2000 Gekeler Ln, La Grande, OR 97850
- Commercial real estate
- 34,850 SF
Current Use by Public Records
- Commercial real estate
Property Details for 2000 Gekeler Ln
- Year built
- 1972
- 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.
Value Estimations
-
AI approach
-
CAP approach
-
Comparable approach
-
Alternative Use
Get a detailed, property-specific estimation — fast and free
Location Insight
- Map
- Local Demand
- City
- La Grande
- County
- Union
- State
- Oregon
- Longitude
- -118.08365125186
- Latitude
- 45.31217059231
