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    51366 Preble Way La Pine, OR 97739
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    Property profile & analytics

    51366 Preble Way, La Pine, OR 97739

    View on Map
    • Mobile home & RV parks
    • 0.89 lot acres
    Off-Market
    Property ID
    US71-1847614
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Mobile home & RV parks

    Property Details for 51366 Preble Way

    Lot size
    0.89 lot acres
    Property type
    Mobile home & RV parks
    APN
    290021

    Description

    This exceptional 0.89-acre commercial/residential mixed-use land parcel, located at 51366 Preble Way in La Pine, Oregon (Deschutes County, zip code 97739), presents a unique redevelopment opportunity. The property is fully approved for an 11-unit modular home park, with permits granted on March 22, 2024, and valid for two years. The approved plans include eight 2-bedroom, 1-bathroom units (640 sq ft each) and three 3-bedroom, 2-bathroom units (880 sq ft each). These manufactured homes will be permanently affixed to the land and leased, offering a strong income stream. Detailed quotes for the modular homes and shipping are readily available. The property's CRMX (Commercial Residential Mixed-Use) zoning allows for both residential and commercial uses, making it a versatile investment. A recent appraisal, based on proforma income and expenses, values a completed project at approximately $2,050,000, using a 7% market cap rate supported by local sales comparables. The land is zoned for mixed-use development, with specific allowances for building height (45 feet maximum), setbacks (front 20 feet, street side 20 feet, interior side 10 feet, rear 10 feet), and building coverage (60% maximum). The property is permit-ready, pending payment of System Development Charges (SDCs) and infrastructure review. This is a turnkey opportunity for immediate development, offering significant potential for return on investment. The asking price is $250,000, representing a land value of $6.44 per square foot. The APN is 290021.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    La Pine
    County
    Deschutes
    State
    Oregon
    Longitude
    -121.5031425
    Latitude
    43.6647443

    Comparable in this City

    • $469,000
      2,950 SF

      La Pine Duplex Investment Opportunity

      2004 duplex with spacious units, ideal for rental income.
      16406 Heath Dr, La Pine, OR 97739
      View Details
    • $315,000
      0.38 Acres

      Land by Deschutes River

      Secluded land with river access in Central Oregon.
      14375 Brown Trout Way, La Pine, OR 97739
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    • $35,000
      22,651 SF

      Little Deschutes River Access Land

      Recreational land with direct river access near La Pine.
      6 Willow St, La Pine, OR 97739
      View Details
    • $85,000
      1.21 Acres

      La Pine Acreage with Shed

      1.21-acre wooded lot in La Pine with shed and trailer.
      52240 Dustan Rd, La Pine, OR 97739
      View Details
    • $95,000
      1.03 Acres

      La Pine Acreage Ready to Build

      1.03 acre level lot ready for your dream home.
      53172 Andrews Rd, La Pine, OR 97739
      View Details
    • $149,000
      1.62 Acres

      La Pine Land with Amenities

      1.62 acre lot with community amenities near Little Deschutes.
      Stirrup Dr, La Pine, OR 97739
      View Details

    Similar Nearby for Sale

    • $469,000
      2,950 SF

      La Pine Duplex Investment Opportunity

      2004 duplex with spacious units, ideal for rental income.
      16406 Heath Dr, La Pine, OR 97739
      View Details
    • $315,000
      0.38 Acres

      Land by Deschutes River

      Secluded land with river access in Central Oregon.
      14375 Brown Trout Way, La Pine, OR 97739
      View Details
    • $35,000
      22,651 SF

      Little Deschutes River Access Land

      Recreational land with direct river access near La Pine.
      6 Willow St, La Pine, OR 97739
      View Details
    • $85,000
      1.21 Acres

      La Pine Acreage with Shed

      1.21-acre wooded lot in La Pine with shed and trailer.
      52240 Dustan Rd, La Pine, OR 97739
      View Details
    • $95,000
      1.03 Acres

      La Pine Acreage Ready to Build

      1.03 acre level lot ready for your dream home.
      53172 Andrews Rd, La Pine, OR 97739
      View Details
    • $149,000
      1.62 Acres

      La Pine Land with Amenities

      1.62 acre lot with community amenities near Little Deschutes.
      Stirrup Dr, La Pine, OR 97739
      View Details
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    51366 Preble Way
    La Pine, OR 97739
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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