For sale

$1,555,000

Est. $10,027/mo —

•

14,408

sq ft

1535 SW Highway 97, Madras, OR 97741

About this home

Fantastic Central Oregon Investment Property - Fifteen (15) Units, fully leased, professionally managed apartment complex. Don't miss this rare opportunity to purchase rental property in Madras, OR. These properties offer strong rental history & immediate cash flow opportunity. Each unit is 2 bedroom / 1 bath with mini split HVAC, washer/dryer hookups (some units provided). Walking distance to shopping, restaurants and bus service to Bend/Redmond. Excellent potential for investors looking to expand their portfolio with reliable income producing properties in a mature market at a affordable purchase price.

Multi-familyProperty Type

1950Year Built

1.45 acresLot Size

$108Price/Sq.Ft.

1 spaceParking

Listed by Rick Allen • Willow Canyon Group

Listing updated: Aug 31, 2026 at 12:26pm

Redfin checked: a minute ago

•Source:MLSCO #220227963

Payment calculator

$10,027 per month

Principal and interest$8,486

Property taxes

$1,203

HOA dues

Home insurance

$337

Utilities

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Nearby open houses (2)

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Around this home

Schools

K - 12
Preschool & daycare

Metolius Elementary School

Public K-5 • Assigned • 2.7mi

3/10

Jefferson County Middle School

Public 6-8 • Assigned • 1.9mi

5/10

Madras High School

Public 9-12 • Assigned • 1.2mi

5/10

Provided by GreatSchools

Lifestyle

Provided by Walk Score and Local Logic

Property details

Interior
Exterior
Finance

Interior features
Laminate counters
Linen closet
Open floor plan
Shower/tub combo
Carbon monoxide and smoke detectors

Bedrooms
Unit 1: 2 bedrooms

Bathrooms
Unit 1: 1 full bathroom
Shower/tub combo

Kitchen
Dishwasher
Oven
Range
Range hood
Refrigerator
Laminate counters

Laundry & utility
Washer
Dryer
Water heater

Flooring
Carpet
Vinyl

Heating & cooling
Has heating
Baseboard heating
Wall furnace
Other heating
Has cooling
Ductless cooling
Other cooling

Sale and tax history for 1535 SW Highway 97

Sale History
Tax History

Date

Event

Price

RMLS #173981808

Oct 29, 2026

Pending

—

Aug 26, 2026

Listed

$1,555,000

$108/sq ft

+15

Fantastic Central Oregon Investment Opportunity - Fifteen Unit (15) Fully Leased Apartment Complex. Don't miss this rare chance to purchase rental property in Madras, OR. These properties offer strong rental history & immediate cash flow opportunity. Each unit is 2 bedrooms/1 bath with mini split HVAC, washer/dryer hookups. Walking distance to shopping, restaurants and bus service to Bend/Redmond. Excellent potential for investors looking to expand their portfolio with reliable income producing properties in a mature market at an affordable purchase price.

OCMLS #26-2338

Oct 29, 2026

Pending

—

Aug 21, 2026

Listed

$1,555,000

$108/sq ft

+15

MLSCO #220227963

Aug 19, 2026

Listed

$1,555,000

$108/sq ft

RENT. #1

Feb 3, 2022

Price Changed

$850

$0/sq ft

Public Records

Jul 20, 2016

Sold

$582,500

$40/sq ft

MLSCO #201503229

Oct 9, 2015

Listing Removed

—

Apr 24, 2015

Listed

$599,000

$42/sq ft

MLSCO #201309952

Dec 31, 2014

Listing Removed

—

Oct 25, 2013

Listed

$549,000

$38/sq ft

MLSCO #2340889

Aug 28, 2003

Sold

$540,000

$37/sq ft

Jun 24, 2003

Listing Removed

—

May 7, 2003

Listed

$550,000

$38/sq ft

MLSCO #9907212

Jul 6, 2000

Sold

$475,000

$33/sq ft

Jan 14, 2000

Listing Removed

—

Jul 19, 1999

Listed

$499,500

$35/sq ft

Public record

Public record
Permits

Beds

—

Baths

—

Stories

—

Lot width

—

Lot depth

—

Lot size

1.45 Acres

Year renovated

—

Finished Sq. Ft.

15,680

Unfinished Sq. Ft.

—

Total Sq. Ft.

15,680

Year built

1950

Style

Multi-Family (5+ Unit)

County

Jefferson County

APN

111314-AD-01300

Parking Spaces

—

Basement

—

Accessible

—

HOA Dues

—

Garage

—

Features

—

Last updated by owner on Oct 19, 2026.

May 31, 2024 • Final

Commercial structural

Repair interior fire damage.

Demolition

Remodel

May 1, 2024 • Final

Commercial mechanical

Perform mechanical repairs to address interior fire damage.

HVAC

Permit history is from public records and may be incomplete or inaccurate. Redfin and its agents make no representations about the property condition or permit status. Buyers should independently verify all information.

Climate risks

1/10 Flood Factor

Minimal risk of a flood reaching the building in the next 30 years

5/10 Fire Factor

6% chance of being in a wildfire in next 30 years

4/10 Heat Factor

7 days above 95° expected this year, 15 days in 30 years

1/10 Wind Factor

Minimal risk of severe winds over next 30 years

10/10 Air Factor

18 unhealthy days expected this year, 22 days in 30 years

Provided by First Street

Historical weather

Madras, OR • 97741

Average low and high temperatures (°F)

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Sun exposure

90/ 100

Exceptional sunlight

Sunscore

There appears to be minimal shading by surrounding buildings, terrain, and vegetation.

11.4 hrs

4.9 hrs

JuneDecember

Provided by Shadowmap

Redfin Estimate for 1535 SW Highway 97

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Details provided by MLSCO and may not match the public record. Learn more.

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