1143 Richland Ln Prineville, OR 97754

Property Details for 1143 Richland Ln

Year built

1987

Lot size

0.41 lot acres

Property size

1,627 SF

Property type

Commercial real estate

Description

This exceptional mixed-use investment property in Prineville, Oregon, presents a compelling opportunity for astute investors. Located at 1143 NW Richland Ln, 97754, this stabilized investment boasts a strong 8.91% cap rate and a substantial net operating income (NOI) of $37,332. The property comprises two buildings on a 0.41-acre lot, totaling 3,500 square feet of net rentable space. The main structure, built in 1987, offers 1,627 square feet of living space, featuring an open floor plan, five extra-large bedrooms with ample closet space, and accessibility features including wheelchair access, a walk-in tub, and a walk-in shower. Additional amenities include a spacious sunroom, a two-car garage, an extra-large carport, a sizable storage building, RV hookups with a dump site, and an in-ground sprinkler system. Recent upgrades include new roofs on both buildings. The property is currently generating $2,700 in monthly rental income from the home and an additional $800 from the RV space and garage, resulting in 100% occupancy. The C2 zoning allows for a variety of commercial and residential uses, making this a versatile and highly profitable investment. The property's location along Ochoco Creek provides a private and desirable setting. The asking price is $419,000, representing a price per square foot of $257.53. This property is a turnkey investment ready to generate immediate income.