Elliott Estates 615-629 Elliott Rd 10 Unit Apartment Building $2,599,000 ($259,900/Unit) 5.47% Cap Rate Newberg, OR 97132

Elliott Estates is a well maintained townhome community located five blocks from George Fox University in Newberg, Oregon. The property contains ten townhomes with attached garages, washer/dryer hookups, plus additional land to potentially add more density. In-place rental rates range from $1,505 - $1,900 per month. Residents are charged a flat rate utility bill back for water and sewer and are responsible for their own garbage pickup.
Elliott Road represents a strategic corridor in Newberg, Oregon, connecting Highway 99W to Newberg High School. The area has been identified as a priority improvement zone in Newberg's Transportation System Plan, highlighting its importance to the city's development strategy. The Newberg residential market demonstrates steady growth, with average home values reaching $523,060, representing a 1.4% increase over the past year.
Given Newberg's steady market growth and the area's continued development, properties along Elliott Road are well-positioned for sustained value appreciation. The combination of strong location attributes and ongoing infrastructure improvements supports a positive long-term outlook for residential investments in this corridor.