445 NE Penn Ave
- Motivated Seller- Price cut nearly in half
- Site approved for 10-year tax exemption (MUPTE )
- MUPTE deed restriction not required but can transfer to buyer
- MUPTE would require a minimum of 18 units at 120% AMI
- Excellent Midtown/Orchard District location
- Ideal affordable or market rate multifamily project
- Sellers may be open to land contribution or partnership
Property Description
Price reduced nearly in half. 445 NE Penn Avenue is a 0.48 acre parcel of high density residential (RH) land extremely well-located in the Midtown/Orchard District of NE Bend. Site is deliverable free and clear of any required concept or approved design, however, there is currently an approval for a 59-unit mixed-income apartment complex featuring 59 - 1bd/1ba lofts expiring in 6 months (November 2026) and can be shovel-ready for a new developer if desired. The current owners/developers were one of four granted the Multi Unit Property Tax Exemption (MUPTE) status from the City of Bend. This program allows a 10 year tax abatement in trade for 18 units being restricted to renters earning no more than 120% of Deschutes County's Area Median Income (AMI), This status approval was granted for the current approved 59-unit project. A new developer may choose to seek transfer of this status to use for a new concept or the current approved plan as long as 18 units maintain the deed restriction. Site may also be sold without the transfer of the MUPTE status. Seller's are offering two (2) pricing scenarios: Scenario 1) $1,100,000 if sold as-is without the MUPTE transfer. A new developer can move forward with any concept, product type or density allowed. Scenario 2) $1,000,000 if sold and the MUPTE status is retained/transferred to new buyer. Buyer may then develop any project they wish within the confines of current zoning as long as 18 deed restricted units are delivered.
Key Property Information
| Listing Status: | Unavailable |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Land/Development |
| Price: | $1,800,000 |
| Lot Size: | 0.48 Acres |
| Opportunity Zone: | No |
| Property Website | Click Here |
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