51376 Preble Way, La Pine, OR 97739
- $4,600,000
- List Price
- $4,600,000
- MLS#
- 220231002
- Status
- ACTIVE
- City
- La Pine
- County
- Deschutes
- Year Built
- 2024
Property Description
The Preble Way Apartments were recently delivered in 2024 and represent one of only a few apartment communities serving the growing La Pine, Oregon market. The subject property is situated on a 0.83 acre flag lot in a quiet neighborhood setting adjacent to Finley Butte Road in La Pine, Oregon. This attractive location is in close proximity to La Pine's city core. The apartments are comprised of 24 - total units. All units are spacious 2BD/2BA single-level style units at approximately 851 square feet each. The Preble Way Apartments represent a one-of-a-kind multifamily project in one of the fastest growing, developer-friendly new markets in central Oregon. Seller willing to guarantee rent at 90% occupancy for one year. Current average rents at Preble Way are approximately $1.80/SF, just under the average for immediate location rental comparables of $1.93/SF. Current capitalization rate based on asking price yields 6.64%.
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Additional Information
- Taxes
- $36,627
- Acres
- 0.83
- Water
- Public
- Heating
- Forced Air, Wall Furnace
- Foundation
- Slab
- Flooring
- Vinyl
- Elementary School
- Lapine Elem
- Middle School
- Lapine Middle
- High School
- Lapine Sr High
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Listing courtesy of NAI Cascade.
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