3025 7Th StRedmond, OR 97756

Property Details for 3025 7Th St

Lot size

1.47 AC

Property type

Apartment buildings

APN

151304 AB 00200

APU

151304AB00200

Description

Exceptional investment opportunity: North 88 Apartments, a stunning 84-unit multifamily complex in Redmond, Oregon, is currently offered at $25,000,000. This new construction property boasts an impressive 83% occupancy rate as of September 2024, up from 75% the previous month. Situated on 3.03 acres, the property comprises six, three and four-story buildings totaling 71,968 square feet of net rentable space. The units, ranging from 708 to 1,348 square feet, feature desirable amenities including stainless steel appliances, in-unit washers and dryers, quartz countertops, and private balconies or patios. Many units also offer high ceilings, electric fireplaces, and extra storage. The property benefits from a prime location just two miles north of downtown Redmond, in a primarily residential area with nearby commercial and retail options. The current average rents exceed those of comparable projects, with one, two, and three-bedroom units averaging $2.29, $2.08, and $2.16 per square foot respectively. Lease terms vary from 6 to 12 months, with the majority being 12-month agreements. Current concessions include a $500 rent reduction and a reduced $500 deposit. The property is professionally managed, and an estimated cap rate of 5.22% is projected at the asking price, based on current rents and stabilized expenses. Construction features include a pitched composition shingle roof, double-paned vinyl windows, and cement fiber siding. The property also includes an on-site playground and off-street parking. With its strong performance, desirable amenities, and location in a rapidly growing market, North 88 Apartments presents a compelling investment opportunity. The property is zoned R4. The APN is 149854 & 284277.

• CAP approach

  CAP return

  Valuation

  6%

  $19,767,722

  6.5%

  $18,247,128

  7%

  $16,943,762

• Comparable approach

  Method

  Valuation

  Relative Method

  $21,110,638

  Geo Method

  $25,431,122

• Alternative Use

  Use

  Valuation

  Residential

  $18,247,128

  Hospitality

  $16,714,272

  Educational

  $13,906,078

  Medical

  $14,384,329

  Retail

  $21,631,676

Location Insight

City

Redmond

County

Deschutes

State

Oregon

Latitude

44.3042

Longitude

-121.175

CBSA code

13460

CBSA name

BEND, OR METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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