White Pine Apartments

$1,040,000

1120 Pine Street, Klamath Falls, OR 97601

For Sale

Multifamily

Active

Last Updated: 07/29/2026

Details:

NOI: $83,579

Building Size: 8,115 sqft

Lot Area: 13 acres

Year Built: 1930

Price Per Sqft: $128.16

Price Per Unit: $65,000

Offered by

Georgie Christensen, Apartment Broker

Managing Director Investments

Marcus & Millichap

#201209670

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Highlights:

Strong Renter Demographics: With no apartment construction in the downtown corridor since the 1930s, professionals at Sky Lakes Medical Center, Oregon Institute of Technology, and area retirees continue to seek safe, clean, and conveniently located apartments like White Pine.
Exceptional Location: Located just one block off Main Street in downtown, residents can easily walk to the area’s best dining, shopping, and entertainment options.
Vintage Charm: Custom built-ins, crown molding, and original wood floors are just some of the unique finishes that make White Pine a special place to call home.
Built-In Rental Upside: The property demonstrates clear rental upside, with current rents averaging approximately 11% below the highest achieved rent at the asset. This gap provides new ownership the opportunity to increase income organically through lease rollovers, requiring no additional capital improvements.

Description:

Originally built in 1924, White Pine Apartments exude classic designer charm, with significant capital invested to enhance the property through renovations to the exterior, common areas, and interior finishes of 15 of the 16 units. Recent market analysis indicates that the Klamath Falls rental housing market remains undersupplied, with limited multifamily development in recent years. The majority of rental properties in the area consist of single-family homes or smaller apartment complexes in poor to fair condition, making high-quality apartments like White Pine both rare and highly sought after.

Location Overview
Perfectly situated in the heart of Klamath Falls’ vibrant downtown district, White Pine Apartments offer residents exceptional access to a wide array of restaurants, shops, and nightlife within walking distance, while major local employers—including the international company Jeld-Wen and Sky Lakes Medical Center—are just a short 10- to 15-minute drive away. Given the property’s prime downtown location, the continued scarcity of quality rentals, and its desirable vintage appeal, White Pine Apartments presents an ideal investment opportunity for investors seeking a well-located asset with strong cash flow potential and long-term upside