Golden Triangle Commercial Land
1.46 Acres of Commercial Land Offered at $2,200,000 USD in Bend, OR 97703
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $2,200,000
- Property Type
-
Land
Listing Contacts
Charles Brazer
Verified Profile
Walt Ramage
Verified Profile
Katy Haines
Verified Profile
- Property Info
Property Overview
For sale is the 1.46 acre, General Commercial (CG) zoned vacant land parcel located at 63570 NE Hunnell Road in Bend, Oregon. This parcel represents a very unique and rare opportunity within the “Golden Triangle” of NE Bend. This area gained prominence after the 2016 urban growth boundary expansion and has been a hotbed of commercial and retail development and expansion. This location is home to the majority of Bend’s big-box retail which includes Target, Home Depot, Lowes, Staples, Best Buy, Dicks Sporting Goods and
others.
The subject property is directly adjacent to and located directly east of the main collector road for the “Gateway North” master
planned development. Gateway North is the most recent master-plan project underway in this location. The 52 acre site is bounded by Highway 20 to the west, NW Robal Lane to the south, NE Hunnell Road to the east and Cooley Road to the north. The master-plan includes a brand new Costco facility which is approved and scheduled to break ground fall of 2023. The plan also includes 422 units of approved senior and market-rate housing which is currently on hold due to funding.
There is currently a mixed-use “concept” in pre-app status for the subject property. The concept is for a 5-story storage and multifamily project. The project would comprise of 522-units of storage on floors one through three, and 51-units of multifamily
on floors four and five. Total project completion value when stabilized of approximately $30,500,000 based on a 5.35% blended cap. Seller has stated he would be willing to partner or act as fee developer for a new investor wanting to entitle current concept.
others.
The subject property is directly adjacent to and located directly east of the main collector road for the “Gateway North” master
planned development. Gateway North is the most recent master-plan project underway in this location. The 52 acre site is bounded by Highway 20 to the west, NW Robal Lane to the south, NE Hunnell Road to the east and Cooley Road to the north. The master-plan includes a brand new Costco facility which is approved and scheduled to break ground fall of 2023. The plan also includes 422 units of approved senior and market-rate housing which is currently on hold due to funding.
There is currently a mixed-use “concept” in pre-app status for the subject property. The concept is for a 5-story storage and multifamily project. The project would comprise of 522-units of storage on floors one through three, and 51-units of multifamily
on floors four and five. Total project completion value when stabilized of approximately $30,500,000 based on a 5.35% blended cap. Seller has stated he would be willing to partner or act as fee developer for a new investor wanting to entitle current concept.
Property Details
- Property Subtype
- Commercial
Highlights
- CG zoning allows for a wide variety of uses
- Proposed mixed-use development (multifamily and storage)
- Directly adjacent to Costco's new development site (Gateway North)
- Located in the "Golden Triangle" near Cascade Village, an area of national/big-box retailers
- Current multifamily and storage concept valuation of $30.5M
- Adjacent to proposed 252-unit housing development (senior and market)
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