3025 7Th St Redmond, OR 97756

Exceptional investment opportunity: North 88 Apartments, a stunning 84-unit multifamily complex in Redmond, Oregon, is currently offered at $25,000,000. This new construction property boasts an impressive 83% occupancy rate as of September 2024, up from 75% the previous month. Situated on 3.03 acres, the property comprises six, three and four-story buildings totaling 71,968 square feet of net rentable space. The units, ranging from 708 to 1,348 square feet, feature desirable amenities including stainless steel appliances, in-unit washers and dryers, quartz countertops, and private balconies or patios. Many units also offer high ceilings, electric fireplaces, and extra storage. The property benefits from a prime location just two miles north of downtown Redmond, in a primarily residential area with nearby commercial and retail options. The current average rents exceed those of comparable projects, with one, two, and three-bedroom units averaging $2.29, $2.08, and $2.16 per square foot respectively. Lease terms vary from 6 to 12 months, with the majority being 12-month agreements. Current concessions include a $500 rent reduction and a reduced $500 deposit. The property is professionally managed, and an estimated cap rate of 5.22% is projected at the asking price, based on current rents and stabilized expenses. Construction features include a pitched composition shingle roof, double-paned vinyl windows, and cement fiber siding. The property also includes an on-site playground and off-street parking. With its strong performance, desirable amenities, and location in a rapidly growing market, North 88 Apartments presents a compelling investment opportunity. The property is zoned R4. The APN is 149854 & 284277.