24-Unit Apartment
For Sale
Contact for pricing
51376 Preble Way, La Pine, OR 97739
Recently completed multifamily community with single-level two-bedroom residences and private balconies or patios.
Property Size20,424 SF
Lot Size0.83 Acres
Price / SF$230.07
Days on Market13
Property Features for 51376 Preble Way
General Information
Standard status
Active
Size
20,424 SF
Total Parking Spaces
33
Lot size
0.83 Acres
Property subtype
Multifamily
Zoning
CRMX
Occupancy
93%
Investment Type
Stabilized
Net Operating Income
$305,534
Site & Location
Road Access
Yes
Utilities to Site
Yes
Units
Unit Mix
24 x 2BR/2BA
Multifamily Units
24
Additional Details
Cap Rate
6.5%
Sprinkler System
Yes
Amenities
stainless steel appliances
washer/dryer
quartz countertops
luxury vinyl plank flooring
dishwasher
air conditioning
electric fireplace
private balconies or patios
high ceilings
additional storage
Building Details
Year Built
2024
Buildings
2
Stories
3
Units
24
Tenancy
Multi
Listing Agency:
NAI Cascade Commercial Real Estate Services, Worldwide
Listed By:
Chuck Brazer · License #200301175
Source:
Crexi
Added: Aug 19
Changed: Aug 31
Last Checked: Aug 31 at 9:53AM
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.
Completed in 2024, this 24-unit apartment property comprises two three-story buildings on a 0.83-acre flag lot. Each residence offers approximately 851 square feet with a two-bedroom, two-bath layout, open kitchen with breakfast bar, quartz countertops, stainless steel appliances, installed full-size washer and dryer, dishwasher, luxury vinyl plank flooring, and tub/shower bathrooms. Select units feature high ceilings. Every apartment includes zonal electric forced-air heating, air conditioning, an electric fireplace, additional storage, and a private balcony or patio.
The property is located at 51376 Preble Way in La Pine, Oregon, adjacent to Finley Butte Road and near the city core. Building improvements include individual electric metering, master-metered water by building, double-paned vinyl windows, cement fiber siding, pitched composition shingle roofs, floating concrete and wood exterior stairs, and a fully sprinklered design over crawl space foundations. Professional management is provided by Cobalt Properties Group. Occupancy was 93% as of August 2026, and the property is zoned CRMX.
The property is located at 51376 Preble Way in La Pine, Oregon, adjacent to Finley Butte Road and near the city core. Building improvements include individual electric metering, master-metered water by building, double-paned vinyl windows, cement fiber siding, pitched composition shingle roofs, floating concrete and wood exterior stairs, and a fully sprinklered design over crawl space foundations. Professional management is provided by Cobalt Properties Group. Occupancy was 93% as of August 2026, and the property is zoned CRMX.
Key Highlights
- 24 total units, each with a 2BD/2BA single‑level layout and approximately 851 square feet
- Built in 2024 on a 0.83‑acre flag lot at 51376 Preble Way, La Pine, OR 97739
- 93% occupancy as of August 2026
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
$261,563
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
5.57%
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%
$5,231,260
$5.2M
Cap Rate 7%
$3,736,614
$3.7M
Cap Rate 9%
$2,906,256
$2.9M
Market Conditions
NOI Build-Up for 20,424 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
$514.7K $25.20/SF
− Vacancy
−$39.1K −$1.92/SF
EGI
$475.6K $23.28/SF
− OpEx
−$214.0K −$10.48/SF
NOI
$261.6K $12.81/SF
Area
Deschutes County, 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%
$5,231,260
Cap Rate 7%
$3,736,614
Cap Rate 9%
$2,906,256
Alternative Uses
Best Use
Apartment 5plus
$3.74M
$3.27M – $4.36M
NOI $261,563 @ 7.0% cap · market cap 5.57%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$7.03M
$6.15M – $8.20M
NOI $492,039 @ 7.0% cap · market cap 10.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
24
Residential units
Yes
Sprinkler system
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
347
Businesses Nearby
Explore this area
Business Placement
Demographics for 97739, OR
13,102
Population
6,929
Households
1.9
Avg Household Size
53
Median Age
17%
College-Educated
87%
High-School Grad
305.0 sq mi
ZIP Area
43
Density / Sq Mi
$56,256
Median Household Income
$35,775
Median Earnings
$1,144
Median Rent
$327,500
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 - Recently completed multifamily community with single-level two-bedroom residences and private balconies or patios.
Where is this apartment building located?
The property is located at 51376 Preble Way La Pine, OR.
What is the asking price?
The asking price for this property is $4,699,000.
What are key features of this property?
This property features: 24 total units, each with a 2BD/2BA single‑level layout and approximately 851 square feet; Built in 2024 on a 0.83‑acre flag lot at 51376 Preble Way, La Pine, OR 97739; 93% occupancy as of August 2026
