63076 Highway 97 N, Bend, OR 97701
- Drive through restaurants
- 1,779 SF
- 0.81 lot acres
Current Use by Public Records
- Drive through restaurants
Property Details for 63076 Highway 97 N
- Year built
- 2008
- Lot size
- 0.81 lot acres
- Property type
- Drive through restaurants
- APN
- 171220 A0 01003
- APU
- 171220A001003
Sales History
| Date | Price | Buyer | Seller | Deed Type | Mortgage |
|---|---|---|---|---|---|
| Nov 8, 2019 | — | Emjay Group LLC | Jkc Bend Sonic1 LLC | Commissioners Deed · related | $2M · Columbia State Bank |
| Dec 26, 2008 | $2,240,000 | Jkc Bend Sonic1 LLC | Richard L Ervin | Warranty Deed | $1.5M · Us Bank NA |
| Jul 3, 2008 | $1,676,700 | Richard L Ervin | Remc Properties Ltd | Warranty Deed | — |
| Aug 17, 2007 | $1,101,483 | Remc Properties Ltd | Avista Properties LLC | Warranty Deed | $1.7M · The American National Bank Of Texas |
| Oct 5, 2005 | — | Avista Properties LLC | Avista Properties LLC | Quit Claim Deed | — |
| Sep 29, 2005 | $1,600,000 | Avista Properties LLC | Tosco Corp | Grant Deed · related | — |
| Sep 26, 2005 | $1,700,000 | Avista Properties LLC | Tosco Corp | Grant Deed | $1.2M · Umpqua Bank |
| — | — | Jkc Bend Sonic1 LLC | — | Loan Modification · related | — |
Description
This exceptional investment opportunity presents a 1,700 square foot Sonic Drive-In restaurant located at 63076 N Hwy 97, Bend, Oregon, 97701. The property, built in 2008 and renovated in 2021, sits on a 0.81-acre lot in a high-traffic area with excellent visibility. The absolute NNN lease with a franchisee tenant boasts a remaining term of 11 years, expiring December 31, 2033, with rent bumps every five years. The current annual net operating income (NOI) is $216,000, yielding a 5.20% cap rate on the $4,200,000 asking price. This translates to a price per square foot of $2,470.59. The property is classified as a Class B retail building with a single unit and is zoned for commercial use. The tenant, a seasoned operator with over 35 years of experience and currently operating nine Sonic locations, provides a strong and stable income stream. The location benefits from its proximity to numerous national retailers including The Home Depot, Lowe's, Target, and many more, ensuring high traffic and strong demographics. The surrounding area boasts a population of 124,000 within a 10-mile radius, with an average household income of $98,000. This is a management-free passive investment opportunity with zero landlord responsibilities, making it ideal for investors seeking a secure and profitable addition to their portfolio. The property's APN is 118153.
Value Estimations
-
Comparable approach
- Method
- Estimation
- Statistic Estimate
- $962,000
- AI Estimate
- $962,000
Market price range: $492k - $962kMarket price range: $492k - $962k -
Alternative Use
- Use
- Estimation
- RESTAURANT
- $660,000 Current use
- RETAIL STORES
- $720,000 Change: +9% Conversion: Easy
- AUTO REPAIR, GARAGE
- $680,000 Change: +3% Conversion: Difficult
- COMMERCIAL (GENERAL)
- $620,000 Change: -6% Conversion: Easy
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Location Insight
- Map
- Local Demand
- City
- Bend
- County
- Deschutes
- State
- Oregon
- Longitude
- -121.305
- Latitude
- 44.0901
- CBSA code
- 13460
- CBSA name
- BEND, OR METROPOLITAN STATISTICAL AREA
