Preble Way Apartments

For sale is 0.89 acres of commercial/residential mixed-use land located at 51366 Preble Way in La Pine, Oregon. Approvals have been received for an 11 space modular home park. Approvals were granted March 22, 2024, and are valid for 2 years. Quotes are available for manufactured dwelling units (by Fleetwood) along with shipping rates to site. Units include eight 2-BR / 1-BA manufactured homes that are 640 square feet and three 3-BR / 2-BA manufactured homes that are 880 square feet. The homes will be permanently affixed to the real estate and leased to tenants with the underlying homesite. Based on proforma income & expenses endorsed by recent appraisal, completed valuation of a stabilized project is near $2,050,000 based on a market cap rate of 7% supported by recent and local sales comparables. ZONING The Commercial/Residential Mixed-Use (CRMX) Zone is intended primarily as a smaller scale, service and office commercial district with associated residential that may consist of upper-level units. A live-work design concept within the mixed-use district serves as a buffer between the C zone and residential zones. Commercial uses are allowed in the zone but are limited in order to facilitate a mixed-use development pattern. The proposed improvements represent a legally conforming and permitted use. ZONING SUMMARY Current Zoning: Commercial/Residential Mixed-Use (CRMX) Legally Conforming: Yes Uses Permitted: Residential and Commercial Zoning Change: Not likely Minimum Lot Size: NONE Minimum Lot Width: NONE Maximum Height: 45 Feet Minimum Setbacks Front Yard 20 Feet Street Side Yard 20 Feet Interior Side Yard 10 Feet Rear Yard 10 Feet Maximum Building Coverage: 60% Subject Property: 12.3 Pads/Acre