McKay Plaza 62910 O B Riley Rd 11,024 SF 93% Leased Retail Building Bend, OR 97703 $2,880,000 ($261.25/SF) 5.84% Cap Rate

McKay Cottage Plaza is for sale! The real estate supporting Bend’s Best Breakfast restaurant (McKay Cottage) and adjacent office buildings (McKay Cottage Plaza) is now available for an investor that wants to own both a sound investment and a legend.
REAL ESTATE ONLY is for sale, business is NOT for sale!
Sale includes:
McKay Cottage Restaurant---real estate only. 2384 square feet plus extensive outdoor seating in park-like setting
McKay Cottage Plaza office buildings—two buildings each two level totally 8640 square feet.
1.32 acres on one tax lot plus .37 acres on adjacent vacant tax lot across the street from Sawyer Park
Long term lease in place for restaurant (five year with five year option)
Shorter term leases in place for the office spaces, ranging from month to month to about 1 year.
This is a quality property that has been exquisitely maintained. Many long term tenants in the offices, and historically tremendous occupancy. Parking is shared with specific spaces reserved for office use during restaurant hours M-F only.
The restaurant provides the majority of cash flow, while the office buildings provide excellent stable income both short and long term. Potential upside on the office leases as they are modified gross leases, and due to length of term as some appear well below market.
Potential future redevelopment potential in this commercially zoned property (CG), potentially allowing up to 55 foot building height. Located on OB Riley Road across from Sawyer Park, near shopping malls, offices, and with access to major arterials.
Financial information, rent roll etc. available upon receipt of Seller’s non-disclosure agreement. Showings only after receipt of acceptable offer. No for sale sign on property. Please do not disturb tenants or mention the potential sale to them, showings will be by appointment only.