51376 Preble Way La Pine, OR 97739

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.