Ron Ross Specializing in Commercial and Investment Real Estate since 1978.
SOLD Columbia River Bank Building - $12,750,000


1133 NW Wall Street - Bend, Oregon 97701

Price:                 $12,750,000
SF:                     51,000 +- SF
Zoning:              Central Business
CAP Rate:          6.31%
Land Acres:       1.55
No. of Stories:   4
Major Tenants:  Columbia River Bank; RBC Dain
                           Rauscher; Renaissance Homes;
                           BBT Architects; Alpenglow Cafe


Executive Summary

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Located at the site of the historic Pilot Butte Inn, this dramatic mixed use building replaced the previous office building at the site in 2004. The current owners developed the project. It has achieved stabilized occupancy and thus offers a rare opportunity for the purchase of a newer, downtown Bend mixed use trophy property.

There are two buildings on the 1.55 acre property zoned Central Business. One is the stand alone two story office of RBC Dain Rauscher measuring 4,771 sq. ft. The other building measures approximately 46,000+ sq. ft. and houses Columbia River Bank with drive up window, 3 other office tenants, 2 restaurants, and 12 residential units including 2 loft units on the second floor and 10 townhouse style units on the 3rd and 4th floors (see rent roll and tenant profiles). This building was constructed using portions of the previous existing building on-site.

This is one of a small handful of downtown buildings in Bend with on-site parking. There are 44 spaces underground with 16 of those being gated for the residential tenants. An additional 33 on site spaces are located at street level, and there are 9 spaces on Newport Avenue on the building’s south side (these 9 spaces are not in the official parking count). The spaces are divided between visitor parking and reserved spaces for the tenants.

In addition to the parking and downtown location, this property features breathtaking views of charming downtown Bend, the Deschutes River, and the snow capped Cascade peaks. There are the two restaurants on site and countless eateries of all types within a few block area. Parks are nearby and the county courthouse is less than 1 block away.

note:  One principal is an Oregon real estate licensee

 






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