The Landaker Building 615 SW Evergreen Ave

Welcome to the Landaker Historic Building, a prime mixed-use investment opportunity in Downtown Redmond!
The Landaker Building Property Overview:
The Landaker Building is a historic icon in the heart of Downtown Redmond, Oregon. Built in 1919, this 7,500-square-foot, three-story mixed-use investment building is located at the prominent intersection of Evergreen Avenue and Sixth Street. The building's historical significance and strategic location in Redmond's Central Business District (CBD) make it a standout investment opportunity for those seeking both a prime location and stable income.
Historic Significance:
Originally constructed as a one-story pool hall, the Landaker Building underwent significant renovations in 1932, adding two additional floors for office and apartment space. Over the years, it housed notable businesses, including the Pastime Tavern, and played a vital role in Redmond's community life. The building remains a structure of historical significance, capturing the charm and heritage of Redmond's early 20th-century architecture?.
Current Use and Income Overview:
The Landaker Historic Building is fully leased, comprising two retail units on the ground floor, two commercial units on the third floor, and 10 apartment units on the second and third floors, all serviced by an elevator. The retail tenants, including Morning Story and Salon Bliss, benefit from the high foot traffic in this bustling downtown area. The apartment units, primarily studios, ensure flexibility for future rent increases or conversion opportunities. The building currently generates a scheduled gross rent of $86,449.24, leading to a Net Operating Income (NOI) of $54,889.37?.
Historic Building Renovation Potential:
The Landaker Building is designated as of "historical interest." These properties are not required to comply with the requirements of the Preservation of Historic Resources section of the Redmond Development Code except in the event of demolition or of a major alteration. Short Term Rentals (STRs) are permitted on C2 zoned properties, including within the Downtown Overlay District (DOD), granted applicable standards and requirements are complied with.
Offering Summary:
Address: 615 SW Evergreen Avenue, Redmond, Oregon, 97756 - Deschutes County
Property ID: 15-13-16AB TL 11700 | APN 123427
Gross Acreage: ± 0.06-acres (2,613.6 SF)
Year Built: ± 1919 (per County)
GBSF: ± 7,500 SF (per Assessor)
Zoning: C-2 (CBD - class 509)
Annual Taxes: $8,764.25 (2023)
Number of Units: 14 total; 10 residential / 4 commercial
Offering Price: $1,765,000
Price/SF: $255.80
Cap Rate: 4.74%
Unit Mix:
(2) commercial suites
(3) 2-bed / 1-bath units
(1) 1-bed / 1-bath unit
(8) efficiency studio units
Expense Load: Landlord current pays all utilities
Investment Highlights:
Rare Downtown Mixed Use Building: The Landaker Building is one of only a handful of actively available multifamily/mixed-use properties in Redmond.
Prime Downtown Location: Situated in Redmond's central business district, the Landaker Historic Building enjoys high visibility and easy access to nearby businesses, restaurants, and entertainment venues.
Dynamic City and Region: Redmond, Oregon is a dynamic market, with rich history and many economic drivers, as well as an area known for its natural beauty.
Strong Going-In Cash Flow: The fully leased building indicates strong demand. Other improvements and upgrades could offer substantial upside.
Historically Stable Cash Flow: The property has generated solid income with low vacancy and manageable expenses, allowing for a reliable income-producing asset.
Market Overview - Redmond
Redmond, Oregon - Redmond has a rich history that dates back to its founding in 1910, when it was established as a hub for agriculture and irrigation in Central Oregon. The city's development was closely tied to the Deschutes Project, which provided essential water resources to the area. Over the decades, Redmond evolved from a small agricultural community into a thriving city, benefiting from its strategic location along major transportation routes. Today, it is known for its vibrant history, strong sense of community, and a rapidly expanding population that has been driven by its proximity to Bend and the overall growth of the region.
The character of Redmond is defined by its blend of small-town charm and modern amenities. The city offers a high quality of life with an abundance of outdoor recreational opportunities, including access to the Cascade Mountains and numerous parks. Redmond's downtown area has also seen significant revitalization, featuring a mix of historic buildings, local businesses, and new developments that contribute to a lively and attractive environment. This combination of natural beauty, community spirit, and ongoing development makes Redmond an appealing place for both residents and businesses.
In recent years, Redmond has experienced substantial growth, with its population and economy expanding at a rapid pace. The commercial real estate market in Redmond has mirrored this growth, with increasing demand for retail, office, and industrial spaces. Investors are attracted to Redmond's strategic location, affordable property prices, and the city's commitment to fostering business development. As a result, Redmond has become a key player in Central Oregon's commercial real estate landscape, offering promising opportunities for investment and development.