1350 SE Reed Market Rd
Bend, OR 97702

New to the Market and most desirable, never offered for sale previously-just listed For Sale: The Reed Market Flex Investment Property w/Excess Development Land offers an investor and/or Owner/User the ability to own a historically popular multi-tenant building with huge upside and the ability to develop the excess north 36,000/sq.ft. with another building! Owner/User could reap the benefits of the income from the existing tenancy and build a new structure for their own use or to lease. The demand for more flex space in Bend is at an all time high so there is no doubt that any new lease space will be absorbed quickly! Property is 1.42/Acres (61,856/sq.ft), zoned IL (Light Industrial) with CUP overlay for office/retail) with excess land of approximately 36,000/sq.ft. w/ current 8,000/sq.ft. flex building. Building is attractive and has excellent drive-by appeal with its Northwest Timber Architecture, on-site parking lot, professionally maintained and well manicured landscaping with pride of ownership giving the new owner a very well managed and maintained property. Building has 4 Suites, 2,000/sq.ft. each, Suite 202 is currently on the market For Lease with strong interest and showings. This property historically has very strong lease history and long-term tenancy. Tenant include: Revs House, Tai Chi Studio, Allstate Insurance and Sun Forest Builders/Contractors who lease the excess fenced land for storage. With Conditional Use Permits, the retail/office use for Allstate Insurance and the former tenant Indian Summer (leaseable suite) was permitted opening up the door to true office/retail-showroom space. (Contact Listing Broker for more zoning information). Over 17,000 cars per day travel by this location and more as the new High School gets built on SE 15th and new home subdivision projects continue to grow on SE 15th. Great core neighborhood Commercial Investment property. Well established and surrounded by successful businesses. Let's talk about the upside of this property! First, this property sits on extraordinary property with Reed Market Rd frontage, high traffic counts and visibility and has been a mainstay on Bend's SE Business corridor since construction was completed in 2006. Current leases are Modified Gross with property tax reimbursement to Landlord annually. With any new leasing of the vacant space and existing tenant renewals, leases will be converted to true NNN (triple net) with CAM expense at current "Market Rent" being achieved with new tenants and renewals. (Please reference APOD's attached). Lease rates are currently below market and the past 15 months, lease rates have exploded in Bend for Industrial as well as the Mixed-Use blend of office/retail/flex showroom. This property and its new owner will benefit from increased revenue and return. As leases are converted to NNN, you as the owner will benefit from the "turn-key" investment status that NNN leased properties offer. This property offers true upside and a property never before on the market For Sale. Contact the listing Broker for more information (See brochure/flyer attached). This offering would make a great additional to your portfolio or a great chance to begin ownership of a great investment commercial property in Bend, Oregon.