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Property profile & analytics
OFF-MARKET
Estimated value
$720,000
Warehouses
4040 21st St, Redmond, OR 97756-1996
Entity Owned
4-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US71-1398248
Property profile
Verified
Property type
Warehouses
Use group
MINI-WAREHOUSE, STORAGE
Total area
3,000 SF
Lot
3.85 ac (167,706 SF)
APN
151329 D0 00600
UPID
US71-1398248
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$721k
Blend (final)
Blend
$720k
Owner & transaction history
Wells Passage LLC · 4 yrs held
Wells Passage LLC
since 2022
5 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$1.1M
+114.0%
Commercial (general)
$1.1M
+109.5%
Retail stores
$980,000
+82.9%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Redmond submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Redmond submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
WAREHOUSE, STORAGE
$535,000
Current use
AUTO REPAIR, GARAGE
$1,145,000
Change: +114% · Conversion: Easy
COMMERCIAL (GENERAL)
$1,125,000
Change: +110% · Conversion: Difficult
RETAIL STORES
$980,000
Change: +83% · Conversion: Moderate
MEDICAL BUILDING
$955,000
Change: +79% · Conversion: Difficult
OFFICE BUILDING
$820,000
Change: +53% · Conversion: Difficult
Blend value · Realmo final
$720k
Range $648k – $792k · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$240 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$33,310
Tax year 2023
Assessed value
$1,678,370
Assessed 2023
Previous assessed
$197,830
+748.4% YoY
Effective rate
1.98%
On assessed value
Land market value
$2,012,500
Improvement market value
$2,805,980
Total market value
$4,818,480
Applied tax rate
2,001.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Warehouses
Use group
MINI-WAREHOUSE, STORAGE
Status
Off-Market
Heating
NONE
Total area
3,000 SF
Lot
3.85 ac (167,706 SF)
APN
151329 D0 00600
UPID
US71-1398248
Jurisdiction
DESCHUTES
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
WAREHOUSE, STORAGE Current
Est. value
$535,000
AUTO REPAIR, GARAGE
Est. value
$1.1M
COMMERCIAL (GENERAL)
Est. value
$1.1M
RETAIL STORES
Est. value
$980,000
MEDICAL BUILDING
Est. value
$955,000
OFFICE BUILDING
Est. value
$820,000
WAREHOUSE, STORAGE Current
AUTO REPAIR, GARAGE
COMMERCIAL (GENERAL)
RETAIL STORES
MEDICAL BUILDING
OFFICE BUILDING
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Heating
NONE
Lot
3.85 ac
Current owner
From public records · entity-resolved
Wells Passage LLC
Entity
Mailing address
63765 DESCHUTES MARKET RD, BEND, OR 97701-7842
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2022
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
May 12, 2022
—
Wells Passage LLC
Paul C Cahill
Bargain And Sale Deed
$3,000,000 · Summit Bank
Jul 8, 2016
—
Kenai Investments LLC
—
Grant Deed
related
$1,909,931 · Summit Bk
Jun 14, 2016
—
Kenai Investments LLC
Cahill,paul C
Warranty Deed
related
—
Mar 4, 2009
$1,605,230
Wachovia Bank NA
Silvey Michael R
Trustees Deed
related
—
May 11, 2007
$3,316,658
Jb Redmond LLC
Hershey,robert L & Peggy L
Warranty Deed
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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