Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Sold
    • Property Lookup
    • Brokers
    3148 Hwy 97 Bend, OR 97703-7514

    Property Lookup

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

    3148 Hwy 97 Bend, OR 97703-7514

    View on Map
    • Retail space
    • 6,300 SF
    • 1.07 lot acres
    Off-Market
    Property ID
    US71-0681727
    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.
    Value Estimations
    $3,770,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail space

    Property Details for 3148 Hwy 97

    Year built
    2008
    Lot size
    1.07 lot acres
    Property size
    6,300 SF
    Property type
    Retail space
    Property subtype
    Storefront properties
    APN
    171220 DD 00600
    APU
    171220DD00600

    Description

    The Bend River Promenade offers exceptional retail and restaurant opportunities in the heart of Bend, Oregon. This thriving shopping center boasts 4,896 square feet of vacant space, divisible into units ranging from 1,087 to 3,455 contiguous square feet. Located directly off Highway 97 (Bend Parkway) and Business 97, the property enjoys high visibility and accessibility, with daily traffic counts exceeding 50,000 vehicles on Business Hwy 97 and 47,000 on Hwy 97. Its strategic location across from the Deschutes River and near prominent hotels makes it a prime destination for both locals and tourists. The center is anchored by nationally recognized retailers such as T.J. Maxx, Hobby Lobby, Natural Grocers, and Macy's, with Kohl's serving as a shadow anchor. This strong tenant mix provides a vibrant and attractive environment for new businesses. The property is zoned Commercial General (CG) and offers ample on-site parking. The proximity to a convention center further enhances its appeal and potential for high foot traffic. This is a rare opportunity to secure retail space in one of Central Oregon's most successful shopping destinations. The available space is ideal for a variety of restaurant and retail concepts.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $3,772,000
      Market price range: $1.40M - $3.77M
      AI Estimate
      $3,772,000
      Market price range: $1.40M - $3.77M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $2,545,000
      Current use
      AUTO REPAIR, GARAGE
      $2,410,000
      Change: -5% Conversion: Difficult
      APARTMENT HOUSE (5+ UNITS)
      $2,405,000
      Change: -6% Conversion: Difficult
      RESTAURANT
      $2,335,000
      Change: -8% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Bend
    County
    Deschutes
    State
    Oregon
    Longitude
    -121.305
    Latitude
    44.0826
    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
    $23,348
    $0.00
    $0.00
    $1,460,450
    -
    $1,233,600
    $1,789,920
    $3,023,520

    Comparable in this City

    • Value Estimation
      $23,230,000
      104,295 SF

      63465 Hwy 97

      STORE, RETAIL OUTLET • 104,295 SF
      63465 Hwy 97, Bend, OR 97703-8492
      View Details
    • Value Estimation
      $19,380,000
      48,528 SF

      63485 Hwy 97

      STORE, RETAIL OUTLET • 48,528 SF
      63485 Hwy 97, Bend, OR 97703-8492
      View Details
    • Value Estimation
      $2,730,000
      6,650 SF

      105 Minnesota Ave

      STORE, RETAIL OUTLET • 6,650 SF
      105 Minnesota Ave, Bend, OR 97703-2719
      View Details
    • Value Estimation
      $6,020,000
      18,600 SF

      1121 Newport Ave

      STORE, RETAIL OUTLET • 18,600 SF
      1121 Newport Ave, Bend, OR 97703-1619
      View Details
    • Value Estimation
      $1,605,000
      6,160 SF

      1458 College Way

      STORE, RETAIL OUTLET • 6,160 SF
      1458 College Way, Bend, OR 97703-1480
      View Details
    • Value Estimation
      $2,125,000
      4,500 SF

      20515 Cooley Rd

      STORE, RETAIL OUTLET • 4,500 SF
      20515 Cooley Rd, Bend, OR 97703-3400
      View Details

    Similar Nearby for Sale

    • $675,000
      Pending

      Bend Retail Investment Opportunity

      Retail property in Bend's Galveston Corridor with strong tenant.
      1244 NW Galveston Ave, Bend, OR 97703
      View Details
    • $895,000
      Pending

      Bend Commercial Shell Opportunity

      Commercial shell in central Bend, ready for custom build-out.
      67 NW Greenwood Ave, Bend, OR 97703
      View Details
    • $3,250,000
      9,383 SF

      Mixed-Use Building in Downtown Tumalo

      New mixed-use building suitable for retail, office, and manufacturing.
      19885 7Th St, Bend, OR 97703
      View Details
    • Contact for pricing
      9,383 SF

      Mixed-Use Building in Downtown Tumalo

      New mixed-use building suitable for retail, office, and manufacturing.
      19885 7Th St, Bend, OR 97703
      View Details
    • $7,900,000
      32,882 SF

      Central Oregon Craft Beverage Epicenter

      Turnkey distillery estate on 23+ acres near Bend, Oregon.
      19330 Pinehurst Rd, Bend, OR 97703
      View Details
    • $12,900,000

      Bend Multifamily Reposition Project

      81 high-end studios in northwest Bend, fully renovated.
      2320 NW Lakeside Pl, Bend, OR 97703
      View Details

    Similar Nearby for Lease

    • $2 SF/Yr
      6,160 SF

      Adaptable Retail Space For Rent

      1,800 SF adaptable space ideal for various business types.
      1458 NW College Way, Bend, OR 97703
      View Details
    • $2 SF/Yr

      Adaptable Retail Space For Rent

      1,800 SF adaptable space ideal for various businesses.
      1458 NW College Way, Bend, OR 97703
      View Details
    • Contact for pricing

      Retail Space For Lease

      Retail space available for lease.
      63485 State Highway 97 N, Bend, OR 97703
      View Details
    • Contact for pricing

      Discovery West Retail and Office

      Central hub featuring storefronts, gathering spaces, and neighborhood events.
      NW Ochoa Dr, Bend, OR 97703
      View Details
    • Contact for pricing

      Retail Space For Lease

      Retail property available for lease.
      63011 State Highway 97 N, Bend, OR 97703
      View Details
    • Contact for pricing

      Bend River Promenade Retail Space

      Regional shopping center in the heart of Bend, Oregon.
      3148 State Highway 97 N, Bend, OR 97703
      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.
    3148 Hwy 97
    Bend, OR 97703-7514
    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

    Thank You for Inquiry

    3148 Hwy 97, Bend, OR, 97703

    letter with green check mark
    Check your email

    We sent you the

    agent's contact details. yellow underline

    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!