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445 NE Penn Ave - Midtown Development Land - Exemption Approved 0.48 Acres of Residential Land Offered at $1,100,000 in Bend, OR 97701
Investment Highlights
- Motivated Seller- Price cut nearly in half
- MUPTE deed restriction not required but can transfer to buyer
- Excellent Midtown/Orchard District location
- Site approved for 10-year tax exemption (MUPTE )
- MUPTE would require a minimum of 18 units at 120% AMI
- Ideal affordable or market rate multifamily project
Executive Summary
Site approved for 10-year tax exemption (MUPTE )
MUPTE deed restriction not required but can transfer to buyer
MUPTE would require a minimum of 18 units at 120% AMI
Excellent Midtown/Orchard District location
Ideal affordable or market rate multifamily project
Sellers may be open to land contribution or partnership
Property Facts
1 Lot Available
Lot
| Price | $1,100,000 | Lot Size | 0.48 AC |
| Price Per AC | $2,291,666.67 |
| Price | $1,100,000 |
| Price Per AC | $2,291,666.67 |
| Lot Size | 0.48 AC |
Motivated Seller- Price cut nearly in half: Zoned High Density | Tax Exemption Transferable but not Required Price Option One: $1,100,000 without deed restrictions Price Option Two: $1,000,000 with deed restrictions
Description
Price reduced nearly in half. 445 NE Penn Avenue is a 0.48 acre parcel of high density residential (RH) land extremely well-located in the Midtown/Orchard District of NE Bend. Site is deliverable free and clear of any required concept or approved design, however, there is currently an approval for a 59-unit mixed-income apartment complex featuring 59 - 1bd/1ba lofts expiring in 6 months (November 2026) and can be shovel-ready for a new developer if desired. The current owners/developers were one of four granted the Multi Unit Property Tax Exemption (MUPTE) status from the City of Bend. This program allows a 10 year tax abatement in trade for 18 units being restricted to renters earning no more than 120% of Deschutes County's Area Median Income (AMI), This status approval was granted for the current approved 59-unit project. A new developer may choose to seek transfer of this status to use for a new concept or the current approved plan as long as 18 units maintain the deed restriction. Site may also be sold without the transfer of the MUPTE status. Seller's are offering two (2) pricing scenarios: Scenario 1) $1,100,000 if sold as-is without the MUPTE transfer. A new developer can move forward with any concept, product type or density allowed. Scenario 2) $1,000,000 if sold and the MUPTE status is retained/transferred to new buyer. Buyer may then develop any project they wish within the confines of current zoning as long as 18 deed restricted units are delivered. Located in a high-demand housing market near shopping, services, and transportation corridors, this site offers an exceptional opportunity to develop affordable or market-rate multifamily housing in one of Central Oregon’s fastest-growing cities. Ownership may also consider joint venture, partnership, or land contribution structures with qualified developers.
Property Taxes
| Parcel Number | 105177 | Improvements Assessment | $0 |
| Land Assessment | $140,820 | Total Assessment | $140,820 |
Property Taxes
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445 NE Penn Ave - Midtown Development Land - Exemption Approved
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