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

    3188 Hwy 97 Bend, OR 97703-7507

    • Distribution centers
    • 229,286 SF
    • 18.14 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US71-0868185
    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

    • HGH Therapy Clinic - HGH2U / Health Counselor
    • Kay Jewelers / Jewelry Engraver / Jewelry Store
    • Macy's / Lingerie Store / Mattress Store
    • Kohl's / Department Store
    • Bend Party Store / Party Store / Balloon Store

    Property Details for 3188 Hwy 97

    Year built
    1976
    Lot size
    18.14 lot acres
    Property size
    229,286 SF
    Property type
    Distribution centers
    APN
    171221 C0 01601
    APU
    171221C001601

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $63,063,000
      Market price range: $37.1M - $73.8M
      AI Estimate
      $63,063,000
      Market price range: $37.1M - $73.8M

    • Alternative Use

      Use
      Estimation
      WAREHOUSE, STORAGE
      $53,985,000
      Current use
      RETAIL STORES
      $92,615,000
      Change: +72% Conversion: Moderate
      AUTO REPAIR, GARAGE
      $87,640,000
      Change: +62% Conversion: Easy
      APARTMENT HOUSE (5+ UNITS)
      $87,490,000
      Change: +62% Conversion: Difficult
      RESTAURANT
      $84,950,000
      Change: +57% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $79,900,000
      Change: +48% Conversion: Difficult
      MEDICAL BUILDING
      $73,170,000
      Change: +36% Conversion: Difficult
      OFFICE BUILDING
      $71,505,000
      Change: +32% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Bend
    County
    Deschutes
    State
    Oregon
    Longitude
    -121.304
    Latitude
    44.082
    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
    $341,644
    $0.00
    $0.00
    $21,467,700
    -
    $13,157,230
    $21,355,430
    $34,512,660

    Comparable in this City

    • Value Estimation by Request
      1,680 SF

      63075 Crusher Ave

      Flex space • 1,680 SF
      63075 Crusher Ave, Bend, OR 97703
      View Details
    • Value Estimation by Request
      3,088 SF

      63830 Clausen Dr

      Distribution properties • 3,088 SF
      63830 Clausen Dr, Bend, OR 97703
      View Details
    • Value Estimation
      $33,205,000
      103,168 SF

      63455 Hwy 97th Ste, Unit 10

      DISTRIBUTION WAREHOUSE • 103,168 SF
      63455 Hwy 97th Ste, Bend, OR 97703-5724
      View Details
    • Value Estimation by Request

      63025 O. B. Riley Rd

      Distribution properties
      63025 O. B. Riley Rd, Bend, OR 97703
      View Details
    • Value Estimation by Request
      396 SF

      63083 Crusher Ave, Unit 205

      INDUSTRIAL (GENERAL) • 396 SF
      63083 Crusher Ave, Bend, OR 97703
      View Details
    • Value Estimation by Request
      627 SF

      63083 Crusher Ave, Unit 302

      INDUSTRIAL (GENERAL) • 627 SF
      63083 Crusher Ave, Bend, OR 97703
      View Details

    Similar Nearby for Sale

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      Operational Indoor Grow Facility

      Fully operational indoor grow facility with expansion potential near Bend.
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    • $7,900,000
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      Craft Beverage Epicenter Legacy Estate

      Turnkey operation near Bend with farm-to-bottle ecosystem and water rights.
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    • $3,250,000
      0.46 Acres

      Mixed-Use Building in Downtown Tumalo

      New mixed-use building suitable for retail, office, and manufacturing.
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    • $16,800,000
      16.80 Acres

      Bend Industrial Land - 16.8 Acres

      Prime Bend industrial land, UA zoning, development ready.
      63672 O. B. Riley Rd, Bend, OR 97703
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    • $12,900,000
      31,947 SF

      Bend Multifamily Reposition Project

      Recently renovated, high-demand studio apartments near downtown Bend.
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    • $399,900

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      Land with territorial views, suitable for a dream home.
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    Similar Nearby for Lease

    • $10 SF/Yr
      2,700 SF

      Bend Warehouse Space Available

      Industrial warehouse, 1,350 sq ft vacant
      63025 O. B. Riley Rd, Bend, OR 97703
      View Details
    • $13 SF/Yr
      1,680 SF

      Bend Industrial Condo - 1680 SF

      Prime Bend location, 1680 sq ft warehouse condo.
      63075 Crusher Ave, Bend, OR 97703
      View Details
    • $14 SF/Yr
      26,400 SF

      Bend Warehouse - 26,400 SF

      Large Bend warehouse, flexible space available.
      64415 Strickler Ave, Bend, OR 97703
      View Details
    • $12 SF/Yr
      3,088 SF

      Bend, OR Office/Warehouse Space

      3,088 SF Available - Deschutes County
      63830 Clausen Dr, Bend, OR 97703
      View Details
    • $19 SF/Yr
      4,837 SF

      Bend Live/Work Space: Hill Street Gem

      Prime Bend location, flexible space, high visibility.
      612 Hill St, Bend, OR 97703
      View Details
    • $24 SF/Yr
      367,856 SF

      Cascade Village Shopping Center

      Bend, OR Retail Opportunity
      63455 Highway 97, Bend, OR 97703
      View Details
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    3188 Hwy 97
    Bend, OR 97703-7507
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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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