2000 Gekeler LnLa Grande, OR 97850

Property Details for 2000 Gekeler Ln

Year built

1972

Property size (Sq ft)

34,850 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This exceptional 41-unit apartment building, Country West Apartments, presents a compelling investment opportunity in La Grande, Oregon. Located at 2000 Gekeler Ln, 97850, this stabilized multifamily property boasts a strong occupancy rate of 100% (as of September 18, 2024), generating a current NOI of $384,766 and a 6.75% cap rate. The property features five, two-story buildings totaling 34,850 square feet, constructed in 1972 and renovated in 2016. Each of the 41 units is a two-bedroom, one-bathroom apartment. The property sits on approximately one acre and includes desirable amenities such as beautifully landscaped grounds with an automated system, patios on almost all units, a pet run, community laundry facilities, and a community fitness room. The T-111 siding and shingled roof (replaced eight years ago) ensure long-term durability. The property's location near Eastern Oregon University (EOU) ensures high tenant demand, with significant potential for rental increases to boost the pro-forma NOI to $603,272 and a pro-forma cap rate of 10.58%. This presents a rare opportunity to acquire a well-maintained, high-demand multifamily asset in a market with limited comparable properties. The asking price is $5,700,000, representing a price per unit of $139,024.39 and a price per square foot of $163.56. The property offers stunning views of the Umatilla National Forest and the city of La Grande.

Location Insight

City

La Grande

County

Union

State

Oregon

Latitude

45.3122

Longitude

-118.084

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