Preble Way Apartments 51376 Preble Way 24 Unit Apartment Building $4,699,000 ($195,792/Unit) 6.50% Cap Rate La Pine, OR 97739

PROPERTY DESCRIPTION
The Preble Way Apartments were recently delivered in 2024 and represent one of only a few apartment communities serving the growing La Pine, Oregon market. The subject property is situated on a 0.83 acre flag lot in a quiet neighborhood setting adjacent to Finley Butte Road in La Pine, Oregon. This attractive location is in close proximity to La Pine’s city core. The apartments are comprised of 24 - total units. All units are spacious 2BD/2BA single-level style units at approximately 851 square feet each.
The Preble Way Apartments represent a one-of-a-kind multifamily project in one of the fastest growing, developer-friendly new markets in central Oregon. As Bend and Sunriver markets are typically seen as the core high-demand market areas in central Oregon, La Pine is positioned to be the next area of residential and multifamily growth while offering similar local attractions, amenities and services at more attractive pricing relative to Bend. La Pine is already experiencing a surge in growth by local single-family, commercial and industrial developers.
OPERATIONS
Preble Way is professionally managed by Cobalt Properties Group, one of Central Oregon’s premiere professional multifamily property management firms based in Bend. Current occupancy as of August 2026 is 93%. Current average rents at Preble Way are approximately $1.80/SF, just under the average for immediate location rental comparables of $1.93/SF. Current expenses are annualized for the current year (January through July) and represent a 30.17% expense ratio. Current capitalization rate based on asking price yields 6.50%
CONSTRUCTION AND AMENITIES
Units at Preble Way are well-appointed with stainless steel appliances, full size Washer/Dryer units (installed), quartz countertops, luxury vinyl plank flooring throughout, dishwasher, tub/shower bathrooms and open kitchen plans with breakfast bar. Select units have high ceilings and all units include zonal electric forced-air heating, air conditioning, electric fireplace, additional storage and private balconies or patios.
Preble Way is a two-building, three story, fully sprinklered property over crawl space foundation. All units are individually metered for electricity and each building master metered for water. Roofing is a pitched composition shingle roofing system. Windows are double paned vinyl and all lap, vertical and shake siding elements are cement fiber product. Exterior stairs are floating concrete and wood, balconies and walkways are 6x6 posted and 2x8 framed.