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$4,600,000
Est. payment /mo
20,424 SqFt
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
Square Footage 20,424 sqft
Price per Sqft $225
MLS Listing ID 220231002
Style Contemporary
Year Built 2024
Annual Tax Amount $36,627
Lot Size 0.830 Acres
Acres 0.83
Lot Dimensions 0.83
Property Sub-Type Multi Family
Property Description
The Preble Way Apartments were recently delivered in 2024 and represent one of only a few apartment communities serving the growing La Pine, Oregon market. The subject property is situated on a 0.83 acre flag lot in a quiet neighborhood setting adjacent to Finley Butte Road in La Pine, Oregon. This attractive location is in close proximity to La Pine's city core. The apartments are comprised of 24 - total units. All units are spacious 2BD/2BA single-level style units at approximately 851 square feet each.
The Preble Way Apartments represent a one-of-a-kind multifamily project in one of the fastest growing, developer-friendly new markets in central Oregon. Seller willing to guarantee rent at 90% occupancy for one year. Current average rents at Preble Way are approximately $1.80/SF, just under the average for immediate location rental comparables of $1.93/SF. Current capitalization rate based on asking price yields 6.64%.
The Preble Way Apartments represent a one-of-a-kind multifamily project in one of the fastest growing, developer-friendly new markets in central Oregon. Seller willing to guarantee rent at 90% occupancy for one year. Current average rents at Preble Way are approximately $1.80/SF, just under the average for immediate location rental comparables of $1.93/SF. Current capitalization rate based on asking price yields 6.64%.
Location
State OR
County Deschutes
Interior
Heating Forced Air, Wall Furnace
Cooling Wall/Window Unit(s)
Exterior
Parking Features Parking Lot
Roof Type Composition
Building
Foundation Slab
Water Public
Architectural Style Contemporary
Level or Stories Three Or More
New Construction No
Schools
High Schools Lapine Sr High
Others
Senior Community No
Tax ID 265276
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
Special Listing Condition Standard
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Listed by NAI Cascade
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