1127 6Th Ave, Albany, OR 97321

14 Unit Apartment Building | $2,100,000 ($150,000/Unit) | 7.94% Cap Rate | Albany, OR 97321

Asking Price $2,100,000

Sale Condition: 1031 Exchange
Property Type: Multifamily
Square Feet: 10,389 SF

Listing Contacts

Property Info

Property Overview

Prime Investment: The Station features 11 trendy move-in ready units, boasting a 5.9% cap rate - $212,000 gross income and $166,565 NOI. Extensive upgrades including electrical, plumbing, HVAC, windows, siding, kitchens, bathrooms, parking lot, bike storage, onsite laundry, and new stormwater and fire suppression systems. Unlock additional income with 3 more unfinished units, for a total of 14 doors, not including rentable storage, and a large 1.4 acre lot with space for more construction in the rear. The estimated Cost to complete unfinished units is between $300 to $400K and would increase cap rate potential.

Property Details

Class: C
Year Built/Renovated: 1992/2023
Stories: 1
Lot Size (sq. ft): 60,984 SF
Units: 14

Highlights

Updated electrical throughout - including additional outlets in kitchens, bathroom exhaust fans and new lighting
Fire suppression system - Including sprinkler system throughout, alarms, Heat Detectors, resilient Channels in walls, new riser room, etc.
New vinyl windows and flashing, interior and exterior doors
New siding west side of building
New parking lot - $300k; includes new asphalt, sidewalks, curbs and gutters, etc. New stormwater system and foliage, erosion control and DDC Vault
Updated/build out of office to include ADA compliant bathroom, new electrical, drywall, insulation, windows, flooring, lighting and paint.

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