Bend Multifamily Investment
2422-2444 NE Conners Ave Bend, OR 97701
2422-2444 NE Conners Ave, Bend, OR, 97701
Contact for pricing
For Sale
Contact for pricing
Fully leased 10-unit multifamily property near St. Charles Medical Center.
Property Size12,314 SF
Price / SF$209.92
Days on Market70
Property Features for 2422-2444 NE Conners Ave
General Information
- Standard status
- Active
- Size
- 12,314 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1992
Listing Agency
Compass Commercial Real Estate Services
(541) 848-4076
Listed by
Dan Kemp · License #OR 201203140
Source
Crexi
Added: May 13 Updated: Jul 10 at 1:38 pm Checked: Jul 20 at 5:46 am
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 Compass Commercial Real Estate Services
Investment Insights
Based on property information with market context.
This fully leased 10-unit multifamily property is located near St. Charles Medical Center in Bend. Constructed in 1992, the property consists of two buildings totaling approximately 12,314 square feet. The unit mix includes eight two-bedroom residences ranging from approximately 1,330 to 1,356 square feet and two one-bedroom units at approximately 740 square feet. All two-bedroom units include attached garages. The buildings are of wood-frame construction and feature pitched roofing. They are arranged along a central drive aisle with direct garage access, surface parking, and adjacent street parking. The buildings are in pristine condition with well-appointed landscaping. Trailing 12-month scheduled gross income totals $180,720 annually ($15,060 per month), with current in-place rents now at $16,650 per month per the April 15, 2026, rent roll. The asset offers stable cash flow with measurable upside as rents continue to adjust to market in this proven Bend submarket. The thoughtful layout, oversized units, and garage component create a residential feel that supports long-term tenant demand.
Key Highlights
- Fully leased 10‑unit multifamily property providing stable cash flow.
- Significant rental upside as rents adjust to market rates in a proven Bend submarket.
- Eight spacious two‑bedroom townhome‑style apartments with attached garages.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $310.3k | $25.20 |
| − Vacancy | −$23.6k | −$1.92 |
| EGI | $286.7k | $23.28 |
| − OpEx | −$129.0k | −$10.48 |
| NOI | $157.7k | $12.81 |
12,314 SF · lease $25.20/SF/yr · vacancy 7.60% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$2.25M
$1.97M – $2.63M
NOI $157,701 @ 7.0% cap · market cap 6.10%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$5.32M
$4.65M – $6.21M
NOI $372,375 @ 7.0% cap · market cap 14.41%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
Similar For Sale Nearby
FAQs
What type of property is this?
Apartment building - Fully leased 10-unit multifamily property near St. Charles Medical Center.
Where is this apartment building located?
The property is located at 2422-2444 NE Conners Ave Bend, OR.
What is the asking price?
The asking price for this property is $2,585,000.
What are key features of this property?
This property features: Fully leased 10‑unit multifamily property providing stable cash flow.; Significant rental upside as rents adjust to market rates in a proven Bend submarket.; Eight spacious two‑bedroom townhome‑style apartments with attached garages.
