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888 Vermont St
North Bend, OR 97459
Hillcrest View Apartments · Multifamily Property For Sale
·
40 Units
PROPERTY FACTS
| No. Units | 40 | Lot Size | 1.10 AC |
| Property Type | Multifamily | Building Size | 22,500 SF |
| Property Subtype | Apartment | No. Stories | 2 |
| Apartment Style | Low-Rise | Year Built | 1959 |
| Building Class | C | Parking Ratio | 0.55/1,000 SF |
| Zoning | MR | ||
| No. Units | 40 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 1.10 AC |
| Building Size | 22,500 SF |
| No. Stories | 2 |
| Year Built | 1959 |
| Parking Ratio | 0.55/1,000 SF |
| Zoning | MR |
AMENITIES
UNIT AMENITIES
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
- Views
- Freezer
- Smoke Free
SITE AMENITIES
- 24 Hour Access
- Laundry Facilities
- Storage Space
- Walk-Up
- Smoke Detector
ABOUT 888 VERMONT ST , NORTH BEND, OR 97459
Back on-market after intrafamily ownership transfer. Over 12% cash flow on current income/expenses. The Hillcrest View Apartments comprise of 40 total units built in 1959. Atop the central hills of North Bend, many of the apartment units have sweeping views of northern Coos Bay. Tenants are walking distance to shops, the local theater, restaurants, retail and grocery stores. Current ownership has taken great pride in the property and have been meticulous in maintenance and upkeep. In a market with very little nearby competition or new development, The Hillcrest View Apartments present a rare opportunity to own a turnkey, stable and pride of ownership property with upside potential. The unit-mix consists of twenty (20) 1bd/1ba units at approximately 500 square feet each and twenty (20) 2bd/1ba units at approximately 600 square feet each. Units are individually metered for electricity and are serviced by their own hot water heaters and baseboard heating systems. Many units have wood floors installed along with tiled bathrooms and kitchens. Covered parking is available for tenants in addition to separate and private storage units within the building. Operationally the property has demonstrated outstanding occupancy given its desirable centralized location. Current rents are averaging near $1.03/SF in a market proven to support rents at or above $1.12/SF for comparable product within close proximity. Stabilizing rents within 12-18 months would yield over 15% cash flow. The Hillcrest View Apartments are located in North Bend, OR just one mile north of (and surrounded by) the city of Coos Bay. The combined population of North Bend/Coos Bay is approximately 26,000 per the last census making it the largest Coastal MSA in Oregon. Originally founded as a logging community, in the mid-1800' s, the cities of Coos Bay and North Bend have evolved over the years to incorporate the needs of expanding business, tourism, industry, and government.
PROPERTY TAXES
| Parcel Number | 1006199000 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $1,612,100 |
PROPERTY TAXES
