800 4Th St Independence, OR 97351

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.