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

    615 2nd St Bend, OR 97701

    • Retail space
    • 5,440 SF
    • 0.11 lot acres
    OFF-MARKET
    Last Sale
    Mar 20, 2025
    $3,500,000
    Value Estimations
    $2,570,000
    Show details
    Cap Rate Potential
    4.8%
    Retail space
    Location Intelligence
    Property ID
    US71-0974220
    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

    • Retail space

    Property Details for 615 2nd St

    Year built
    1981
    Lot size
    0.11 lot acres
    Property size
    5,440 SF
    Property type
    Retail space
    Property subtype
    Storefront properties
    APN
    171232 DA 04600
    APU
    171232DA04600

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $2,755,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $2,185,000
      6.5%
      $2,015,000
      7%
      $1,870,000

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $2,195,000
      Current use
      AUTO REPAIR, GARAGE
      $2,080,000
      Change: -5% Conversion: Difficult
      APARTMENT HOUSE (5+ UNITS)
      $2,075,000
      Change: -6% Conversion: Difficult
      RESTAURANT
      $2,015,000
      Change: -8% Conversion: Easy
      COMMERCIAL (GENERAL)
      $1,895,000
      Change: -14% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Bend
    County
    Deschutes
    State
    Oregon
    Longitude
    -121.304
    Latitude
    44.0564
    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
    $5,651
    $0.00
    $0.00
    $353,490
    -
    $111,590
    $470,670
    $582,260

    Comparable in this City

    • Value Estimation by Request
      9,636 SF

      999 2nd St

      STORE, RETAIL OUTLET • 9,636 SF
      999 2nd St, Bend, OR 97701-4623
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    • Value Estimation by Request
      1,430 SF

      63205 Gibson Air Rd

      Individual retail properties • 1,430 SF
      63205 Gibson Air Rd, Bend, OR 97701
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    • Value Estimation by Request
      3,200 SF

      1279 2nd St

      STORE, RETAIL OUTLET • 3,200 SF
      1279 2nd St, Bend, OR 97701-4343
      View Details
    • Value Estimation by Request
      4,075 SF

      1334 2nd St

      STORE, RETAIL OUTLET • 4,075 SF
      1334 2nd St, Bend, OR 97701-4344
      View Details
    • Value Estimation by Request
      2,730 SF

      1341 3rd St

      STORE, RETAIL OUTLET • 2,730 SF
      1341 3rd St, Bend, OR 97701-4332
      View Details
    • Value Estimation by Request
      1,678 SF

      1800 Division St

      STORE, RETAIL OUTLET • 1,678 SF
      1800 Division St, Bend, OR 97701-3502
      View Details

    Similar Nearby for Sale

    • $3,200,000
      1.43 Acres

      Bend Central District Storefront

      Prime Bend retail space, high visibility location.
      355 2Nd St, Bend, OR 97701
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    • $1,100,000
      2,222 SF

      Bend Storefront: Prime Location

      Retail space, high traffic, owner/user.
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    • $1,149,000
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      Bend Retail Building on 3rd

      Retail building in high-traffic Bend location with redevelopment potential.
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    • $2,750,000
      8,295 SF

      Bend Office/Retail Space - $2.75M

      Prime Bend location, 8,295 SF, drive-thru available.
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    • $4,200,000
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      Bend Sonic Restaurant - Net Lease

      High-return Sonic franchise, 11-year lease.
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      156,729 SF

      Bend Retail Space in Forum

      Retail space in The Forum Shopping Center in Bend, Oregon.
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    Similar Nearby for Lease

    • $2 SF/Yr
      894 SF

      Retail Space Available For Lease

      Retail space available for lease in Bend, Oregon.
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    • $1.70 SF/Yr
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      Retail Space in Bend, Oregon

      Retail space available for lease in Bend, Oregon.
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    • Contact for pricing
      1,682 SF

      Retail Space with Ample Parking

      Retail space with on-site parking and signage opportunities.
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    • $2 SF/Yr
      1,384 SF

      Retail Space on Highway 20

      Retail suites with high visibility and traffic on Highway 20.
      62080-62090 NE Dean Swift Rd, Bend, OR 97701
      View Details
    • Contact for pricing
      16,603 SF

      Bend Retail Space For Lease

      Prime Bend location, multiple suites available.
      1701 3Rd St, Bend, OR 97701
      View Details
    • Contact for pricing

      Bend Retail Land Opportunity

      Prime Bend location, two spaces available.
      1569 2Nd St, Bend, OR 97701
      View Details
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    615 2nd St
    Bend, OR 97701
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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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