624 SW Drumwood Ave - Apartments FOR SALE


Mcminnville, OR 97128
$7,700,000 USD
503-858-3793
624 SW Drumwood Ave, Mcminnville, OR for Sale
$7,700,000 USD
Apartments - FOR SALE
1/24
null | 6.02% Cap Rate

624 SW Drumwood Ave
Mcminnville, OR 97128


HIGHLIGHTS

  • 20 value-add garden-style units built in 1973
  • Prime Yamhill County location with strong rental demand
  • 27 modern townhome-style units completed in 2020
  • Walking distance to Old Town McMinnville’s shops and dining
  • Minutes from Linfield University campus

OVERVIEW

Located on 3.80 acres near historic Old Town McMinnville (Parcel 154861; BPP #546394 – no 2024 tax receipt), this 47-unit, Class C garden-style complex offers 39,468 SF across nine buildings. The original three buildings (14,412 SF) were built in 1973; six newer structures (25,056 SF) were added in 2020. Unit Mix: • Buildings 1 & 2: 12 × 556 SF 1 bed/1 bath • Building 3: 6 × 890 SF 2 bed/1 bath, 2 × 1,200 SF 3 bed/1 bath • Buildings 4–9: 27 × 928 SF 2 bed/1.5 bath townhomes (bedrooms upstairs) Tenants benefit from centrally located parking with high visibility, private patios/balconies, washer/dryer hookups, and modern cabinetry. This high-yield asset sits within walking distance of Linfield University and downtown amenities, with below-market rents offering significant upside for the next investor.

FOR SALE DETAILS

PRICE

$7,700,000 USD

PRICE/SF

$195 USD /SF

# OF UNITS

47

PRICE/UNIT

$163,830

CAP RATE

6.02%

% LEASED

95%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Drumwood

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Garden

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1973

PARKING SPACES

-

LAND DETAILS

LAND ACRES

3.8 AC

LAND SF

165,528 SF

ZONING

C

APN/PARCEL ID

154861

ASK ABOUT THIS PROPERTY

Ru BudhiSVN | Imbrie RealtyMore Info
503-858-3793

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Ru BudhiSVN | Imbrie RealtyMore Info
503-858-3793

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