1280-1330 NE Purcell Blvd, Bend, OR 97701 For Sale

The Spring Pines Apartments comprise of 42-units located at 1280-1330 NE Purcell Blvd in Northeast Bend, Oregon. The site is 1.98 acres and consists of six two-story garden-style apartment buildings constructed in 1993 with a total of 72 parking spaces, including covered spaces. The community offers a uniform unit mix of 2BD/1BA flats averaging approximately 888 square feet, providing an efficient and highly rentable layout within one of Bend's established residential submarkets.

The property has been well maintained through long-term ownership and ongoing interior improvements. The property's combination of stable occupancy, functional layouts, and operational upside presents investors with a rare opportunity to acquire a well-located Bend apartment community at pricing below estimated replacement cost.

Spring Pines is currently self-managed and operates at a 6.04% cap rate based on in-place income and trailing 12 month expenses. Occupancy is currently 100% as of May 2026. Current average rents are approximately $1,476/unit ($1.66/SF), roughly $0.25/SF below market in as-is condition. Rents range from $895 to $1,777/month presenting upside through rent stabilization. Existing ownership does not currently bill tenants back for utilities, creating an immediate opportunity to implement a utility reimbursement program.

Additional upside exists through continued interior modernization and the potential installation of in-unit washers and dryers in lower-level units that already contain hookups. Given the strong demand for upgraded workforce housing in Bend, further unit enhancements could potentially support rents approaching or exceeding $2.00/SF over time. The property represents a true operational value-add opportunity in a market with historically strong multifamily fundamentals and high barriers to new development.

The Spring Pines Apartments are located in Northeast Bend along NE Purcell Blvd, one of the area’s primary residential corridors with direct connectivity to major employment, medical, and retail destinations. The property is within walking distance to St. Charles Medical Center, one of Central Oregon’s largest employers, and Pilot Butte State Park, offering hiking trails and panoramic views of the city and Cascade Mountains.