Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    51376 Preble Way La Pine, OR 97739
    Back to Search
    Property profile & analytics

    51376 Preble Way La Pine, OR 97739

    View on Map
    • Commercial real estate
    Off-Market
    Property ID
    US71-0705573
    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

    • 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 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
    -121.50316548562
    Latitude
    43.66643647993

    Comparable in this City

    • $225,000

      Highway Accessible Versatile Lot

      0.38 acre lot with utilities and RV parking.
      51443 Morson St, La Pine, OR 97739
      View Details
    • $120,000
      1.23 Acres

      La Pine Acreage with Utilities

      1.23-acre lot with electricity near Cascade Mountains and lakes.
      52266 Dustan Rd, La Pine, OR 97739
      View Details
    • $389,000
      0.29 Acres

      La Pine Commercial Development Opportunity

      Prime commercial land in La Pine's walkable downtown area.
      51455 Huntington Rd, La Pine, OR 97739
      View Details
    • $90,000
      Pending

      La Pine Buildable Acreage Homesite

      Over an acre to build your perfect home or retreat.
      52842 Bridge Dr, La Pine, OR 97739
      View Details
    • $89,900
      1.13 Acres

      La Pine Home Site Land

      1.13 acre home site near La Pine, Oregon.
      15942 Leslie Dr, La Pine, OR 97739
      View Details
    • $149,000
      1.65 Acres

      La Pine Land Opportunity

      1.65-acre corner lot in Wagon Trail Ranch, La Pine.
      09700 Buggy Whip Ct, La Pine, OR 97739
      View Details

    Similar Nearby for Sale

    • $350,000
      4,310 SF

      La Pine Cannabis Production Facility

      OLCC licensed marijuana production facility ready for immediate operation.
      La Pine, OR 97739
      View Details
    • $149,000
      1.64 Acres

      La Pine Acreage: Build Your Dream

      1.64-acre corner lot in Wagon Trail Ranch, La Pine, OR.
      09800 Scabbard Ct, La Pine, OR 97739
      View Details
    • $223,900
      4.79 Acres

      La Pine Treed Land Parcel

      4.79-acre treed parcel with new well and septic system.
      15961 Wright Ave, La Pine, OR 97739
      View Details
    • $139,000
      1.60 Acres

      La Pine Land Opportunity

      Land for sale in Wagon Trail Ranch community.
      Stirrup Dr, La Pine, OR 97739
      View Details
    • $269,000
      0.99 Acres

      La Pine Shop on Cleared Land

      Cleared 0.99 acre lot with shop in La Pine.
      53158 Andrews Rd, La Pine, OR 97739
      View Details
    • $200,000
      1.01 Acres

      Acreage in Central Oregon

      Land with utilities near La Pine, Oregon. Value in land.
      16349 Sparks Dr, La Pine, OR 97739
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    51376 Preble Way
    La Pine, OR 97739
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    51376 Preble Way, La Pine, OR, 97739
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!