2000 Gekeler Ln La Grande, OR 97850

Property Details for 2000 Gekeler Ln

Year built

1972

Property size

34,850 SF

Property type

Commercial real estate

Description

This exceptional 41-unit apartment building, Country West Apartments, presents a compelling investment opportunity in La Grande, Oregon. Located at 2000 Gekeler Ln, 97850, this stabilized multifamily property boasts a strong occupancy rate of 100% (as of September 18, 2024), generating a current NOI of $384,766 and a 6.75% cap rate. The property features five, two-story buildings totaling 34,850 square feet, constructed in 1972 and renovated in 2016. Each of the 41 units is a two-bedroom, one-bathroom apartment. The property sits on approximately one acre and includes desirable amenities such as beautifully landscaped grounds with an automated system, patios on almost all units, a pet run, community laundry facilities, and a community fitness room. The T-111 siding and shingled roof (replaced eight years ago) ensure long-term durability. The property's location near Eastern Oregon University (EOU) ensures high tenant demand, with significant potential for rental increases to boost the pro-forma NOI to $603,272 and a pro-forma cap rate of 10.58%. This presents a rare opportunity to acquire a well-maintained, high-demand multifamily asset in a market with limited comparable properties. The asking price is $5,700,000, representing a price per unit of $139,024.39 and a price per square foot of $163.56. The property offers stunning views of the Umatilla National Forest and the city of La Grande.