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For Sale

445 NE Penn Ave

445 NE Penn Ave, Bend, OR 97701

Located off Fourth St on Penn Ave.Price reduced nearly in half. 445 NE Penn Avenue is a 0.48 acre parcel of high density residential (RH) land extremely well-located in the Midtown/Orchard District of NE Bend. Site is deliverable free and clear of any required concept or approved design, however, there is currently an approval for a 59-unit mixed-income apartment complex featuring 59 - 1bd/1ba lofts expiring in 6 months (November 2026) and can be shovel-ready for a new developer if desired.  The current owners/developers were one of four granted the Multi Unit Property Tax Exemption (MUPTE) status from the City of Bend. This program allows a 10 year tax abatement in trade for 18 units being restricted to renters earning no more than 120% of Deschutes County's Area Median Income (AMI), This status approval was granted for the current approved 59-unit project. A new developer may choose to seek transfer of this status to use for a new concept or the current approved plan as long as 18 units maintain the deed restriction. Site may also be sold without the transfer of the MUPTE status.  Seller's are offering two (2) pricing scenarios: Scenario 1) $1,100,000 if sold as-is without the MUPTE transfer. A new developer can move forward with any concept, product type or density allowed. Scenario 2) $1,000,000 if sold and the MUPTE status is retained/transferred to new buyer. Buyer may then develop any project they wish within the confines of current zoning as long as 18 deed restricted units are delivered.

Key features

  • Excellent Midtown/Orchard District location
  • Ideal affordable or market rate multifamily project
  • Motivated Seller- Price cut nearly in half
  • MUPTE deed restriction not required but can transfer to buyer
  • MUPTE would require a minimum of 18 units at 120% AMI
  • Sellers may be open to land contribution or partnership
  • Site approved for 10-year tax exemption (MUPTE )
Want more info on this listing?

Reach out to the broker for more info on lease terms and amenities

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Contacts

broker
Chuck Brazer

NAI Cascade

Building Details

  • For Sale $1,800,000
  • Property Type VacantLand
  • Lot Size 0.48 Acre
  • Date Updated May 4, 2026

Attachments

  • Property Brochure 1 ()opens in new window

Getting Around

  • Walk Score ®

    Very Walkable (88)
  • Transit Score ®

    Some Transit (40)
  • Bike Score ®

    Very Bikeable (85)
Powered by Walk Score ®

Location

  • City Bend, OR
  • Neighborhood Orchard District
  • Zip Code 97701
  • Market Eugene
  • Map
  • Street

Points of Interest

Shell

0.31 miles

Arco

0.39 miles

enel X

0.41 miles

Pacific Pride

0.47 miles

Red Carpet Shell

1.24 miles

Mobil

1.25 miles

Westside Food Mart

1.28 miles

Tesla Supercharger

1.37 miles

Sinclair

1.46 miles

Pilot Butte State Park

1.18 miles

A2

2.26 miles

G1

2.33 miles

C4

2.36 miles

C5

2.37 miles

C3

2.38 miles

G3

2.41 miles

E1

2.42 miles

C6

2.43 miles

M&M Car Wash

0.53 miles

Red Carpet Car Wash

1.23 miles

Red Carpet Detail Center

1.25 miles

Empire Car Wash

1.76 miles

Sud-N-Shine

2.23 miles

Black Bear Diner

0.17 miles

Wendy's

0.17 miles

Dandy's

0.18 miles

Pho Viet

0.19 miles

Papa Murphy's

0.22 miles

Carl's Jr.

0.23 miles

Rigoberto's

0.27 miles

123 Ramen

0.28 miles

Bend Burger Company

0.29 miles

Albertsons

0.19 miles

Colima Market

0.41 miles

Safeway

0.63 miles

Bi-Mart

0.90 miles

TJ Maxx

1.09 miles

Natural Grocers

1.12 miles

Kohl's

1.16 miles

Market of Choice

1.17 miles

Macy's

1.19 miles

Bend Treatment Center

0.24 miles

Rite Aid

0.25 miles

Safeway

0.65 miles

Walgreens

0.72 miles

Bi-Mart

0.90 miles

Bend Police Department

1.00 miles

Bend Fire Station 306

1.07 miles

Family Choice Urgent Care

1.08 miles

Focus Physical Therapy Inc

1.30 miles

445 NE Penn Ave Listing Summary

  • What is the asking price at 445 NE Penn Ave?

    445 NE Penn Ave is currently listed for sale at Contact for pricing.

Contact Listing Broker
broker
Chuck Brazer

NAI Cascade

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