542 Pacific Ave - Multi-Family FOR SALE


Brookings, OR 97415
$875,000 USD
541-944-9967
542 Pacific Ave, Brookings, OR for Sale
$875,000 USD
Multi-Family - FOR SALE
1/70
null | 6.31% Cap Rate

542 Pacific Ave
Brookings, OR 97415


OVERVIEW

Merit Commercial Real Estate is pleased to exclusively present Pacific Court Apartments, an 8-unit apartment complex located in the stunning coastal city of Brookings, Oregon (the "Property"). As an extraordinarily rare public market offering of an attainable and well-positioned apartment complex near schools, parks, downtown, and beach access, Pacific Court presents a unique opportunity ideal for local or out-of-state ownership. Situated on 0.34 acres, the Property features a recently improved ±5,075 SF single-story multifamily apartment complex with a total of two apartment buildings (one roofline; attached via breezeway) , four storage sheds/units and detached garage building with two divided spaces. Individual unit sizes were not measured, floor plan suggests that all apartment units are varying sizes, see OM for more information. The layout of the Property is functional and highly efficient with a unit mix including (7) 1-bed/1-bath units and 1 studio unit (Unit #2). Units 1-4 are located within "Building 1" and units 5-7 are in "Building 2". Tenancies are currently mixed, with several long-term stable tenants and some recent turnover; currently at 100% occupancy with reportedly little to no issues ever maintaining 95%+ occupancy. Expense splits are standard, with the LL providing water, sewer, and garbage, and the tenant(s) covering unit-power, internet, cable, etc. Pacific Court is located within a quieter mixed residential neighborhood and is in close proximity to various amenities including Brookings-Harbor High School (directly across the street), multiple parks, restaurants and retailers, employers, and several different beach accesses. The opportunity is clear at Pacific Court for investors seeking day-one yield from a stable and well-maintained asset, and future upside potential from turnover and further improvements. Buyer is responsible for any and all due diligence. Contact the listing brokers today for additional information.

FOR SALE DETAILS

PRICE

$875,000 USD

PRICE/SF

$172 USD /SF

# OF UNITS

8

PRICE/UNIT

$109,375

CAP RATE

6.31%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Pacific Court Apartments

PROPERTY TYPE

Multi-Family

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1951

PARKING SPACES

10

LAND DETAILS

LAND ACRES

0.34 AC

LAND SF

14,810 SF

ZONING

R-3

APN/PARCEL ID

R14746

ASK ABOUT THIS PROPERTY

Caspian HoehneMerit Commercial Real Estate LLCMore Info
541-944-9967

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Caspian HoehneMerit Commercial Real Estate LLCMore Info
541-944-9967

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