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The Arcade Apartments 440 NW 23rd St 22 Unit Apartment Building $4,795,888 ($217,995/Unit) 6.40% Cap Rate Corvallis, OR 97330
Executive Summary
Arcade Apartments presents a compelling investment opportunity just blocks from Oregon State University in Corvallis, Oregon — a high-barrier market where constrained multifamily development supports strong occupancy and long-term rent stability. The property benefits from durable, campus-driven rental demand, recent capital improvements that reduce near-term maintenance exposure, and value-add amenities including off-street parking and income-generating on-site laundry. With the asset currently operated as conventional multifamily, there is meaningful operational upside through a transition to a by-the-bed, student-focused leasing model aligned with the academic calendar — a strategy that typically drives higher effective rents, stronger occupancy, and more predictable revenue.
Property Facts
| Price | $4,795,888 | Apartment Style | Low-Rise |
| Price Per Unit | $217,995 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.52 AC |
| Cap Rate | 6.40% | Building Size | 25,545 SF |
| No. Units | 22 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1969 |
| Property Subtype | Apartment | Parking Ratio | 0.93/1,000 SF |
| Zoning | RS-20 | ||
| Price | $4,795,888 |
| Price Per Unit | $217,995 |
| Sale Type | Investment |
| Cap Rate | 6.40% |
| No. Units | 22 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.52 AC |
| Building Size | 25,545 SF |
| No. Stories | 3 |
| Year Built | 1969 |
| Parking Ratio | 0.93/1,000 SF |
| Zoning | RS-20 |
Amenities
Unit Amenities
- Cable Ready
- Heating
- Kitchen
- Tub/Shower
Site Amenities
- Laundry Facilities
- Walking/Biking Trails
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 22 | - | 840 |
1 1
Moderately walkable
70/100
Fairly drivable
50/100
Limited public transit
30/100
Very bikeable
80/100
Property Taxes
| Parcel Number | 095152 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $1,424,075 |
Property Taxes
Parcel Number
095152
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$1,424,075
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The Arcade Apartments | 440 NW 23rd St
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