- 20,424
- sqft
- 2024
- year built
- Status:
- Active
- MLS #:
- 220231002
- Listed By:
- Charles T Brazer - NAI Cascade
Sponsoring Broker: Dan Cook, Berkshire Hathaway HomeServices Northwest Real Estate
See attachment for more information including APOD. The Preble Way Apartments were recently delivered in 2024 and represent one of only a few apartment communities serving the growing La Pine, Oregon market. The subject property is situated on a 0.83 acre flag lot in a quiet neighborhood setting adjacent to Finley Butte Road in La Pine, Oregon. This attractive location is in close proximity to La Pine's city core. The apartments are comprised of 24 - total units. All units are spacious 2BD/2BA single-level style units at approximately 851 square feet each. The Preble Way Apartments represent a one-of-a-kind multifamily project in one of the fastest growing, developer-friendly new markets in central Oregon. Seller willing to guarantee rent at 90% occupancy for one year. Current average rents at Preble Way are approximately $1.80/SF, just under the average for immediate location rental comparables of $1.93/SF. Current capitalization rate based on asking price yields 6.64%.
Highlights
- Residential Income
- Multi Family
- Built in 2024
- 0.83 Acre Lot
- 3 days on Market
-
- Year Built
- 2024
-
- Architectural Style
- Contemporary
-
- Foundation
- Slab
-
- Parking Features
- Parking Lot
-
- Flooring
- Vinyl
-
- Cooling
- Wall/Window Unit(s)
-
- Heating
- Wall Furnace, Forced Air
-
- Acres
- 0.83
-
- Water
- Public
-
- County
- Deschutes
-
- City
- La Pine
-
- Neighborhood
- N/A
-
- Zip Code
- 97739
-
- High School
- LaPine Sr High
-
- Middle School
- LaPine Middle
-
- Elementary School
- LaPine Elem
-
Nearby Schools
-
56out of 100
Public School for 51376 Preble Way, La Pine, OR 97739
Grades: Middle
Distance: 0.73 mi
-
71out of 100
-
41out of 100
-
56out of 100
-
99out of 100
Disclaimer: ez Home Search School Ratings are on a scale of 1-100 and represent our evaluation of school quality based on academic performance, school resources, community feedback, and demographic factors. School attendance boundaries are for reference only. Contact the school directly to verify enrollment eligibility.
-
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Price History
| 11/09/2026 | Listed | $4,600,000 |
| Source: Oregon Data Share #220231002 | ||
| 07/01/2022 | Sold | $200,000 |
| Source: Central Oregon Association of REALTORS #220142173 | ||
| 03/30/2022 | Listed | $200,000 |
| Source: Central Oregon Association of REALTORS #220142173 | ||
| 07/01/2022 | Sold | $200,000 |
| Source: Oregon Data Share #220142173 | ||
| 03/29/2022 | Listed | $200,000 |
| Source: Oregon Data Share #220142173 | ||
| 07/23/2021 | Off Market | — |
| Source: Oregon Data Share #220127773 | ||
Source: MLS Data
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Frequently Asked Questions
How do I schedule a tour of 51376 Preble Way?
We can make that happen quickly. Click Tour This Home and we'll connect you directly with our vetted local partner to schedule your visit to 51376 Preble Way.
They know residential incomes in the area well and can give you the guidance you need to buy with confidence.
How do I get more information about 51376 Preble Way?
Click Ask a Question to talk with our team. You already know it is a N/A bed, N/A bath, listed for $4,600,000. We can talk through recent upgrades, potential seller motivation, how this multi family compares to others in La Pine, and can even get you in to see the property quickly.
How much is the monthly mortgage payment for 51376 Preble Way?
With a 20% down payment and a 30-year fixed loan at an illustrative 7.25% rate, the ez Mortgage Calculator estimates the monthly payment for 51376 Preble Way at around $29,230. This includes estimated property taxes and insurance.
Want to see how this changes with different down payments or interest rates? Jump to the calculator to run the numbers and fine-tune your plan.
How do I get pre-approved to buy 51376 Preble Way?
Stand out in a competitive market by getting pre-approved today. Our quick and private pre-approval process helps you understand your true buying power—no credit pull required to explore all of your options.
Or, let us connect you with our preferred local lender in Deschutes County. They will give you all of your available financing options, based on your specific situation and what is available to you.
Can I negotiate the asking price for 51376 Preble Way?
In most cases, yes. Whether 51376 Preble Way is priced competitively or not, your best offer depends on your personal situation, the seller's timeline, and recent activity in La Pine's market. Our preferred local partner will help you craft a strategy—factoring in comparable properties that have sold, timing, and deal structure—to make a smart, strong offer. Click here to ask about negotiation opportunities.
How do I make an offer on 51376 Preble Way?
We can handle that for you. Our preferred local agent specializes in residential incomes in La Pine and can guide you through every step of the offer process.
You need an expert who is looking out for your best interests. From market valuation to contingencies and timing, they'll help you present a compelling offer that fits your goals. Click Ask a Question to get started today.
What is the price per square foot for this home?
This home is listed at $4,600,000 with 20,424 sqft of space—that comes out to approximately $225 per square foot.
How long has this property been on the market?
51376 Preble Way was listed on November 09, 2026, which means it's been on the market for 3 days.
Want to keep tabs on it? Click the ♥ to favorite this home and get notified of price drops or changes.
When was this house built?
This home was built in 2024, making it approximately 2 years old.
What is the lot size of this property?
51376 Preble Way sits on a 0.83-acre lot, which is 36,155 square feet.
What schools are assigned to this property?
Based on MLS info, this home is zoned for:
- Elementary: LaPine Elem
- Middle: LaPine Middle
- High: LaPine Sr High
Want to see how these schools compare? Check out our Deschutes County School Guide to see ratings, reviews, and more for the schools in the area.
What are the property taxes for 51376 Preble Way?
The most recent public record shows annual property taxes for 51376 Preble Way were approximately $36,627. This may change with reassessment or exemptions. Our local partner can verify current tax amounts and help you estimate future costs based on your situation.
Is 51376 Preble Way still available for sale?
Yes, this home is still available! Click the ♥ to favorite it so you don't miss any changes—or ask our local expert to schedule a time to see it in person.
Source: ez Home Search, MLS Data
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The data relating to real estate for sale on this website comes in part from the Internet Data Exchange Program of the Oregon Datashare. Real estate listings held by IDX Brokerage firms other than {{BROKERAGE}} are marked with the Internet Data Exchange logo or the Internet Data Exchange thumbnail logo and detailed information about them includes the name of the listing Brokers. Information provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the viewer may be interested in purchasing. The consumer will not copy, retransmit nor redistribute any of the content from this website. Information provided is deemed reliable, but not guaranteed. Copyright ©2026 Oregon Datashare (KCAR | MLSCO | SOMLS). All rights reserved.
Last Updated: November 12, 2026 at 11:00AM | Source: Oregon Data Share | MLS#: 220231002