10-Unit Townhome Apartment
For Sale
$2,585,000
2422 NE Conners Avenue, Bend, OR 97701
Two separate buildings combine townhome residences with attached garages and smaller one-bedroom units.
Property Size12,314 SF
Price / SF$209.92
Days on Market167
Property Features for 2422 NE Conners Avenue
General Information
Standard status
Active
Size
12,314 SF
Property subtype
Residential Income
Zoning
RH
Occupancy
100%
Units
Unit Mix
8 x 2BR/2BA, 2 x 1BR/1BA
Multifamily Units
10
Additional Details
Cap Rate
5.1%
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$21,178
Amenities
Ceiling Fan(s)
Laminate Counters
Pantry
Shower/Tub Combo
Tile Shower
Building Details
Building Size
12,314 SF
Year Built
1992
Buildings
2
Stories
2
Units
10
Listing Agency:
Compass Commercial Real Estate
(541) 383-2444
Listed By:
Ronald E Ross
(541) 480-8884
Source:
Desertskyrealestate
Added: May 11
Changed: Oct 23
Last Checked: Oct 23 at 4:44PM
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
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Investment Insights
Based on property information with market context.
This 12,314-square-foot apartment property comprises two five-unit buildings on separate tax lots. Eight residences have two bedrooms, two bathrooms, and attached garages; the remaining two units each have one bedroom and one bathroom. Built in 1992, the property is zoned RH and was fully occupied as reported. The stated cap rate is 5.1%.
The property is in Bend’s medical community, with St. Charles a two-minute drive away.
The property is in Bend’s medical community, with St. Charles a two-minute drive away.
Key Highlights
- Two five‑unit buildings sit on separate tax lots
- Eight two‑bedroom, two‑bath townhomes have attached garages
- Two additional units each feature one bedroom and one bathroom
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$157,701
Cap Rate
6.10%
Suggested Prices Based on Cap Rates
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
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 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.
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Property Analytics
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Open Analytics
Lease Details
10
Residential units
100%
Occupancy
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - Two separate buildings combine townhome residences with attached garages and smaller one-bedroom units.
Where is this apartment building located?
The property is located at 2422 NE Conners Avenue 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: Two five‑unit buildings sit on separate tax lots; Eight two‑bedroom, two‑bath townhomes have attached garages; Two additional units each feature one bedroom and one bathroom
