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Shadow Hills Apartments 2740 SW Western Blvd 72 Unit Apartment Building $14,250,000 ($197,917/Unit) 5.34% Cap Rate Corvallis, OR 97333
Executive Summary
Introducing Shadow Hills Apartments, a thriving 72-unit community strategically located adjacent to Oregon State University in the heart of Corvallis, Oregon. Built in 2003, this asset stands as one of only five newer construction projects in Corvallis tailored to cater specifically to the student housing demand. This prime location within a supply constrained market has witnessed remarkable rent increases over the past three years, highlighting the immense potential for growth and profitability. Shadow Hills Apartments offers an exciting opportunity as the property’s rents have dipped well below the burgeoning market rates. Leveraging the scarcity of new construction ventures in Corvallis and the prominence of Oregon State University, the largest educational institution in the state, Shadow Hills Apartments is poised for sustained high demand in the foreseeable future.
Property Facts
| Price | $14,250,000 | Building Class | B |
| Price Per Unit | $197,917 | Lot Size | 1.74 AC |
| Sale Type | Investment | Building Size | 42,256 SF |
| Cap Rate | 5.34% | Average Occupancy | 100% |
| No. Units | 72 | No. Stories | 4 |
| Property Type | Multifamily | Year Built | 2003 |
| Property Subtype | Apartment | Parking Ratio | 0.83/1,000 SF |
| Apartment Style | Mid-Rise | ||
| Zoning | RS-20 | ||
| Price | $14,250,000 |
| Price Per Unit | $197,917 |
| Sale Type | Investment |
| Cap Rate | 5.34% |
| No. Units | 72 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | B |
| Lot Size | 1.74 AC |
| Building Size | 42,256 SF |
| Average Occupancy | 100% |
| No. Stories | 4 |
| Year Built | 2003 |
| Parking Ratio | 0.83/1,000 SF |
| Zoning | RS-20 |
Amenities
Unit Amenities
- Cable Ready
- Dishwasher
- Disposal
- Washer/Dryer
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Carpet
- Vinyl Flooring
- Wheelchair Accessible (Rooms)
Site Amenities
- Courtyard
- Picnic Area
- Playground
- Cabana
- Bicycle Storage
- Lounge
- Walk To Campus
- Walk-Up
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 64 | - | 566 |
| 2+1 | 8 | - | 754 |
1 1
Fairly walkable
50/100
Exceptionally drivable
90/100
Some public transit
40/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | 141113 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $4,291,115 |
Property Taxes
Parcel Number
141113
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$4,291,115
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Shadow Hills Apartments | 2740 SW Western Blvd