For Sale
$1,200,000

404 Centennial St Bend, OR 97702

Renovated Multifamily Investment Opportunity

Overview

Added:
Dec 11, 2024
Days on market:
138
This meticulously renovated four-unit apartment building presents a compelling investment opportunity in Bend, Oregon. Boasting a total of 2,392 square feet of net rentable space, the property features four one-bedroom, one-bathroom units, each approximately 598 square feet. A complete interior and exterior remodel in 2024 included a new roof, siding, windows, parking lot, landscaping, electrical upgrades, updated kitchens and bathrooms with quartz countertops, new LVP flooring, stackable washer/dryers, and mini-split AC units. Asbestos remediation was also completed. The property sits on a 0.18-acre lot and benefits from ample off-street parking (over 8 spaces). Currently achieving above-market rents averaging $2.74 per square foot, with a pro-forma NOI of $64,213 and a 5.35% cap rate, this property offers strong cash flow potential. The building, constructed in 1971, is a two-story wood-frame structure with a flat, seamless membrane roof. Units feature covered entries, and ground-floor units have patios and yard space. Located in Southeast Bend, just two blocks from SE 3rd Street and a half-mile from the Old Mill District, the property enjoys excellent proximity to shopping, dining, and retail. Seller financing is available with negotiable terms, including a 10-15 year loan term and interest-only payments. The seller will vacate in September. The property's permitted zoning is RM (Residential Medium Density), and its APN is 106203. This turnkey investment property offers a rare combination of strong financials and a desirable location.

Highlights

  • Seller financing available.
  • Completely remodeled interior and exterior.
  • Above-market rental income.
  • Ample off-street parking.
  • Excellent location with convenient access to Third Street and Highway 97.
  • Turnkey investment opportunity.

Property Details for 404 Centennial St

Property type
Apartment buildings
Year Built/Renovated
1971/2024
Buildings
1
Stories
2
Lot Size (sq. ft)
7,841 SF
Units
4

Location Insight

City
Bend
County
Deschutes
State
Oregon
Latitude
44.0494681
Longitude
-121.3005211

FAQs

What type of property is this?
Apartment building - Renovated Multifamily Investment Opportunity
Where is the apartment building located?
The property is located at 404 Centennial St Bend, OR.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Seller financing available.; Completely remodeled interior and exterior.; Above-market rental income.
How can I contact the broker?
We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
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404 Centennial St
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