51366 Preble Way La Pine, OR 97739

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.