445 NE Penn Ave presents a prime multifamily development opportunity in the highly desirable Midtown area of Bend, Oregon. The 0.48-acre (20,908 SF) site is zoned RH – Residential High Density, allowing a minimum density of 21.7 units per acre with no maximum density, providing significant flexibility for developers seeking to maximize unit count. The property allows building heights up to 50 feet and may qualify for reduced parking requirements for units under 750 SF. The site previously received approval for a 59-unit multifamily project, and notably, the property has been granted Multi-Unit Property Tax Exemption (MUPTE) status—one of only a limited number issued in Bend—offering potential property tax benefits for qualifying developments. Located in a high-demand housing market near shopping, services, and transportation corridors, this site offers an exceptional opportunity to develop affordable or market-rate multifamily housing in one of Central Oregon’s fastest-growing cities. Ownership may also consider joint venture, partnership, or land contribution structures with qualified developers.