51470 Highway 97 12,000 SF 100% Leased Retail Building La Pine, OR 97739 $1,768,540 CAD ($147.38 CAD/SF) 6% Cap Rate

Aspen Alley provides an opportunity to acquire a fully leased and performing retail center on Hwy 97 (The Dalles - California Highway) in La Pine, Oregon. An excellent income property investment opportunity. 100% leased. The majority of tenants have been located in the center for many years. Leases have typically been of 2 to 3 year terms, but tenants are used to renewing. Some tenants have been in the complex for nearly two decades. A mix of well performing, long-term local businesses including the popular Cinco De Mayo Mexican Restaurant and other businesses including a hobby store, beauty shop, day spa, pet grooming, a clothing boutique, and a frozen yogurt store are located within the facilities.
The 1.52 acre site features four, one-store, stick framed buildings with metal roofs. Building sizes are approx. 800 sq.ft. and 1,200 sq.ft. for the two single-occupancy buildings to approx. 5200 to 5500 sq.ft. for the two multi-tenant occupied buildings. All spaces are individually metered for electrical and natural gas, which tenants pay directly to utility companies, along with their own garbage services. Owner/landlord pays the city sewer/water bills and property taxes and insurance.
There is a significant opportunity to increase revenue and returns as shorter term leases are converted from current Gross Leases to Triple Net leases closer to market rates. Retail and office space is in very short supply in this small community, providing limited competition and very short periods to fill any vacancies that should occur in the future, if any. This could be an essentially turn-key acquisition for an investor. Property management services are available at reasonable rates through seller agent's office if a buyer desires that service.
For additional information and to arrange a tour, please contact Broker.