615 SW Evergreen Ave 14 Unit Apartment Building Offered at $1,449,000 at a 4.14% Cap Rate Redmond, OR 97756

The Landaker Building- historic icon in the heart of Downtown Redmond,
Oregon.Built in 1919,thisapproximately 7,500-square-foot,three-story
mixed-use investment building is located at the prominent intersection of
Evergreen Avenue and Sixth Street.The building'shistorical significance and
strategic location in Redmond'sCentral BusinessDistrict (CBD) make it a
standout investment opportunity for those seeking both a prime location and
stable income.
Originally constructed asa one-story pool hall, the Landaker Building underwent
significant renovations in 1932, adding two additional floors for office and
apartment space. Over the years, the iconic building has housed notable
businesses, including the Pastime Tavern, and played a vital role in Redmond's
community life. The building remains a structure of historical significance,
capturing the charm and heritage of Redmond's early 20th-century architecture.
The Landaker Building is fully leased, comprising two retail units on the ground
floor, two commercial units on the third floor, and 10 apartment units on the
second and third floors, all serviced by an elevator.The retail tenants, including
Morning Story and Salon Bliss, benefit from the high foot traffic in this bustling
downtown area.The apartment units, primarily studios, ensure flexibility for
future rent increases or conversion opportunities.
Currently, The Landaker Building is designated as of "historical interest." These
properties are not required to comply with the requirements of the Preservation
of Historic Resources section of the Redmond Development Code except in the
event of demolition or of a major alteration.Short Term Rentals(STRs) are
permitted on C2 zoned properties, including within the Downtown Overlay
District (DOD),granted applicable standards and requirements are complied
with.