For Sale
$1,900,000

800 4Th StIndependence, OR 97351

13-Unit Apartment Building, Value-Add Opportunity

Overview

Added:
Dec 11, 2024
Days on market:
117
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.

Property Details for 800 4Th St

Property type
Apartment buildings
Class
C
Year Built
1969
Buildings
3
Stories
2
Lot Size (sq. ft)
20,909 SF
Units
13

Location Insight

City
Independence
County
Polk
State
Oregon
Latitude
44.8466287
Longitude
-123.1894597
800 4Th St, Independence, Oregon

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800 4Th St
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