LA PINE SQUARE 51538-51546 Hwy 97 ("The Dalles-California Hwy') 17,000 SF 100% Leased Retail Building La Pine, OR 97739 $2,778,716 CAD ($163.45 CAD/SF) 5.25% Cap Rate

An excellent income property investment opportunity. 100% leased with long-term in-place occupancies (some tenants have been in the facility for well over a decade). A mixture of national tenants like Figaro's Pizza and H&R Block, regionals like Capelli's Western Wear, and a number of long-time, well known local proprietors like Peng's Chinese Restaurant (a 10 year occupant), Mirror Mirror (hair and nail salon, a 14 year occupant) and Central Oregon Dance (an 11 year occupant). Leases are all gross leases and haven't had increases in some time. There is a significant opportunity to increase income over time as leases come up for renewal.
The site is a 1.24 acre, "Traditional Commercial" (C) zoned property, allowing a large and varied number of commercial uses (as well as some residential uses). The property includes two one-story buildings of 8,000 and 9,000 square feet respectively, with tenant suites ranging in size from 700 to 3,000 sq.ft. (Note: the 700 sq.ft. suite has been donated to the Veterans Outreach program and owner/seller collects no rent for their occupancy of the space). The buildings are constructed of concrete block/masonry and have durable flat membrane-type roofs. It is a low maintenance structure in very good condition.
In the last 2-3 years the owner/seller has performed numerous upgrades or replacements to the property, including replacement of HVAC units, window and doors upgrades to some units, and has re-paved the parking lot. The buildings have no known deferred maintenance items that require attention. 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.
Please note that the contiguous 1.13 acre undeveloped property to the immediate south of subject property on Hwy 97 is also available for sale and offered at $620,000. This property could be sold separately or included with the La Pine Square sale at a negotiated price. This additional site is bare, shovel-ready ground with Hwy 97 direct access.
For additional information related to La Pine Square or the adjoining property please contact listing broker.