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2394 Marion St 12 Unit Apartment Building $1,450,000 ($120,833/Unit) 6.97% Cap Rate North Bend, OR 97459
INVESTMENT HIGHLIGHTS
- Upside in Multiple Units via Alignment with Already-Proven Market Rents
- Tucked Away in Quiet Residential Neighborhood
- Professionally Managed and Maintained for Turnkey Acquisition
- Diverse Mix of Studio, One- and Two-Bedroom Units, Many in Single-Story Buildings
- Updated electrical and Plumbing Throughout Complex
EXECUTIVE SUMMARY
The Rhoades Group of Marcus & Millichap is excited to exclusively represent the sale of Marion Street Apartments, two adjoining apartment buildings located in North Bend, Oregon. This well-kept complex includes a total of 12 units, along with a laundry facility and additional storage units, making it an appealing investment prospect.
The Marion Street Apartments consist of 9 two-bedroom units, 2 one-bedroom units, and 1 studio, all featuring open layouts that enhance the living experience. All of the units are designed in a garden-style layout, with over half featuring back patios and spacious fenced front yards, perfect for tenants looking for outdoor space and a house-like environment.
There is an opportunity to increase rental income by aligning rents with the highest proven and continuing upgrades with premium finishes such as stainless steel appliances, quartz countertops and modern hardware packages. The complex has undergone numerous upgrades, including modernized electrical and plumbing systems, several new electric panels, and updated water heaters and many interiors tuned to a quality workforce housing option.
The Marion Street Apartments consist of 9 two-bedroom units, 2 one-bedroom units, and 1 studio, all featuring open layouts that enhance the living experience. All of the units are designed in a garden-style layout, with over half featuring back patios and spacious fenced front yards, perfect for tenants looking for outdoor space and a house-like environment.
There is an opportunity to increase rental income by aligning rents with the highest proven and continuing upgrades with premium finishes such as stainless steel appliances, quartz countertops and modern hardware packages. The complex has undergone numerous upgrades, including modernized electrical and plumbing systems, several new electric panels, and updated water heaters and many interiors tuned to a quality workforce housing option.
PROPERTY FACTS
| Price | $1,450,000 | Building Class | C |
| Price Per Unit | $120,833 | Lot Size | 0.44 AC |
| Sale Type | Investment | Building Size | 8,550 SF |
| Cap Rate | 6.97% | No. Stories | 2 |
| Gross Rent Multiplier | 9.29 | Year Built/Renovated | 1961/1973 |
| No. Units | 12 | Parking Ratio | 1.99/1,000 SF |
| Property Type | Multifamily | Opportunity Zone |
Yes
|
| Property Subtype | Apartment | ||
| Zoning | RM | ||
| Price | $1,450,000 |
| Price Per Unit | $120,833 |
| Sale Type | Investment |
| Cap Rate | 6.97% |
| Gross Rent Multiplier | 9.29 |
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Building Class | C |
| Lot Size | 0.44 AC |
| Building Size | 8,550 SF |
| No. Stories | 2 |
| Year Built/Renovated | 1961/1973 |
| Parking Ratio | 1.99/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | RM |
AMENITIES
UNIT AMENITIES
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
- Freezer
SITE AMENITIES
- 24 Hour Access
- Laundry Facilities
- Tenant Controlled HVAC
- Storage Space
- Walk-Up
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 1 | - | 500 |
| 1+1 | 2 | - | 650 |
| 2+1 | 9 | - | 750 |
1 1
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $0 | |
| Land Assessment | $0 | Total Assessment | $527,220 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$527,220
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2394 Marion St
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