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Fillmore Inn Studio Apartments 760 NW 21st St 204 Unit Apartment Building $14,942,640 ($73,248/Unit) 6.75% Cap Rate Corvallis, OR 97330
Investment Highlights
- A short walk to campus, yet located close to downtown core and commercial areas.
- Onsite laundry
- New ownership could take the property in a more unified and cohesive student housing or workforce housing direction
- 90 off-street parking spaces
- RUBS policy only just began, which will lead to continued revenue increases throughout 2026
- Seller is repositioning capital to an East Coast project
Executive Summary
The Fillmore Apartments represent a rare opportunity to enter a nationally-desired campus market that happens to be in Oregon's most rent-burdened market. Corvallis and OSU will remain severely supply-constrained for the foreseeable future. Home to the state's largest university, Corvallis' anti-development policies have throttled competition from new construction seen in other campus markets, making multifamily investments in Corvallis align with basic supply/demand fundamentals.
The property offers operational upside from an ongoing RUBS implementation plan and presents efficiency gains through a future focus on either campus or workforce housing. Each of the 204 studios (51 quads) has private entrances and each unit includes a closet and vanity with a sink. Each quad has a kitchen and one full bath and one half bath. Nearly half of the units have been remodeled. Current ownership has invested over $1.5 million of capex into the property.
The property offers operational upside from an ongoing RUBS implementation plan and presents efficiency gains through a future focus on either campus or workforce housing. Each of the 204 studios (51 quads) has private entrances and each unit includes a closet and vanity with a sink. Each quad has a kitchen and one full bath and one half bath. Nearly half of the units have been remodeled. Current ownership has invested over $1.5 million of capex into the property.
Property Facts
| Price | $14,942,640 | Apartment Style | Garden |
| Price Per Unit | $73,248 | Building Class | C |
| Sale Type | Investment | Lot Size | 1.55 AC |
| Cap Rate | 6.75% | Building Size | 183,000 SF |
| No. Units | 204 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1970 |
| Property Subtype | Apartment | Parking Ratio | 1.88/1,000 SF |
| Zoning | RS-20 | ||
| Price | $14,942,640 |
| Price Per Unit | $73,248 |
| Sale Type | Investment |
| Cap Rate | 6.75% |
| No. Units | 204 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 1.55 AC |
| Building Size | 183,000 SF |
| No. Stories | 3 |
| Year Built | 1970 |
| Parking Ratio | 1.88/1,000 SF |
| Zoning | RS-20 |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- High Speed Internet Access
- Refrigerator
- Oven
- Range
- Tub/Shower
- Views
- Smoke Free
- Vacuum System
Site Amenities
- 24 Hour Access
- Business Center
- Laundry Facilities
- Property Manager on Site
- Dry Cleaning Service
- Furnished Units Available
- Recycling
- Online Services
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 204 | - | 160 |
1 1
Moderately walkable
70/100
Fairly drivable
50/100
Limited public transit
30/100
Very bikeable
80/100
Property Taxes
| Parcel Numbers | Improvements Assessment | $0 | |
| Land Assessment | $0 | Total Assessment | $4,480,164 |
Property Taxes
Parcel Numbers
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$4,480,164
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Fillmore Inn Studio Apartments | 760 NW 21st St
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