2525 NE Studio Rd
Bend, OR 97701
Redevelopment Land with Current Income · Flex Property For Sale

The property is listed for sale at an approximately 6.5% cap rate on the existing income plus $10 per square foot for the extra acre of developable land. This park like setting on approximately 2.73 acres is fully leased to three tenants, a daycare, a not for profit kids art center, and a martial arts studio. The property is zoned Residential Medium Density which allows for 21.7 units per acre. However, there might be incentives from the City of Bend to increase that density if ‘workforce housing’ is developed. The value proposition with this property is for an investor to purchase the property and develop the approximately one acre of excess land immediately while taking cash flow from the current tenants. When the current leases expire, the investor could either demolish the existing buildings and develop additional multifamily units or increase the rents to market rates and allow those buildings to continue generating revenue. The property is strategically located in central Bend close to Albertsons, the Wagner Mall, the Bend River Promenade and multiple eating and retail establishments. It is located directly adjacent to a Cascade East Transit bus stop and has easy access to major thoroughfares including Highway 97, Butler Market Road and Revere Avenue.