1331 Avalon Street
Klamath Falls, OR 97601 ·
36 Units · Multifamily For Sale
|Price||N/A||Property Sub-type||Government Subsidized|
|No. Units||36||Property Use Type||Investment|
|Building Size||25,600 SF||Cap Rate||5.55%|
|Property Type||Multifamily||Year Built||1972|
|Listing ID: 15270118||Date Created: 08/02/2007||Last Updated: 08/02/2007|
A 36-unit apartment complex was developed in 1972 and operates under Section 236 of the National Housing Act subject to the Emergency Low-Income Preservation Act of 1987 (Title II) and pursuant to a Project-Based Section 8 Housing Assistance Payments (HAP) Contract for the benefit of low-income families. The HAP contract is renewed annually. Under the terms of Title II, an owner may prepay the mortgage and under specific conditions terminate the low-income affordability restrictions. Shangri La Apartments has been under contiguous ownership since it's development in 1972. ELIHPA use agreement expires 12/1/2012.
Klamath Falls is located south central region of Oregon and bordering northern California. Klamath Falls sits on the southern shore of the Upper Klamath Lake, nestled in the Klamath Basin on the eastern slopes of the Cascade Mountains. Klamath Falls enjoys nearly 300 days of sunshine each year. The City of Klamath Falls has an urban population of approximately 42,000.
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