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

    615 Evergreen Ave Redmond, OR 97756

    • Commercial real estate
    • 7,500 SF
    • 0.06 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US71-0120430
    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

    • Commercial real estate

    Property Details for 615 Evergreen Ave

    Year built
    1919
    Lot size
    0.06 lot acres
    Property size
    7,500 SF
    Property type
    Commercial real estate

    Description

    This iconic three-story commercial building, situated at the highly visible intersection of Evergreen Avenue and Sixth Street in downtown Redmond, Oregon, presents a compelling investment opportunity. Constructed in 1919 and boasting approximately 7,500 square feet, the Landaker Building offers a blend of historical charm and modern functionality. Originally a pool hall, a 1932 renovation expanded the structure to include office and apartment spaces, creating a diverse income stream. Currently fully leased, the property comprises two ground-floor retail units, perfectly positioned to capitalize on high foot traffic. Two additional commercial units are located on the third floor, providing further rental income potential. Ten apartment units, spread across the second and third floors, contribute significantly to the building's overall profitability. The 0.06-acre lot provides ample space for potential future development, including the possibility of converting some units into short-term rentals to further enhance revenue generation. This fully occupied building offers a stable and attractive return on investment, combined with the significant upside potential inherent in its prime location and historical significance within the vibrant downtown Redmond area. The building's strong tenant base and consistent rental income make it an exceptional addition to any commercial real estate portfolio.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Redmond
    County
    Deschutes
    State
    Oregon
    Longitude
    -121.1746
    Latitude
    44.27267

    Comparable in this City

    • $525,000
      1,490 SF

      Downtown Redmond Commercial Building

      Prime Location, 1490 sq ft, High Visibility
      336 7Th St, Redmond, OR 97756
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    • $900,000
      0.75 Acres

      Redmond Commercial Land - Hwy 97

      High-traffic retail land, 0.75 acres.
      3231 Highway 97, Redmond, OR 97756
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    • Contact for pricing
      778.00 Acres

      Redmond, OR: Premier Commercial Land

      778 Acres, Abundant Incentives, Investment Opportunity
      0 Highway 97, Redmond, OR 97756
      View Details
    • $799,900
      4,800 SF

      Redmond Industrial Duo - Prime Location

      Two industrial units, 4,800 sq ft, 0.44 acres.
      246 Franklin St, Redmond, OR 97756
      View Details
    • $1,765,000
      7,500 SF

      including within the Downtown Overlay District (DOD)

      granted applicable standards and requirements are complied with.""""}"""
      621 Evergreen Ave, Redmond, OR 97756
      View Details
    • $2,750,000
      3,328 SF

      Redmond Creative Office - $2.75M

      Prime Redmond location, vacant creative office space.
      948 Veterans Way, Redmond, OR 97756
      View Details

    Similar Nearby for Sale

    • $525,000
      1,490 SF

      Downtown Redmond Commercial Building

      Prime Location, 1490 sq ft, High Visibility
      336 7Th St, Redmond, OR 97756
      View Details
    • $900,000
      0.75 Acres

      Redmond Commercial Land - Hwy 97

      High-traffic retail land, 0.75 acres.
      3231 Highway 97, Redmond, OR 97756
      View Details
    • Contact for pricing
      778.00 Acres

      Redmond, OR: Premier Commercial Land

      778 Acres, Abundant Incentives, Investment Opportunity
      0 Highway 97, Redmond, OR 97756
      View Details
    • $799,900
      4,800 SF

      Redmond Industrial Duo - Prime Location

      Two industrial units, 4,800 sq ft, 0.44 acres.
      246 Franklin St, Redmond, OR 97756
      View Details
    • $1,765,000
      7,500 SF

      including within the Downtown Overlay District (DOD)

      granted applicable standards and requirements are complied with.""""}"""
      621 Evergreen Ave, Redmond, OR 97756
      View Details
    • $2,750,000
      3,328 SF

      Redmond Creative Office - $2.75M

      Prime Redmond location, vacant creative office space.
      948 Veterans Way, Redmond, OR 97756
      View Details

    Similar Nearby for Lease

    • $11 SF/Yr
      33,725 SF

      Redmond Warehouse: Sublease Opportunity

      Prime 33,725 SF Warehouse Sublease
      1266 Lake Rd, Redmond, OR 97756
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    • $27 SF/Yr
      834 SF

      Nolan Town Center Retail Space

      Redmond, OR: Prime Retail Opportunity
      885 Rimrock Way, Redmond, OR 97756
      View Details
    • $12 SF/Yr
      77,260 SF

      Redmond Executive Office Space

      77,260 SF Office Building, Prime Location
      2999 6Th St, Redmond, OR 97756
      View Details
    • $1.75 SF/Yr
      62,726 SF

      Redmond Flex Commercial Spaces

      Two flex spaces in rapidly expanding NW Redmond. Completion mid-2026.
      2450 NW 7Th St, Redmond, OR 97756
      View Details
    • Contact for pricing
      17,000 SF

      Redmond Retail Space For Lease

      Retail space available for lease in high-traffic Redmond corridor.
      1921 NW 6Th St, Redmond, OR 97756
      View Details
    • Contact for pricing

      3 AC Retail Land

      3 AC retail land available for lease or build.
      2375 Highway 97 N, Redmond, OR 97756
      View Details
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    615 Evergreen Ave
    Redmond, OR 97756
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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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