For Sale
$2,100,000

2622 Main StBanks, OR 97116

12-Unit Apartment Building, High Growth Potential

Overview

Added:
Dec 11, 2024
Days on market:
124
This exceptional 12-unit apartment building, located at 2622 Main St in Forest Grove, Oregon, presents a compelling investment opportunity. The property boasts 9,630 square feet of net rentable space, situated on a 0.6-acre lot with RH zoning. Built in 1996, this two-story Class B building features 23 parking spaces, recently repaved in 2023. Currently 100% occupied, the property generates a strong NOI of $123,242, representing a 5.87% cap rate. A pro-forma analysis projects a significant increase in NOI to $180,782 and an 8.61% cap rate, reflecting the potential for rent increases to market rates. Each of the twelve units is a two-bedroom, one-bathroom apartment. The property includes an owner-operated coin laundry with three washers and three dryers. Recent upgrades include roof replacement (2017), siding, gutters, exterior paint, and window replacements (2020). Landlord pays water, sewer, and garbage

Highlights

  • 12-unit apartment building with expansion potential on adjacent vacant land.
  • Significant rental upside potential.

Property Details for 2622 Main St

Property type
Apartment buildings
Square Feet
9,630 SF
Class
B
Year Built
1996
Buildings
1
Stories
2
Lot Size (sq. ft)
26,136 SF
Units
12

Location Insight

City
Banks
County
Washington
State
Oregon
Latitude
45.5277614
Longitude
-123.1119791
2622 Main St, Banks, Oregon

FAQs

What type of property is this?
Apartment building - 12-Unit Apartment Building, High Growth Potential
Where is the apartment building located?
The property is located at 2622 Main St Banks, OR.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: 12-unit apartment building with expansion potential on adjacent vacant land.; Significant rental upside potential.;
How can I contact the broker?
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2622 Main St
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