BEND, ORE (October 13, 2014) – Compass Commercial Real Estate Services today announced that the mixed-use property located at 1133 NW Wall Street at the corner of Newport Avenue in downtown Bend is on the market. The asking price is $8,364,000.
Ron Ross, CCIM and Erich Schultz, SIOR are leading the Compass Commercial team representing the property.
The 52,534 square foot investment property includes two buildings that house a mix of residential, office, retail and restaurant space. The main building is anchored by Columbia Bank as a ground floor tenant along with restaurants Super Burrito and a new Café soon to open in the former Alpenglow space. The two top floors of main building contain 12 residential townhome units and the smaller of the two buildings is wholly leased by RBC Wealth Management. The entire property is currently 86% occupied.
The residential vacancy rate in Bend is at less than 1% and downtown living is at a premium, which Ross noted to be a key factor in the building’s ability to provide steady income for an owner.
“The residential units in this property have been a key component in providing stable returns for the owners during the recession and substantial income increases during the current recovery,” said Ross. The townhome units were built to condominium standard which Ross said provides additional upside potential for an investor willing to convert the property.
Constructed in 2003-2004, the property’s 1.55 acre site was once occupied by the historic Pilot Butte Inn and the unique architectural style of the current buildings represents the mill town heritage of Bend’s past.
The property has served as a single Oregon holding owned by a San Francisco area investment group since 2008. The ownership decided to sell the investment to place more emphasis on properties closer to the Bay Area.
For more information regarding this transaction contact Ron Ross, CCIM or Erich Schultz, SIOR at 541.383.2444.
IMAGE LINK: 1133 NW Wall Street, Bend