404 Centennial St, Bend, OR 97702

This meticulously renovated four-unit apartment building presents a compelling investment opportunity in Bend, Oregon. Boasting a total of 2,392 square feet of net rentable space, the property features four one-bedroom, one-bathroom units, each approximately 598 square feet. A complete interior and exterior remodel in 2024 included a new roof, siding, windows, parking lot, landscaping, electrical upgrades, updated kitchens and bathrooms with quartz countertops, new LVP flooring, stackable washer/dryers, and mini-split AC units. Asbestos remediation was also completed. The property sits on a 0.18-acre lot and benefits from ample off-street parking (over 8 spaces). Currently achieving above-market rents averaging $2.74 per square foot, with a pro-forma NOI of $64,213 and a 5.35% cap rate, this property offers strong cash flow potential. The building, constructed in 1971, is a two-story wood-frame structure with a flat, seamless membrane roof. Units feature covered entries, and ground-floor units have patios and yard space. Located in Southeast Bend, just two blocks from SE 3rd Street and a half-mile from the Old Mill District, the property enjoys excellent proximity to shopping, dining, and retail. Seller financing is available with negotiable terms, including a 10-15 year loan term and interest-only payments. The seller will vacate in September. The property's permitted zoning is RM (Residential Medium Density), and its APN is 106203. This turnkey investment property offers a rare combination of strong financials and a desirable location.