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About this home
Exceptional investment and development opportunity on 1.59 acres. The property currently features three rental residences generating income (house and a duplex), providing an opportunity for immediate cash flow while exploring future development potential. The property's significant upside lies in its potential for a five-lot development, with the possibility of constructing a fourplex on each lot, creating a potential 20-unit multifamily project, subject to zoning, land-use approvals, and applicable development requirements. Infrastructure groundwork has already been initiated, including four sewer stubs and and two 8-inch water main roughed in on the property. These improvements may provide a valuable head start for investors, builders, and developers seeking to capitalize on Central Oregon's housing demand. Combine existing rental income with the potential for a substantial multifamily development.
Southeast Bend, located between the Deschutes River and Pilot Butte, is a residential and outdoorsy Bend neighborhood with river-trail access and a mix of mid-century ranches and newer infill. The neighborhood’s character concentrates around the Reed Market Rd and 3rd St corridor, where coffee counters, bike shops, and local eateries keep the sidewalks active. Silver Moon Brewing and The Lot anchor the local food-and-drink scene with taplists and rotating carts. Larkspur Park and the Bend Whitewater Park frame daily routines around fields, courts, and river features. Streets shift from older, tree-lined blocks to contemporary townhomes, with frequent views toward buttes and the Cascades. A network of paths links neighborhoods to downtown and the Old Mill District without leaning on the car.
Provided by Walk Score and Local Logic
Market insights
20283 Murphy Rd · $2,100,000
DAYS ON MARKET
2 days
The average home goes pending in 32 days.
SALE-TO-LIST
96.7%
Most homes are selling 3% below list price.
LIST PRICE
$2,100,000
Median list price in this area is $739,326. (65% lower than this home)
PRICE DROP
0 price drops
22% of homes in this area have had a price drop in the past month.
Property details
Interior
Exterior
Finance
Interior features
Built-in features
Ceiling fans
Central vacuum
Linen closet
Open floor plan
Wood-burning fireplace
Bedrooms
Unit 1: 4 bedrooms
Unit 2: 2 bedrooms
Unit 3: 2 bedrooms
Bathrooms
Unit 1: 3 full bathrooms
Unit 2: 2 full bathrooms
Unit 3: 2 full bathrooms
Kitchen
Breakfast bar
Dishwasher
Disposal
Double oven
Oven
Range
Range hood
Refrigerator
Laundry & utility
Water heater
Flooring
Carpet
Vinyl
Heating & cooling
Forced-air heating
Natural gas heating
Other cooling
Exterior features
Paved road
Shared access frontage
Home design
Residential income property
Duplex
One level
Parking
Driveway
Shared driveway
3 garages
Security
Smoke detectors
Construction
Built in 1973
Frame construction
Composition roof
Slab and stemwall foundation
One common wall
Utilities
Public water
Septic tank with standard leach field
Electricity connected
Financial info
3 units total
Unit 1 monthly rent: $1,800
Unit 2 monthly rent: $1,100
Unit 3 monthly rent: $700
Electricity and solar
View estimated energy costs and solar savings for this home
This property is prime development property already pre-approved for 5 individual 10,000 sq ft plus home sites. Each homesite can accommodate four units in a quadplex or other creative use, perhaps with added ADUs for even more units. Four existing sewer stubs are ready for hookup. Fire flow water mains already are stubbed in. Power, cable and phone already there. Gas is in the street. Murphy street, sidewalk and boulevard landscaping already completed. Currently there is one single family home and 2 duplexes on the property and 2 undeveloped parcels bordering the current homes. The homes on site are currently rented at far below market rates, with significant tax advantages when demolished. Walking distance to shopping, restaurants and Bend Golf Club. Short hop to Bend Parkway.
Public Records
May 31, 2024
Sold
$1,100,000
$1,100,000/sq ft
MLSCO #220145509
Jun 18, 2022
Listing Removed
—
Jun 3, 2022
Price Changed
$1,650,000
$1,650,000/sq ft
May 12, 2022
Listed
$1,780,000
$1,780,000/sq ft
MLSCO #220144039
May 13, 2022
Listing Removed
—
Apr 25, 2022
Listed
$1,780,000
$1,780,000/sq ft
MLSCO #201903859
Aug 21, 2019
Sold
$1,100,000
$1,100,000/sq ft
Jul 8, 2019
Pending
—
May 10, 2019
Listed
$1,100,000
$1,100,000/sq ft
Year
Property tax
Land + Additions
Assessment*
2025
$7,090 (+7.2%)
2024
$6,616 (+7.9%)
2023
$6,133 (+4.0%)
2022
$5,899 (−0.2%)
2021
$5,908 (+5.4%)
2020
$5,605 (+2.9%)
2019
$5,449 (+2.9%)
2018
$5,295 (+3.0%)
2017
$5,140 (+4.9%)
2016
$4,901 (+2.8%)
2015
$4,766 (+9.9%)
2014
$4,336
Public record
Public record
Zoning
Beds
3
Baths
2.5
Stories
1
Lot width
—
Lot depth
—
Lot size
1.39 Acres
Year renovated
—
Finished Sq. Ft.
1,591
Unfinished Sq. Ft.
—
Total Sq. Ft.
1,591
Year built
1973
Style
Other
County
Deschutes County
APN
121180
Parking Spaces
—
Basement
—
Accessible
—
HOA Dues
—
Garage
—
Features
—
Last updated by owner on Nov 5, 2026.
RL
Low Density Residential District
The Low Density Residential District consists of large urban residential lots that are served with a community water system and DEQ permitted community sewer, private on-site septic systems, or municipal sewer systems. The residential density range in this district is 1.1 to 4.0 dwelling units per gross acre.
Permitted uses
Include but are not limited to:
Greenhouse / nursery
Housing-Single unit
Housing-Multiple units
Housing-Senior
Housing-Mobile home park
Park & open space
Climate risks
1/10 Flood Factor
Minimal risk of a flood reaching the building in the next 30 years
3/10 Fire Factor
0.46% chance of being in a wildfire in next 30 years
3/10 Heat Factor
7 days above 90° expected this year, 16 days in 30 years
1/10 Wind Factor
Minimal risk of severe winds over next 30 years
10/10 Air Factor
19 unhealthy days expected this year, 22 days in 30 years
Provided by First Street
Historical weather
Bend, OR • 97702
Average low and high temperatures (°F)
44°
27°
45°
27°
54°
34°
60°
34°
69°
40°
76°
46°
86°
53°
83°
54°
77°
48°
58°
36°
49°
32°
45°
32°
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
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Oct
Nov
Dec
Sun exposure
Try the sun simulator tool to see how light moves across the property at different times of day and year.
Provided by Shadowmap
Redfin Estimate for 20283 Murphy Rd
$2,026,332
$74K under list price of $2.10M
Nearby comparable homes
The Redfin Estimate uses 6 recent nearby sales, priced between $729K to $940K.