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404-414 SE Railraod St | Six Units 404 SE Railroad St 6 Unit Apartment Building $1,650,000 ($275,000/Unit) 6.30% Cap Rate Bend, OR 97702
Investment Highlights
- Full exterior and interior remodel (4-plex)
- Offered together (6 total units)
- Strong rents (average $2.93/SF)
- New duplex (built in 2026)
- 100% occupied
- Great location near 3rd St and Hwy 97
Executive Summary
PROPERTY DESCRIPTION
The Railroad Six Apartments are comprised of six units situated on two adjoining parcels. The property includes a fourplex built in 1971 and extensively remodeled in 2022/23, together with a newly constructed duplex completed in 2026 and issued its certificate of occupancy in May 2026. The unit mix consists of five 1bd/1ba units and one 2bd/2ba unit. Located in Southeast Bend two blocks from SE 3rd Street and approximately one-half mile from the Old Mill District, providing convenient access to nearby shopping, restaurants, employment and retail services.
OPERATIONS
All units are currently occupied. The fourplex includes four 1bd/1ba units of approximately 598 square feet each, with current monthly rents ranging from $1,600 to $1,700, or approximately $2.68 to $2.84 per square foot. The duplex includes one 1bd/1ba unit of approximately 466 square feet and one 2bd/2ba unit of approximately 732 square feet. The two-bedroom unit also includes a 338-square-foot single-car garage with washer and dryer. Current rents in the duplex are $1,750 for the 1bd/1ba unit and $2,150 for the 2bd/2ba unit. Rents for all 6 units meet or exceed prevailing market rents for comparable units in the area.
CONSTRUCTION & AMENITIES
The fourplex is a two-story, wood-frame building constructed over a crawlspace with a seamless membrane roofing system. A comprehensive renovation was completed in 2022/23, including a new roof, cement-fiber siding, vinyl windows and sliders, electrical upgrades, parking and landscaping improvements, and full asbestos remediation. The units feature LVP flooring, updated cabinetry and appliances, quartz kitchen countertops, renovated bathrooms, stackable washers and dryers, electric wall heating and mini-split air conditioning. The two ground-floor units also have rear patios with yard space. The adjacent duplex is wood-frame construction completed in 2026. Both units feature mini-split heating and cooling, modern kitchens with stainless-steel appliances, shaker-style cabinetry and solid-surface countertops, LVP flooring in the primary living areas, carpeted bedrooms and contemporary finishes. Additional amenities include a private fenced yard, covered upper-level balcony, off-street parking and an attached single-car garage serving the two-bedroom unit.
The Railroad Six Apartments are comprised of six units situated on two adjoining parcels. The property includes a fourplex built in 1971 and extensively remodeled in 2022/23, together with a newly constructed duplex completed in 2026 and issued its certificate of occupancy in May 2026. The unit mix consists of five 1bd/1ba units and one 2bd/2ba unit. Located in Southeast Bend two blocks from SE 3rd Street and approximately one-half mile from the Old Mill District, providing convenient access to nearby shopping, restaurants, employment and retail services.
OPERATIONS
All units are currently occupied. The fourplex includes four 1bd/1ba units of approximately 598 square feet each, with current monthly rents ranging from $1,600 to $1,700, or approximately $2.68 to $2.84 per square foot. The duplex includes one 1bd/1ba unit of approximately 466 square feet and one 2bd/2ba unit of approximately 732 square feet. The two-bedroom unit also includes a 338-square-foot single-car garage with washer and dryer. Current rents in the duplex are $1,750 for the 1bd/1ba unit and $2,150 for the 2bd/2ba unit. Rents for all 6 units meet or exceed prevailing market rents for comparable units in the area.
CONSTRUCTION & AMENITIES
The fourplex is a two-story, wood-frame building constructed over a crawlspace with a seamless membrane roofing system. A comprehensive renovation was completed in 2022/23, including a new roof, cement-fiber siding, vinyl windows and sliders, electrical upgrades, parking and landscaping improvements, and full asbestos remediation. The units feature LVP flooring, updated cabinetry and appliances, quartz kitchen countertops, renovated bathrooms, stackable washers and dryers, electric wall heating and mini-split air conditioning. The two ground-floor units also have rear patios with yard space. The adjacent duplex is wood-frame construction completed in 2026. Both units feature mini-split heating and cooling, modern kitchens with stainless-steel appliances, shaker-style cabinetry and solid-surface countertops, LVP flooring in the primary living areas, carpeted bedrooms and contemporary finishes. Additional amenities include a private fenced yard, covered upper-level balcony, off-street parking and an attached single-car garage serving the two-bedroom unit.
Property Facts
| Price | $1,650,000 | Apartment Style | Low-Rise |
| Price Per Unit | $275,000 | Lot Size | 0.23 AC |
| Sale Type | Investment | Building Size | 2,392 SF |
| Cap Rate | 6.30% | Average Occupancy | 100% |
| No. Units | 6 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1971/2026 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Zoning | RM - Residential Medium Density | ||
| Price | $1,650,000 |
| Price Per Unit | $275,000 |
| Sale Type | Investment |
| Cap Rate | 6.30% |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Lot Size | 0.23 AC |
| Building Size | 2,392 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1971/2026 |
| Opportunity Zone |
Yes |
| Zoning | RM - Residential Medium Density |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 5 | - | 466 - 598 |
| 2+1 | 1 | - | 732 |
1 1
Moderately walkable
60/100
Exceptionally drivable
90/100
Limited public transit
30/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 106203 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $200,830 |
Property Taxes
Parcel Number
106203
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$200,830
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404-414 SE Railraod St | Six Units | 404 SE Railroad St
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