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.