42-Unit Garden-Style Apartment
For Sale
Contact for pricing
Pending
1280-1330 NE Purcell Blvd, Bend, OR 97701
Forty-two two-bedroom flats in six two-story buildings with covered parking and 100% occupancy.
Property Size37,712 SF
Lot Size1.98 Acres
Days on Market97
Property Features for 1280-1330 NE Purcell Blvd
General Information
Standard status
Pending
Size
37,712 SF
Class
C
Total Parking Spaces
72
Lot size
1.98 Acres
Property subtype
Multifamily
Zoning
RM (Residential Medium Density)
Occupancy
100%
Investment Type
Value Add
Additional Details
Cap Rate
6.04%
Multifamily Units
42
Building Details
Year Built
1993
Buildings
6
Stories
2
Units
42
Tenancy
Multi
Listing Agency:
NAI Cascade Commercial Real Estate Services, Worldwide
Listed By:
Chuck Brazer · License #200301175
Source:
Crexi
Added: Jun 1
Changed: Aug 11
Last Checked: Aug 10 at 2:40PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of NAI Cascade Commercial Real Estate Services, Worldwide
Investment Insights
Based on property information with market context.
Spring Pines Apartments is a 42-unit multifamily community made up of six two-story, garden-style apartment buildings constructed in 1993. The property offers a uniform unit mix of 2 bedroom, 1 bathroom flats, averaging approximately 888 square feet. With 72 parking spaces on site, including covered parking, the community supports practical day-to-day operations. Long-term ownership has maintained the property and supported ongoing interior improvements, and the community is currently self-managed.
Located at 1280–1330 NE Purcell Blvd in Northeast Bend, Spring Pines sits along one of the area’s primary residential corridors. The property provides walkable access to St. Charles Medical Center and is also within walking distance to Pilot Butte State Park.
For investors or operators, the current occupancy is reported as 100% as of May 2026, with existing rents ranging from $895 to $1,777 per month for the 2BD/1BA unit type. The owner does not currently bill tenants back for utilities, and the property is described as having opportunities for operational improvements such as implementing a utility reimbursement program, continuing interior modernization, and pursuing in-unit washer and dryer installations in lower-level units that already have hookups.
Located at 1280–1330 NE Purcell Blvd in Northeast Bend, Spring Pines sits along one of the area’s primary residential corridors. The property provides walkable access to St. Charles Medical Center and is also within walking distance to Pilot Butte State Park.
For investors or operators, the current occupancy is reported as 100% as of May 2026, with existing rents ranging from $895 to $1,777 per month for the 2BD/1BA unit type. The owner does not currently bill tenants back for utilities, and the property is described as having opportunities for operational improvements such as implementing a utility reimbursement program, continuing interior modernization, and pursuing in-unit washer and dryer installations in lower-level units that already have hookups.
Key Highlights
- Spring Pines Apartments: 42‑unit multifamily property built in 1993
- Six two‑story garden‑style buildings on a 1.98‑acre site along NE Purcell Blvd
- Uniform unit mix: 2BD/1BA flats averaging approx. 888 SF, with rents currently ranging from $895 to $1,777/month
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$482,964
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.50%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$9,659,280
$9.7M
Cap Rate 7%
$6,899,486
$6.9M
Cap Rate 9%
$5,366,267
$5.4M
Market Conditions
NOI Build-Up for 37,712 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$950.3K $25.20/SF
− Vacancy
−$72.2K −$1.92/SF
EGI
$878.1K $23.28/SF
− OpEx
−$395.2K −$10.48/SF
NOI
$483.0K $12.81/SF
Area
Bend, OR
Vacancy
7.60%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$9,659,280
Cap Rate 7%
$6,899,486
Cap Rate 9%
$5,366,267
Alternative Uses
Best Use
Apartment 5plus
$6.90M
$6.04M – $8.05M
NOI $482,964 @ 7.0% cap · market cap 5.50%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$16.29M
$14.26M – $19.01M
NOI $1,140,411 @ 7.0% cap · market cap 12.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
42
Residential units
Location Intelligence
Trade Area within ½ mile
1,883
Businesses Nearby
Explore this area
Business Placement
Demographics for 97701, OR
42,159
Population
19,020
Households
2.2
Avg Household Size
38
Median Age
42%
College-Educated
94%
High-School Grad
311.8 sq mi
ZIP Area
135
Density / Sq Mi
$77,969
Median Household Income
$47,431
Median Earnings
$1,700
Median Rent
$567,800
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Forty-two two-bedroom flats in six two-story buildings with covered parking and 100% occupancy.
Where is this apartment building located?
The property is located at 1280-1330 NE Purcell Blvd Bend, OR.
What is the asking price?
The asking price for this property is $8,777,000.
What are key features of this property?
This property features: Spring Pines Apartments: 42‑unit multifamily property built in 1993; Six two‑story garden‑style buildings on a 1.98‑acre site along NE Purcell Blvd; Uniform unit mix: 2BD/1BA flats averaging approx. 888 SF, with rents currently ranging from $895 to $1,777/month
