3118-3124 19th Pl - Apartments FOR SALE


Forest Grove, OR 97116
$1,495,000 USD
503-593-9707
3118-3124 19th Pl, Forest Grove, OR for Sale
$1,495,000 USD
Apartments - FOR SALE
1/20
null | 5.83% Cap Rate

3118-3124 19th Pl
Forest Grove, OR 97116


OVERVIEW

The Donna Place Apartments is an 8-unit multifamily asset located in the desirable Forest Grove submarket of Washington County. Originally constructed in 1972, the property features a low-density, single-level courtyard setting with a strong history of stable occupancy. The unit mix consists of (2) one-bedroom units and (6) two-bedroom units, offering broad tenant appeal within a quiet, residential setting. The units feature large floor plans, with most units having access to large private patios. The property currently generates solid in-place income supported by a mix of long-term residents and recently updated units. There is some near-term upside in the rents, along with additional revenue sources that can be further utilized – including the addition of Utility Bill back (not currently in place), and the implementation of storage locker rentals (currently on-site but not being rented *Potential for a new owner to renovate and capitalize on storage revenue*). Ownership has completed several capital improvements over time, including a new roof in 2017, and many ongoing interior updates at unit turnovers. The property has also benefited from the installation of new PEX water lines installed roughly 15-20 years ago, and new energy efficient vinyl windows & sliders throughout (installed roughly 15-20 years ago). The Donna Place Apartments offer investors the opportunity to acquire a well-maintained, stabilized asset with clear operational upside. A rare opportunity to invest in Forest Grove, one of Washington County’s most stable and desirable submarkets. *Seller is a licensed real estate broker in the State of Oregon and is acting as listing broker for the property.

FOR SALE DETAILS

PRICE

$1,495,000 USD

PRICE/SF

$236 USD /SF

# OF UNITS

8

PRICE/UNIT

$186,875

CAP RATE

5.83%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Donna's Place

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1972

PARKING SPACES

9

LAND DETAILS

LAND ACRES

0.36 AC

LAND SF

15,869 SF

ZONING

N/Av, Forest Grove

APN/PARCEL ID

R0415090

ASK ABOUT THIS PROPERTY

Phillip BarryBarry Investment Real EstateMore Info
503-593-9707

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Phillip BarryBarry Investment Real EstateMore Info
503-593-9707

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.