Bend Multifamily Investment
For Sale
Contact for pricing
2422-2444 NE Conners Ave, Bend, OR 97701
Fully leased 10-unit multifamily property near St. Charles Medical Center.
Property Size12,314 SF
Price / SF$209.92
Days on Market116
Property Features for 2422-2444 NE Conners Ave
General Information
Standard status
Active
Size
12,314 SF
Class
B
Total Parking Spaces
8
Property subtype
Multifamily
Zoning
RH
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$126,408
Building Details
Year Built
1992
Buildings
2
Stories
2
Units
10
Tenancy
Multi
Listing Agency:
Compass Commercial Real Estate Services
Listed By:
Dan Kemp · License #OR 201203140
(541) 848-4076
Source:
Crexi
Added: May 13
Changed: Aug 31
Last Checked: Aug 31 at 8:21PM
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.
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
$157,701
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
6.10%
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%
$3,154,020
$3.2M
Cap Rate 7%
$2,252,871
$2.3M
Cap Rate 9%
$1,752,233
$1.8M
Market Conditions
NOI Build-Up for 12,314 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
$310.3K $25.20/SF
− Vacancy
−$23.6K −$1.92/SF
EGI
$286.7K $23.28/SF
− OpEx
−$129.0K −$10.48/SF
NOI
$157.7K $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%
$3,154,020
Cap Rate 7%
$2,252,871
Cap Rate 9%
$1,752,233
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 authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,698
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 - 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.
