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445 NE Penn Ave - Fully-Approved Micro-Unit Development 0.48 Acres of Residential Land Offered at $2,100,000 in Bend, OR 97701
EXECUTIVE SUMMARY
This forward-thinking development is designed to meet the growing housing demand in one of Oregon’s fastest-growing markets and qualifies for a MUPTE tax exemption (more info on pages 11 and 12). The projected valuation at completion is $24 million, with an expected 5.14% capitalization rate, based on 95% stabilized occupancy, market-rate rents, and realistic operating expenses. The estimate reflects an anticipated 18–24 month construction timeline and continued improvement in market fundamentals.
Penn Lofts represents a rare opportunity to invest in Bend’s sustainable, community-centered urban future.
PROPERTY FACTS
1 LOT AVAILABLE
Lot
| Price | $2,100,000 | Lot Size | 0.48 AC |
| Price Per AC | $4,375,000.00 |
| Price | $2,100,000 |
| Price Per AC | $4,375,000.00 |
| Lot Size | 0.48 AC |
Fully-approved micro unit project. Excellent Midtown Bend location with proximity to Third St. amenities and downtown. High-demand market area. MUPTE tax exemption approval.
DESCRIPTION
An innovative micro-unit development opportunity ideally located at 445 NE Penn Avenue in the heart of Bend, Oregon. Offered at $2,400,000, this 0.48-acre site is zoned RH (Residential High Density) and is approved for a thoughtfully designed 59-unit multifamily project. With a total proposed building size of 41,334 square feet, Penn Lofts combines a high-density footprint with efficient, modern living in vibrant and dynamic midtown, the City of Bend’s focus for business growth and redevelopment, and just minutes from Downtown Bend. Each unit is a lofted, one-bedroom apartment featuring 13 ft high ceilings and full windowed wall for abundant natural light and territorial views. A kitchenette, full bathroom and built-in storage are efficiently tucked beneath the stairwell maximizing open living space. Penn Lofts fosters community in a way that sets it apart from traditional multifamily developments. Each floor includes a shared living area with a full kitchen, co-working space and lounge section for gathering with friends. A state-of-the-art onsite gym and conference room cater to Bend’s remote workforce and social lifestyle.
PROPERTY TAXES
| Parcel Number | 105177 | Improvements Assessment | $0 |
| Land Assessment | $136,720 | Total Assessment | $136,720 |
PROPERTY TAXES
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445 NE Penn Ave - Fully-Approved Micro-Unit Development
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