51376 Preble Way

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Address: 51376 Preble Way, Lapine, Oregon, US
Created date: February 6, 2024
Date last updated: May 20, 2024
  • • Brand new construction
  • • Estimated completion June 2024
  • • 24- Large 2BD/2BA units
  • • Strong initial return with long-term upside
  • • High quality finishes
  • • Nearby grocery, services and parks
  • • Primarily residential location

Property Description

COMPLETION: JUNE 2024 PROPERTY DESCRIPTION The Preble Way Apartments are currently under construction with an estimated completion and lease-up of June 2024. 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. As Bend and Sunriver markets are typically seen as the core high-demand market areas in central Oregon, La Pine is positioned to be the next area of residential and multifamily growth while offering similar local attractions, amenities and services at more attractive pricing relative to Bend. La Pine is already experiencing a surge in growth by local single-family developers evidenced by recent nearby developments in the Newberry Development zone (see Location Description for more information). OPERATIONS Pre-leasing and lease-up activity will be handled by Cobalt Management, one of Central Oregon’s premiere professional multifamily property management firms. Rents in this valuation are estimated and based on current leasing activity for comparable projects in the subject property’s market area. Most notably, the 36-unit Pine View Apartments located in north La Pine which were completed and fully leased this year. Current rents for 850SF - 2BD/2BA units in the Pine View project are currently renting for $1,725/unit or $2.02/SF. The subject property offers unit amenities and finishes arguably superior to Pine View and is also located closer to core city amenities, services, restaurants and retail. Estimated rents for the subject property are calculated accordingly. Estimated target lease-up rates for the Preble Way Apartments in this valuation are $1,750/unit or $2.06/SF. Expenses are estimated and derived from comparable new builds, county estimates and have also been endorsed by Bratton Appraisal Group. Current projected capitalization rate is 6.03% with a 3.15% cash-on-cash return based on a 65/35 LTV conventional loan at 6.5% fixed interest (rate estimated and subject to change.) CONSTRUCTION AND AMENITIES Units at Preble Way are well-appointed with stainless steel appliances, full- size Washer/Dryer units (installed), quartz countertops, luxury vinyl plank flooring throughout, dishwasher, tub/shower bathrooms and open kitchen plans with breakfast bar. Select units have high ceilings and all units include zonal electric forced-air heating, air conditioning, electric fireplace, additional storage and private balconies or patios. Preble Way is a two-building, three story, fully sprinklered property over crawl space foundation. All units are individually metered for electricity and each building master metered for water. Roofing is a pitched composition shingle roofing system. Windows are double paned vinyl and all lap, vertical and shake siding elements are cement fiber product. Exterior stairs are floating concrete and wood, balconies and walkways are 6x6 posted and 2x8 framed

Key Property Information

Listing Status: Available
Listing Type: Call for offers
Property Types: Apartment Buildings
Price: $5,685,000
No. of Units: 24
Year Built: 2024
Lot Size: 0.83 Sq ft
Opportunity Zone: No
Price per unit: $236,875
Property Website Click Here
Address: 51376 Preble Way, Lapine, OR 97739, USA
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