr, Hermiston, OR 97838
      View Details
    • $99,900
      0.26 Acres

      Hermiston Land in Desert Sky

      Buildable corner lot in Hermiston's Desert Sky Estates.
      562 SW Desert Sky Dr, Hermiston, OR 97838
      View Details
    • $140,000
      0.49 Acres

      Hermiston Land in Gettman Hill

      Oversized 0.49 acre building lot in premier subdivision.
      9000 W Condon Ave, Hermiston, OR 97838
      View Details
    • $140,000
      0.51 Acres

      Hermiston Oversized Building Lot

      0.51 acre lot in premier Hermiston subdivision.
      9003 SW 3Rd Pl, Hermiston, OR 97838
      View Details

    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
      7,000 SF

      Updated Office Space in Hermiston

      Updated 1,200 SF office space with ample parking.
      115 East Highland Ave, Hermiston, OR 97838
      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
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    215 3rd St
    Hermiston, OR 97838-1701
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.