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Studio Gardens Apartments 1000 NE Butler Market Rd 22 Unit Apartment Building $4,200,000 ($190,909/Unit) 6.23% Cap Rate Bend, OR 97701
INVESTMENT HIGHLIGHTS
- 22 units spread across 3 buildings
- Over one acre of developable land
- Excellent location in the heart of Bend
- Excellent occupancy and rental history
- Value-add opportunity with vast upside potential
- Consistent monthly cash flow
EXECUTIVE SUMMARY
Total Sale Price: $4,200,000
Existing Units: $3,700,000 (6.24% Cap Rate) | Developable RM Land: $500,000 (1+AC)
First Time Offered
Studio Gardens Apartments: a perfect blend of charm, stability, and potential, and a landmark community in the heart of Bend. On the market for the first time since its inception in the 1970s, this family-developed, impeccably managed, and well-maintained property is ready for its next chapter. This is an opportunity to own a legacy asset with unparalleled potential in one of Oregon’s most desirable markets.
Nestled on 2.82 acres of picturesque, wooded grounds with a seasonal canal, this property features 22 well-designed units across three two-story buildings: 10 one-bedroom, one-bath apartments and 12 two-bedroom, one-bath apartments. Tenants enjoy two laundry rooms and 22 storage units. Exceptional management has ensured consistent full occupancy. With over an acre of developable land zoned RM for multifamily housing, there’s immense potential for expansion and increased returns. This well-maintained, high-demand property offers the opportunity to own a prime asset in one of Oregon’s most sought-after locations.
Existing Units: $3,700,000 (6.24% Cap Rate) | Developable RM Land: $500,000 (1+AC)
First Time Offered
Studio Gardens Apartments: a perfect blend of charm, stability, and potential, and a landmark community in the heart of Bend. On the market for the first time since its inception in the 1970s, this family-developed, impeccably managed, and well-maintained property is ready for its next chapter. This is an opportunity to own a legacy asset with unparalleled potential in one of Oregon’s most desirable markets.
Nestled on 2.82 acres of picturesque, wooded grounds with a seasonal canal, this property features 22 well-designed units across three two-story buildings: 10 one-bedroom, one-bath apartments and 12 two-bedroom, one-bath apartments. Tenants enjoy two laundry rooms and 22 storage units. Exceptional management has ensured consistent full occupancy. With over an acre of developable land zoned RM for multifamily housing, there’s immense potential for expansion and increased returns. This well-maintained, high-demand property offers the opportunity to own a prime asset in one of Oregon’s most sought-after locations.
PROPERTY FACTS Under Contract
| Price | $4,200,000 | Building Class | C |
| Price Per Unit | $190,909 | Lot Size | 2.78 AC |
| Sale Type | Investment | Building Size | 18,304 SF |
| Cap Rate | 6.23% | Average Occupancy | 100% |
| No. Units | 22 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1971 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low-Rise | ||
| Zoning | RM - Residential Medium Density | ||
| Price | $4,200,000 |
| Price Per Unit | $190,909 |
| Sale Type | Investment |
| Cap Rate | 6.23% |
| No. Units | 22 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 2.78 AC |
| Building Size | 18,304 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1971 |
| Opportunity Zone |
Yes |
| Zoning | RM - Residential Medium Density |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Cable Ready
- Dishwasher
- Heating
- Kitchen
- Oven
- Range
- Carpet
- Deck
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Courtyard
- Laundry Facilities
- Tenant Controlled HVAC
- Storage Space
- Walk-Up
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1 | 12 | - | - |
| 1+1 | 10 | - | - |
1 1
PROPERTY TAXES
| Parcel Number | 169672 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $1,586,609 |
PROPERTY TAXES
Parcel Number
169672
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$1,586,609
CONTACTS
-
Terry ONeil -
Luke Ross -
Dan Kemp -
Ron Ross -
Compass Commercial Real Estate Services
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Studio Gardens Apartments | 1000 NE Butler Market Rd
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