405 6Th StRedmond, OR 97756

Property Details for 405 6Th St

Year built

1917

Lot size

0.23 AC

Property size (Sq ft)

10,000 SF

Property type

Office buildings

APN

151316 AB 11000

APU

151316AB11000

Description

This exceptional Class A retail property, located at 405 SW 6th St in Redmond, Oregon, presents a unique investment opportunity for both owner-users and investors. Boasting 10,000 square feet of net rentable space across a single-story building, this iconic structure, built in phases between 1917 and 1923 and extensively renovated in 2003, offers a prime location in the heart of downtown Redmond's revitalized core. The property features a fully refurbished HVAC system, roof, and fixtures, ensuring modern functionality within its historic charm. Its versatile layout, including high ceilings, multiple access points (two on Sixth Street and two from the alley), centrally located restrooms and kitchen areas, and a finished basement, allows for diverse uses such as office, entertainment, restaurant, retail, or service businesses. The building benefits from a significant advantage: a dedicated 22-stall parking lot directly adjacent, supplemented by a nearby city-owned lot. This prime corner location at the intersection of Deschutes Avenue and Sixth Street places the property within the most vibrant and walkable section of downtown, benefiting from the recent surge in new restaurants, retail establishments, and a renovated boutique hotel. A leaseback option is available, providing a buyer with immediate income while transitioning to a new use. The property sits on a 20,000 square foot lot and is zoned for commercial use. This is a rare opportunity to acquire a landmark property in a thriving Oregon city. The asking price is $2,750,000, translating to $275 per square foot. The current occupancy is 100%, with the lease expiring January 1st, 2025.

• CAP approach

  CAP return

  Valuation

  6%

  $2,489,609

  6.5%

  $2,298,100

  7%

  $2,133,950

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,126,992

  Geo Method

  $2,562,300

• Alternative Use

  Use

  Valuation

  Residential

  $2,849,644

  Hospitality

  $2,610,259

  Educational

  $2,171,705

  Medical

  $2,246,393

  Retail

  $3,378,208

Location Insight

City

Redmond

County

Deschutes

State

Oregon

Latitude

44.2734

Longitude

-121.175

CBSA code

13460

CBSA name

BEND, OR METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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