63076 Highway 97Bend, OR 97701

Property Details for 63076 Highway 97

Year built

2008

Lot size

0.81 AC

Property size (Sq ft)

1,779 SF

Property type

Drive through restaurants

APN

171220 A0 01003

APU

171220A001003

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.

• CAP approach

  CAP return

  Valuation

  6%

  $558,438

  6.5%

  $515,482

  7%

  $478,661

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,109,621

  Geo Method

  $1,148,700

• Alternative Use

  Use

  Valuation

  Residential

  $434,828

  Hospitality

  $398,300

  Educational

  $331,381

  Medical

  $342,778

  Retail

  $515,482

Location Insight

City

Bend

County

Deschutes

State

Oregon

Latitude

44.0901

Longitude

-121.305

CBSA code

13460

CBSA name

BEND, OR METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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