Garden-Style Apartment
For Sale
$7,900,000
2048 NE HIGHWAY 99W, McMinnville, OR 97128
Three-building rental community with one- and two-bedroom homes, surface parking, laundry facilities, and individual electric metering.
Property Size35,040 SF
Lot Size3.74 Acres
Days on Market50
Property Features for 2048 NE HIGHWAY 99W
General Information
Standard status
Active
Size
35,040 SF
Lot size
3.74 Acres
Property subtype
Multi Family
Additional Details
Multifamily Units
48
Taxes and HOA fees
Annual Taxes
$15,249
Amenities
on-site laundry
Building Details
Building Size
35,040 SF
Year Built
1978
Buildings
3
Construction
garden-style
Listing Agency:
SMI Commercial Real Estate LLC
Listed By:
Gabe Johansen
(503) 830-1118
Source:
Coastalsothebysrealty
Added: Aug 19
Changed: Oct 3
Last Checked: Oct 5 at 2:58PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of SMI Commercial Real Estate LLC
Investment Insights
Based on property information with market context.
This 48-unit apartment property occupies 3.74 acres in three garden-style buildings constructed in 1978. The community offers one- and two-bedroom residences averaging 730 square feet, along with surface parking, on-site laundry, and separate electric meters for each home. Recent capital work includes installation of 48 heat pumps, replacement of two roofs, and paving and sealing improvements to the parking lot.
The property is located at 2048 NE Highway 99W in McMinnville, approximately 40 miles southwest of Portland. The surrounding employment base includes healthcare, manufacturing, higher education, and the Willamette Valley wine industry. C3 zoning, public water and sewer, paved off-street parking, and proximity to downtown support the property's established multifamily configuration.
The property is located at 2048 NE Highway 99W in McMinnville, approximately 40 miles southwest of Portland. The surrounding employment base includes healthcare, manufacturing, higher education, and the Willamette Valley wine industry. C3 zoning, public water and sewer, paved off-street parking, and proximity to downtown support the property's established multifamily configuration.
Key Highlights
- 48‑unit apartment community on 3.74 acres
- Three buildings with one- and two‑bedroom homes averaging 730 square feet
- Built in 1978 with 48 new heat pumps
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$449,913
Cap Rate
5.70%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$8,998,260
$9.0M
Cap Rate 7%
$6,427,329
$6.4M
Cap Rate 9%
$4,999,033
$5.0M
Market Conditions
NOI Build-Up for 35,040 SF
Gross rent
$862.0K $24.60/SF
− Vacancy
−$44.0K −$1.25/SF
EGI
$818.0K $23.35/SF
− OpEx
−$368.1K −$10.51/SF
NOI
$449.9K $12.84/SF
Area
Yamhill County, OR
Vacancy
5.10%
Lease Rate
$24.60 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$8,998,260
Cap Rate 7%
$6,427,329
Cap Rate 9%
$4,999,033
Alternative Uses
Best Use
Apartment 5plus
$6.43M
$5.62M – $7.50M
NOI $449,913 @ 7.0% cap · market cap 5.70%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$9.46M
$8.28M – $11.03M
NOI $662,071 @ 7.0% cap · market cap 8.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
48
Residential units
Location Intelligence
Trade Area within ½ mile
599
Businesses Nearby
Explore this area
Business Placement
Demographics for 97128, OR
38,394
Population
15,291
Households
2.5
Avg Household Size
40
Median Age
28%
College-Educated
88%
High-School Grad
112.2 sq mi
ZIP Area
342
Density / Sq Mi
$72,055
Median Household Income
$37,427
Median Earnings
$1,295
Median Rent
$419,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Three-building rental community with one- and two-bedroom homes, surface parking, laundry facilities, and individual electric metering.
Where is this apartment building located?
The property is located at 2048 NE HIGHWAY 99W McMinnville, OR.
What is the asking price?
The asking price for this property is $7,900,000.
What are key features of this property?
This property features: 48‑unit apartment community on 3.74 acres; Three buildings with one- and two‑bedroom homes averaging 730 square feet; Built in 1978 with 48 new heat pumps
