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Red Cedar Apartments 1441-1461 NW 4th St 20 Unit Apartment Building $6,050,000 ($302,500/Unit) 5.27% Cap Rate Redmond, OR 97756
Investment Highlights
- Located conveniently in the heart of North Redmond between Walmart and St Charles Hospital
- Walking access to retailers, daycare, healthcare, food service and more. Studio apartment and two car garage on 1st floor, 2nd/3rd flr townhome
Executive Summary
Red Cedar Apartments — offered at a 5.3% cap rate — is a newly built, 20-door multifamily asset in North Redmond designed for low-maintenance, ''set-it-and-forget-it'' ownership. The community features four buildings on four separate tax lots, allowing optional future sale of buildings individually. Two of the buildings each include 2 apartments + 2 studios, and two of the buildings each include 3 apartments + 3 studios, for a total of 20 rentable units. Townhome-style residences are paired with ground-level studios, appealing to multiple renter profiles. Fully leased and professionally managed, the property delivers consistent cash flow with tenants paying all utilities, lowering owner expenses. A modern, clean, new-construction investment offering durable income and flexibility.
Data Room Click Here to Access
- Offering Memorandum
Financial Summary (Pro Forma - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$450,600
|
$23.89
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$22,350
|
$1.18
|
| Effective Gross Income |
$428,250
|
$22.70
|
| Taxes |
$53,547
|
$2.84
|
| Operating Expenses |
$55,905
|
$2.96
|
| Total Expenses |
$109,452
|
$5.80
|
| Net Operating Income |
$318,798
|
$16.90
|
Financial Summary (Pro Forma - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $450,600 |
| Annual Per SF | $23.89 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $22,350 |
| Annual Per SF | $1.18 |
| Effective Gross Income | |
|---|---|
| Annual | $428,250 |
| Annual Per SF | $22.70 |
| Taxes | |
|---|---|
| Annual | $53,547 |
| Annual Per SF | $2.84 |
| Operating Expenses | |
|---|---|
| Annual | $55,905 |
| Annual Per SF | $2.96 |
| Total Expenses | |
|---|---|
| Annual | $109,452 |
| Annual Per SF | $5.80 |
| Net Operating Income | |
|---|---|
| Annual | $318,798 |
| Annual Per SF | $16.90 |
Property Facts
| Price | $6,050,000 | Building Class | B |
| Price Per Unit | $302,500 | Lot Size | 0.70 AC |
| Sale Type | Investment | Building Size | 18,862 SF |
| Cap Rate | 5.27% | Average Occupancy | 100% |
| No. Units | 20 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 2023 |
| Property Subtype | Apartment | Parking Ratio | 1.27/1,000 SF |
| Apartment Style | Garden | ||
| Zoning | C1 | ||
| Price | $6,050,000 |
| Price Per Unit | $302,500 |
| Sale Type | Investment |
| Cap Rate | 5.27% |
| No. Units | 20 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | B |
| Lot Size | 0.70 AC |
| Building Size | 18,862 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 2023 |
| Parking Ratio | 1.27/1,000 SF |
| Zoning | C1 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+2.5 | 10 | $2,428 | 1,348 - 1,566 |
| Studios | 10 | $1,413 | 482 - 648 |
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Fairly walkable
50/100
Exceptionally drivable
90/100
Limited public transit
20/100
Fairly bikeable
40/100
Property Taxes
| Parcel Numbers | Total Assessment | $2,626,330 | |
| Land Assessment | $0 | Annual Taxes | $53,547 ($2.84/SF) |
| Improvements Assessment | $0 | Tax Year | 2025 |
Property Taxes
Parcel Numbers
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$2,626,330
Annual Taxes
$53,547 ($2.84/SF)
Tax Year
2025
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Red Cedar Apartments | 1441-1461 NW 4th St
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