51376 Preble Way La Pine, OR 97739
- Commercial real estate
Current Use by Public Records
- Commercial real estate
Property Details for 51376 Preble Way
- Year built
- 2024
- Property type
- Commercial real estate
Description
This exceptional 24-unit apartment complex, completed in 2024, is situated on a 0.83-acre lot in La Pine, Oregon, near Finley Butte Road. Currently 58% occupied, this property offers significant upside potential in a rapidly growing market. The two three-story buildings feature 24 spacious two-bedroom, two-bathroom units, each approximately 851 square feet. Units boast high-end finishes including stainless steel appliances, quartz countertops, luxury vinyl plank flooring, in-unit washer/dryers, and private balconies or patios. Building amenities include a fully sprinklered system, crawl space foundation, pitched composition shingle roofing, double-paned vinyl windows, and cement fiber siding. Individual electric meters and master water meters are installed. The property's Net Operating Income (NOI) is $313,902, resulting in a 5.52% capitalization rate based on the $5,685,000 asking price. The price per unit is $236,875. Located close to the city core, this property benefits from its proximity to amenities, services, and restaurants, while being in a primarily residential area. The total net rentable square footage is 20,424 square feet. This represents a unique investment opportunity in a thriving Central Oregon market, poised for continued growth. The property's lease-up phase is underway, with applications currently pending. This presents a strong initial return with substantial long-term growth potential.
Value Estimation
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- La Pine
- County
- Deschutes
- State
- Oregon
- Longitude
- -121.50316548562
- Latitude
- 43.66643647993
