OFFERING MEMORANDUM
REDMOND OFFICE BUILDING 153 SW 5TH STREET, REDMOND, OR 97756 FOR SALE: 4,138 SF | $1,450,000
153 SW 5TH STREET, REDMOND, OR 97756
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THE OFFERING
$1,450,000
Price
153 SW 5th Street is an impressive office building, spanning 4,138 square feet on a 0.35-acre lot. It stands as a cornerstone of stability in Downtown Redmond. Situated at the signalized intersection of 5th Street and Black Butte Boulevard, this property enjoys unparalleled visibility and accessibility.
Cap Rate
5.23%
NOI
$75,854
Address
153 SW 5th Street, Redmond, OR 97756
County
Deschutes
Building Area
4,138 SF
Land Area
0.35 AC
No. of Tenants
2
Year Built
1999
Construction
Wood frame
Exterior
Brick and EIFS
Roof
Metal
Architect
Neal Huston Architect, Inc.
Signage
Monument sign
Zoning
Central Business District Commercial (C-2)
Parking
15 dedicated parking spaces plus street parking
Fully leased to two esteemed tenants, Edward Jones and Western Title and Escrow, both on triple net leases, this building combines ease of management with the assurance of consistent and reliable returns, boasting a commendable 5.23% cap rate. The modern architecture, along with its low-maintenance and well-maintained premises, offer a professional and inviting environment for tenants and visitors alike. Complemented by monument signage, the property maximizes exposure in the bustling downtown area. Its prime location within this thriving community, paired with the quality of its tenants and the stability of its leases, positions this investment as a coveted asset in the burgeoning commercial landscape of Central Oregon. Don't miss this chance to acquire a solid, income-generating property in a dynamic and growing locale. 153 SW 5TH STREET, REDMOND, OR 97756
PROPERTY SUMMARY
EXCEPTIONAL CENTRAL OREGON INVESTMENT
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BUILDING HIGHLIGHTS
INVESTMENT OPPORTUNITY
FULLY LEASED
Excellent 1031 Exchange property
Easy to manage with two quality tenants on triple net leases
DOWNTOWN LOCATION
HIGH TRAFFIC COUNTS
Great access to amenities
7,835 AADT on 5th St. and 3,275 AADT on Black Butte Blvd.
MONUMENT SIGNAGE
QUALITY CONSTRUCTION
Exceptional visibility for tenants
Low maintenance brick building with metal roof and attractive landscaping
STRONG DEMOGRAPHICS
GROWING AREA
Median home price of $555,000 as of Nov. 2023
More than 38% increase in population since 2010
153 SW 5TH STREET, REDMOND, OR 97756
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T E N A N T S U M M A RY
EDWARD JONES has occupied space in the building since October of 2018. Edward Jones Investments is a financial services firm headquartered in St. Louis, Missouri. It serves investment clients in the U.S. and Canada, through its branch network of more than 15,000 locations and 19,000 financial advisors. Edward Jones generated approximately $1.4 billion in net income in 2022.
Premises
3,259 SF
Premises
879 SF
Lease Expiration
March 31, 2028
Lease Expiration
September 30, 2028
Renewals
(1) 3-Year Option at Fair Market Value
Renewals
(1) 5-Year Option at Fair Market Value
Base Rent
$1.57/SF/Month
Base Rent
$1.59/SF/Month
Rent Increases
$0.05/SF/Month, Annually
Rent Increases
3.5% Annually
Lease Type
Triple Net (NNN) Lease
Lease Type
Triple Net (NNN) Lease
Use
Office
Use
Office
Corporate Lease
Yes
Corporate Lease
Yes
Termination
One time at the end of month 36 with 6 months prior written notice and a fee equal to unamortized brokerage commissions.
Termination
With 120 days prior written notice and a fee equal to three (3) months base rent and operating expenses plus any unamortized tenant improvement allowance and brokerage commissions.
153 SW 5TH STREET, REDMOND, OR 97756
EDWARD JONES LEASE SUMMARY
WESTERN TITLE LEASE SUMMARY
WESTERN TITLE & ESCROW has occupied space in the building since 1999. Western Title & Escrow was founded in 1983. Today the company has nine offices serving six counties throughout Oregon. Western Title and Escrow is owned by Fidelity National Financial, Inc., the nation’s leading provider of title insurance and transaction services to the real estate and mortgage industries. Fidelity is a Fortune 500 company traded on the NYSE under the symbol FNF.
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B U I L D I N G F LO O R P L A N
COMMON
879 SF 3,259 SF
MEN’S RR COMMON MECH WOMEN’S RR
153 SW 5TH STREET, REDMOND, OR 97756
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W E S T E R N T I T L E P H OTO S
6
153 SW 5TH STREET, REDMOND, OR 97756
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E D WA R D J O N E S P H OTO S
7
153 SW 5TH STREET, REDMOND, OR 97756
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LO C AT I O N
153 SW 5TH ST
153 SW 5TH STREET, REDMOND, OR 97756
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REDMOND, OREGON As a community of over 35,000, Redmond has a small town atmosphere with big city amenities and a reputation for being business-friendly and progressive. With approximately half of the landmass of Bend, yet one-third the population, Redmond has been among the fastest growing communities in Oregon for the past decade.
LIFESTYLE DESTINATION Surrounded by snow-capped mountains, world-class outdoor activities, and a thriving business community, Redmond lies at the geographic center of the thriving Central Oregon region and the tri-county area (Crook, Deschutes and Jefferson). It is home to the region’s commercial airport, Redmond Municipal Airport - Robert's Field. The Deschutes County Fairgrounds and Expo Center, arguably the nicest in the state, is also located in Redmond. The Expo Center is the largest indoor event facility in the area hosting concerts, rodeos and more. Central Oregon Community College (COCC) has a campus in Redmond that is actively utilized by residents of the tri-county area and is also home to the region’s Manufacturing & Applied Technology Center (MATC).
153 SW 5TH STREET, REDMOND, OR 97756
BEST PERFORMING SMALL CITY IN THE U.S.
BEST CITIES TO LIVE IN OREGON
LIVABILITY SCORE
#1
# 10
78
Milken Institute 2017, 2018, 2019 & 2020
Chamber of Commerce 2019
Areavibes 2024
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POPULATION TRENDS AND
CENTRAL OREGON
Demographics POPULATION
LIFESTYLE Central Oregon offers a rare mix of city amenities and restful isolation, including the slower speed of a small town with a medical community and infrastructure not normally seen in a region of its size. Additionally, Central Oregon residents maintain a work/life balance that is difficult to achieve elsewhere.
EDUCATION Central Oregon is well-recognized for its high level of education, with some of the best K-12 public schools in the nation. In 2020, the Bend-La Pine school district’s average SAT scores surpassed the national average by over 130 points. Additionally, the region’s higher education opportunities abound. From the new Oregon State University-Cascades to Central Oregon Community College’s four campuses in the region, there are opportunities for all to obtain a quality education.
260,000 250,000
300 Days of Sunshine
153 SW 5TH STREET, REDMOND, OR 97756
240,000 230,000 220,000
259,274
274,077
1.12%
2023 Total Population (Esri)
2028 Total Population (Esri)
2023-2028 Growth Rate (Esri)
210,000 200,000
INCOME
Miles of Trails $79,564
$45,460
$203,307
$558
Median Household Income
Per Capita Income
Median Net Worth
Median H
31 Breweries & Counting
AIRPORT Redmond Municipal Airport provides commercial air service with daily non-stop flights to Burbank, Denver, Los Angeles, Phoenix, Salt Lake City, San Diego, San Francisco, Santa Rosa, and Seattle via carriers American, Alaska, Avelo, Delta, and United. The airport is undergoing a $5.2 million expansion to meet the rising demand for transit in and out of the region.
Central Oregon
Thriving Arts & Culture
EDUCATION
6%
22%
34%
38%
No High School Diploma
High School Graduate
Some College
Bachelor's/Grad/ Prof Degree
BUSINESS
2021 Bab
2021 Gen
2021 Gen
30 Golf Courses
11,185
101,618
5.0%
Total Businesses
Total Employees
2021 Unemployment Rate
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REDMOND OFFICE BUILDING 153 SW 5TH STREET, REDMOND, OR 97756 FOR SALE: 4,138 SF | $1,450,000
E XC LU S I V E LY L I S T E D BY: GRANT SCHULTZ, CCIM
ERICH SCHULTZ
gschultz@compasscommercial.com
erich@schultzcre.com
Broker Cell 541.480.9873
Broker Cell 541.419.0410
Brokers are licensed in the state of Oregon. This information has been furnished from sources we deem reliable, but for which we assume no liability. This is an exclusive listing. The information contained herein is given in confidence with the understanding that all negotiations pertaining to this property be handled through Compass Commercial Real Estate Services or Schultz CRE. All measurements are approximate. 153 SW 5TH STREET, REDMOND, OR 97756
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