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- LoopNet Team
1127 6th Ave SE
Albany, OR 97321
The Station Apartments · Multifamily Property For Sale
·
14 Units
INVESTMENT HIGHLIGHTS
- Updated electrical throughout - including additional outlets in kitchens, bathroom exhaust fans and new lighting
- New vinyl windows and flashing, interior and exterior doors
- New parking lot - $300k; includes new asphalt, sidewalks, curbs and gutters, etc. New stormwater system and foliage, erosion control and DDC Vault
- Fire suppression system - Including sprinkler system throughout, alarms, Heat Detectors, resilient Channels in walls, new riser room, etc.
- New siding west side of building
- Updated/build out of office to include ADA compliant bathroom, new electrical, drywall, insulation, windows, flooring, lighting and paint.
PROPERTY FACTS
| No. Units | 14 | Lot Size | 1.40 AC |
| Property Type | Multifamily | Building Size | 7,866 SF |
| Property Subtype | Apartment | No. Stories | 1 |
| Building Class | C | Year Built/Renovated | 1992/2023 |
| Zoning | Albany-MS - Albany-MS - MS Main Street | ||
| No. Units | 14 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Building Class | C |
| Lot Size | 1.40 AC |
| Building Size | 7,866 SF |
| No. Stories | 1 |
| Year Built/Renovated | 1992/2023 |
| Zoning | Albany-MS - Albany-MS - MS Main Street |
AMENITIES
UNIT AMENITIES
- Disposal
- Washer/Dryer Hookup
- Kitchen
- Loft Layout
SITE AMENITIES
- 24 Hour Access
- Laundry Facilities
- Gas Range
- Bicycle Storage
ABOUT 1127 6TH AVE SE , ALBANY, OR 97321
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.
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+2 | 2 | $1,895 | 973 - 1,370 |
| Studios | 10 | $1,223 | 527 - 712 |
| 3+2 | 1 | $1,995 | 1,206 |
PROPERTY TAXES
| Parcel Number | 0776425 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $744,590 |
PROPERTY TAXES
