Exceptional investment opportunity awaits with Parkside Apartments, a 13-unit apartment building located in Independence, Oregon. This fee-simple property boasts 9,860 net rentable square feet across three, two-story buildings situated on a 0.48-acre lot. Built in 1969, the complex comprises twelve 2-bedroom, 1-bathroom units and one 1-bedroom, 1-bathroom unit, each with one assigned parking space. The asking price is $1,900,000, representing $192.70 per square foot and $146,154 per unit. The property currently generates a NOI of $117,271, yielding a 6.17% cap rate, with a pro-forma NOI of $124,010 and a pro-forma cap rate of 6.52%. Recent upgrades include a complete exterior renovation encompassing new roofing, siding, and exterior painting. Interior improvements feature updated cabinets, countertops, luxury vinyl plank flooring, and remodeled bathrooms. This presents a value-add opportunity for investors to further enhance unit finishes and maximize returns. The property enjoys a prime location just blocks from downtown Independence, offering convenient access to local amenities. The average household income within a 5-mile radius is $75,899, indicating a strong tenant base. This is a generational investment, first on the market in over 20 years, priced significantly below replacement cost.
Highlights
$1,900,000 asking price for a 13-unit apartment building in Independence, Oregon.
Strong cash flow with value-add potential.
Located near downtown Independence, Oregon.
Priced below replacement cost.
Generational investment opportunity, first time on the market in over 20 years.
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Contacts
Whitney Rhoades
Nygel Drury
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800 4Th St, Independence, Oregon, 97351
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Disclaimer
The property value estimates provided on this website are automated calculations based on publicly available data, user-submitted information, and proprietary algorithms. These estimates are not appraisals and should not be used as a substitute for a professional valuation by a licensed appraiser.
We do not guarantee the accuracy, reliability, or completeness of these estimates, as market conditions, property features, and other factors may affect actual property values. Users should conduct their own due diligence and consult with a real estate professional before making financial or investment decisions.
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800 4Th St
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