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Cascade Cottages 61615 Alstrup Rd 7 Unit Apartment Building $2,100,000 ($300,000/Unit) 4.36% Cap Rate Bend, OR 97702
INVESTMENT HIGHLIGHTS
- Brand New: Newly completed cottages with modern finishes, energy efficiencies, and minimal deferred maintenance
- Canal Views: Peaceful setting with serene water views that enhance tenant experience
- Onsite Parking: Dedicated parking lot plus abundant street parking for tenants and guests
- Strategic Location: SW Bend near Fred Meyer, 3rd Street retail, restaurants, and everyday conveniences
- Fully Occupied: Cottages are 100% occupied, with six units leased and one unit month-to-month
- Concert Proximity: Steps from Hayden Homes Amphitheater hosting approximately 50 high-profile concerts per season
EXECUTIVE SUMMARY
Cascade Cottages offers investors the opportunity to acquire a brand-new, seven-unit multifamily development located in the heart of Southwest Bend. Completed in 2022, this boutique property features seven thoughtfully designed cottages, each 615 square feet, situated on nearly half an acre fronting the canal. The setting combines modern design with a peaceful environment, creating strong appeal for tenants. Currently 100% occupied, six units are leased and one is month-to-month, providing both stability and flexibility. The location amplifies the value proposition. Cascade Cottages is minutes from Fred Meyer, restaurants, and 3rd Street amenities, while also adjacent to the Old Mill District, a hub for shopping, dining, and cultural experiences. The Old Mill District is home to the Hayden Homes Amphitheater, which draws nearly 50 concerts per season and hosts marquee performers such as The Lumineers, Mumford & Sons, Goo Goo Dolls, and Brad Paisley. This combination of amenities and cultural offerings enhances the lifestyle appeal for residents and supports strong, long-term tenant demand. With in-place NOI of $91,506 and a cap rate of 4.36%, Cascade Cottages combines immediate cash flow with significant upside, making it a compelling multifamily investment in one of Oregon’s most dynamic markets.
PROPERTY FACTS
| Price | $2,100,000 | Building Class | B |
| Price Per Unit | $300,000 | Lot Size | 0.49 AC |
| Sale Type | Investment | Building Size | 4,506 SF |
| Cap Rate | 4.36% | Average Occupancy | 100% |
| No. Units | 7 | No. Stories | 1 |
| Property Type | Multifamily | Year Built | 2022 |
| Property Subtype | Apartment | Parking Ratio | 1.78/1,000 SF |
| Apartment Style | Garden | ||
| Zoning | RM - RESIDENTIAL MEDIUM DENSITY | ||
| Price | $2,100,000 |
| Price Per Unit | $300,000 |
| Sale Type | Investment |
| Cap Rate | 4.36% |
| No. Units | 7 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | B |
| Lot Size | 0.49 AC |
| Building Size | 4,506 SF |
| Average Occupancy | 100% |
| No. Stories | 1 |
| Year Built | 2022 |
| Parking Ratio | 1.78/1,000 SF |
| Zoning | RM - RESIDENTIAL MEDIUM DENSITY |
AMENITIES
SITE AMENITIES
- 24 Hour Access
1 1
Bike Score®
Very Bikeable (75)
PROPERTY TAXES
| Parcel Number | 119598 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $809,150 |
PROPERTY TAXES
Parcel Number
119598
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$809,150
CONTACTS
-
Dan Kemp -
Ron Ross -
Terry ONeil -
Luke Ross -
Compass Commercial Real Estate Services
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Cascade Cottages | 61615 Alstrup Rd
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